Accounting: What the Numbers Mean
11th Edition
ISBN: 9781259535314
Author: David Marshall, Wayne William McManus, Daniel Viele
Publisher: McGraw-Hill Education
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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
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 | $ 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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Chapter 5 Solutions
Accounting: What the Numbers Mean
Ch. 5 - Prob. 5.1MECh. 5 - Prob. 5.2MECh. 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. 5.7ECh. 5 - Prob. 5.8ECh. 5 - Prob. 5.9ECh. 5 - Prob. 5.10E
Ch. 5 - Exercise 5.11 LO 5 Bad debts analysis-Allowance,...Ch. 5 - Exercise 5.12 LO 5 Bad debts analysis-Allowance...Ch. 5 - Exercise 5.13 LO 5 Cash discounts-ROI Annual...Ch. 5 - Prob. 5.14ECh. 5 - Exercise 5.15 LO 6 Notes receivable-interest...Ch. 5 - Exercise 5.16 LO 6 Notes receivable-interest...Ch. 5 - Exercise 5.17 LO 7, 8 LIFO versus FIFO-matching...Ch. 5 - Prob. 5.18ECh. 5 - Prob. 5.19ECh. 5 - Prob. 5.20ECh. 5 - Exercise 5.21 LO 5, 6, 8 Transaction...Ch. 5 - Exercise 5.22 LO 5. 8, 10 Transaction...Ch. 5 - Exercise 5.23 LO 5, 6, 7 Transaction...Ch. 5 - Exercise 5.24 LO 7, 8, 10 Transaction...Ch. 5 - Prob. 5.25PCh. 5 - Prob. 5.26PCh. 5 - Problem 5.27 LO 5 Bad debts analysis-Allowance...Ch. 5 - Problem 5.28 LO 5 Bad debts analysis-Allowance...Ch. 5 - Problem 5.29 LO 5 Analysis of accounts receivable...Ch. 5 - Problem 5.30 LO 5 Analysis of accounts receivable...Ch. 5 - Problem 5.31 LO 7, 8 Cost flow assumptions-FIFO...Ch. 5 - Problem 5.32 LO 7, 8 Cost flow assumptions-FIFO,...Ch. 5 - Prob. 5.33PCh. 5 - Prob. 5.34PCh. 5 - Problem 5.35 LO 7 Effects of inventory errors If...Ch. 5 - Prob. 5.36PCh. 5 - Case 5.37 LO 5, 7, 8 Focus company-accounts...Ch. 5 - Case 5.38
LO 5, 7
Comparative analysis of current...
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