Survey of Accounting - With CengageNOW 1Term
8th Edition
ISBN: 9781337379823
Author: WARREN
Publisher: Cengage
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Question
Chapter 5, Problem 5.22E
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 to Problem 5.22E
The bank reconciliation statement is as follows:
| Bank Reconciliation Statement | |||||
| As of August. 30 20Y9 | |||||
| Bank Side | Book Side | ||||
| Balance as per Bank statement | 17325 | Balance as per | 6,800 | ||
| Add: | Add: | ||||
| Deposit in transit | 2,175 | Note collected | 7,500 | ||
| Interest on note | 600 | ||||
| Check Error | 450 | 8,550 | |||
| Less: | Less: | ||||
| Outstanding Checks | (4,190) | Bank Service Charges | (40) | ||
| Reconciled Balance | 15,310 | Reconciled Balance | 15,310 | ||
Explanation of Solution
The bank reconciliation statement is prepared as follows:
| Bank Reconciliation Statement | |||||
| As of August. 30 20Y9 | |||||
| Bank Side | Book Side | ||||
| Balance as per Bank statement | 17325 | Balance as per Cash Book | 6,800 | ||
| Add: | Add: | ||||
| Deposit in transit | 2,175 | Note collected | 7,500 | ||
| Interest on note | 600 | ||||
| Check Error | 450 | 8,550 | |||
| Less: | Less: | ||||
| Outstanding Checks | (4,190) | Bank Service Charges | (40) | ||
| Reconciled Balance | 15,310 | Reconciled Balance | 15,310 | ||
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 Indicate:
The cash balance to be reported in the
Expert Solution
Answer to Problem 5.22E
The cash balance to be reported in the balance sheet is $15,310
Explanation of Solution
The bank reconciliation statement is prepared as follows:
| Bank Reconciliation Statement | |||||
| As of August. 30 20Y9 | |||||
| Bank Side | Book Side | ||||
| Balance as per Bank statement | 17325 | Balance as per Cash Book | 6,800 | ||
| Add: | Add: | ||||
| Deposit in transit | 2,175 | Note collected | 7,500 | ||
| Interest on note | 600 | ||||
| Check Error | 450 | 8,550 | |||
| Less: | Less: | ||||
| Outstanding Checks | (4,190) | Bank Service Charges | (40) | ||
| Reconciled Balance | 15,310 | Reconciled Balance | 15,310 | ||
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1.
Record the proper journal entry for each transaction.
2.
By the end of January, was manufacturing overhead overallocated or underallocated? By how much?
Rocky River Fast Lube does oil changes on vehicles in 15 minutes or less. The variable cost associated with each oil change is $12 (oil, filter, and 15 minutes of employee time). The fixed costs of running the shop are $8,000 each month (store manager salary, depreciation on shop and equipment, insurance, and property taxes). The shop has the capacity to perform 4,000 oil changes each month.
The formula to calculate the amount of manufacturing overhead to allocate to jobs is:
Question content area bottom
Part 1
A.
predetermined overhead rate times the actual amount of the allocation base used by the specific job.
B.
predetermined overhead rate divided by the actual allocation base used by the specific job.
C.
predetermined overhead rate times the estimated amount of the allocation base used by the specific job.
D.
predetermined overhead rate times the actual manufacturing overhead used on the specific job.
Chapter 5 Solutions
Survey of Accounting - With CengageNOW 1Term
Ch. 5 - Prob. 1SEQCh. 5 - Prob. 2SEQCh. 5 - Prob. 3SEQCh. 5 - Adjustments to the company’s records based on the...Ch. 5 - Prob. 5SEQCh. 5 - Prob. 1CDQCh. 5 - Prob. 2CDQCh. 5 - Prob. 3CDQCh. 5 - Prob. 4CDQCh. 5 - Prob. 5CDQ
Ch. 5 - Prob. 6CDQCh. 5 - Prob. 7CDQCh. 5 - Prob. 8CDQCh. 5 - Prob. 9CDQCh. 5 - Assume that Leslie Hunter, accounts payable clerk...Ch. 5 - Prob. 11CDQCh. 5 - The accounting clerk pays all obligations by...Ch. 5 - Prob. 13CDQCh. 5 - Prob. 14CDQCh. 5 - Do items reported as a credit memorandum on the...Ch. 5 - Prob. 16CDQCh. 5 - Prob. 17CDQCh. 5 - Prob. 5.1ECh. 5 - Prob. 5.2ECh. 5 - Prob. 5.3ECh. 5 - Prob. 5.4ECh. 5 - Prob. 5.5ECh. 5 - Prob. 5.6ECh. 5 - Prob. 5.7ECh. 5 - Prob. 5.8ECh. 5 - Prob. 5.9ECh. 5 - Prob. 5.10ECh. 5 - Prob. 5.11ECh. 5 - Prob. 5.12ECh. 5 - Prob. 5.13ECh. 5 - Prob. 5.14ECh. 5 - Prob. 5.15ECh. 5 - Prob. 5.16ECh. 5 - Prob. 5.17ECh. 5 - Prob. 5.18ECh. 5 - Prob. 5.19ECh. 5 - Entries for note collected by bank Accompanying a...Ch. 5 - Prob. 5.21ECh. 5 - Prob. 5.22ECh. 5 - Prob. 5.23ECh. 5 - Prob. 5.24ECh. 5 - Prob. 5.25ECh. 5 - Prob. 5.1PCh. 5 - Prob. 5.2.1PCh. 5 - Prob. 5.2.2PCh. 5 - Prob. 5.3.1PCh. 5 - Prob. 5.3.2PCh. 5 - Prob. 5.4.1PCh. 5 - Prob. 5.4.2PCh. 5 - Prob. 5.4.3PCh. 5 - Prob. 5.4.4PCh. 5 - Prob. 5.1.1MBACh. 5 - Prob. 5.1.2MBACh. 5 - Prob. 5.1.3MBACh. 5 - Prob. 5.1.4MBACh. 5 - Ratio of cash to monthly cash expenses AcelRx...Ch. 5 - Prob. 5.2.1MBACh. 5 - Prob. 5.2.2MBACh. 5 - Ratio of cash to monthly cash expenses Pacira...Ch. 5 - Ratio of cash to monthly cash expenses Pacira...Ch. 5 - Prob. 5.2.5MBACh. 5 - Prob. 5.3.1MBACh. 5 - Prob. 5.3.2MBACh. 5 - Prob. 5.3.3MBACh. 5 - Prob. 5.3.4MBACh. 5 - Prob. 5.3.5MBACh. 5 - Prob. 5.4.1MBACh. 5 - Prob. 5.4.2MBACh. 5 - Prob. 5.1CCh. 5 - Prob. 5.2CCh. 5 - Prob. 5.3CCh. 5 - Prob. 5.4CCh. 5 - Prob. 5.5.1CCh. 5 - Prob. 5.5.2CCh. 5 - Prob. 5.5.3CCh. 5 - Prob. 5.6C
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