Bank Reconciliation: Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side To Prepare: The Bank Reconciliation statement

Question

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Answer 1

Question

Chapter 5, Problem 5.1ME

To determine

Concept Introduction:

Bank Reconciliation:

Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side

To Prepare:

The Bank Reconciliation statement

Expert Solution & Answer

Answer to Problem 5.1ME

The Bank Reconciliation statement is as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Explanation of Solution

The Bank Reconciliation statement is explained as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

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Answer 2

Question

Chapter 5, Problem 5.1ME

To determine

Concept Introduction:

Bank Reconciliation:

Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side

To Prepare:

The Bank Reconciliation statement

Expert Solution & Answer

Answer to Problem 5.1ME

The Bank Reconciliation statement is as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Explanation of Solution

The Bank Reconciliation statement is explained as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

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Answer 3

Question

Chapter 5, Problem 5.1ME

To determine

Concept Introduction:

Bank Reconciliation:

Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side

To Prepare:

The Bank Reconciliation statement

Expert Solution & Answer

Answer to Problem 5.1ME

The Bank Reconciliation statement is as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Explanation of Solution

The Bank Reconciliation statement is explained as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

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Answer 4

Question

Chapter 5, Problem 5.1ME

To determine

Concept Introduction:

Bank Reconciliation:

Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side

To Prepare:

The Bank Reconciliation statement

Expert Solution & Answer

Answer to Problem 5.1ME

The Bank Reconciliation statement is as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Explanation of Solution

The Bank Reconciliation statement is explained as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

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Answer 5

Chapter 5, Problem 5.1ME

To determine

Concept Introduction:

Bank Reconciliation:

Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side

To Prepare:

The Bank Reconciliation statement

Expert Solution & Answer

Answer to Problem 5.1ME

The Bank Reconciliation statement is as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Explanation of Solution

The Bank Reconciliation statement is explained as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Answer 6

Chapter 5, Problem 5.1ME

To determine

Concept Introduction:

Bank Reconciliation:

Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side

To Prepare:

The Bank Reconciliation statement

Expert Solution & Answer

Answer to Problem 5.1ME

The Bank Reconciliation statement is as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Explanation of Solution

The Bank Reconciliation statement is explained as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Answer 7

Chapter 5, Problem 5.1ME

To determine

Concept Introduction:

Bank Reconciliation:

Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in bank statement issued by the bank. The entity prepares bank reconciliation statement and it has two sides; Bank Side and Cash side

To Prepare:

The Bank Reconciliation statement

Answer 8

Expert Solution & Answer

Answer to Problem 5.1ME

The Bank Reconciliation statement is as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

The Bank Reconciliation statement is explained as follows:

Happ Inc.
Bank Reconciliation Statement
As of Sept., 30

Bank Side		Book Side
Balance as per Bank statement	$ 22,260	Balance as per Cash Book		$ 24,860
Add:		Add:
Deposit in transit	$ 2,400	Interest earned		$ 80

Less:		Less:
Outstanding Checks	$ 760	NSF Checks	$ 900
		Bank Service Charges	$ 140	$ 1,040

Reconciled Balance	$ 23,900	Reconciled Balance		$ 23,900

Answer 12

Ch. 5 - Prob. 5.1ME Ch. 5 - Prob. 5.2ME Ch. 5 - Mini-Exercise 5.3 LO 5 Accounts receivable, bad...Ch. 5 - Mini-Exercise 5.4 LO 5 Bad debts...Ch. 5 - Mini-Exercise 5.5 LO 7, 8 Cost flow...Ch. 5 - Mini-Exercise 5.6 LO 7, 8 Cost flow...Ch. 5 - Prob. 5.7E Ch. 5 - Prob. 5.8E Ch. 5 - Prob. 5.9E Ch. 5 - Prob. 5.10E

Concept explainers

Answer to Problem 5.1ME

Explanation of Solution

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