Survey of Accounting (Accounting I)
8th Edition
ISBN: 9781337517386
Author: WARREN
Publisher: Cengage
expand_more
expand_more
format_list_bulleted
Concept explainers
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 | ||
Want to see more full solutions like this?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
Can you explain the process for solving this financial accounting question accurately?
I am looking for the correct answer to this financial accounting question with appropriate explanations.
Please provide the correct answer to this general accounting problem using accurate calculations.
Chapter 5 Solutions
Survey of Accounting (Accounting I)
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
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Accurate answerarrow_forwardPlease provide the solution to this general accounting question using proper accounting principles.arrow_forwardA business has accounts receivable of $180,000, an allowance for doubtful accounts balance of $7,200, and estimates that 5% of outstanding receivables will be uncollectible. What is the required adjustment to the allowance for doubtful accounts?arrow_forward
- Please explain this financial accounting problem with accurate financial standards.arrow_forwardHonda Company had beginning raw materials inventory of $32,000. During the period, the company purchased $127,000 of raw materials on account. If the ending balance in raw materials was $21,500, the amount of raw materials transferred to work in process inventory is?arrow_forwardWhat is the static budget variance of oprating incomearrow_forward
- General accountingarrow_forwardHighland Mountain Cabins records weekend rental fees. Weekly charges: luxury cabins 9 at $120 each, standard cabins 14 at $85 each. Specify the total rental revenue. Need answerarrow_forwardHighland Mountain Cabins records weekend rental fees. Weekly charges: luxury cabins 9 at $120 each, standard cabins 14 at $85 each. Specify the total rental revenue.arrow_forward
- Can you help me solve this financial accounting problem using the correct accounting process?arrow_forwardOn January 1, Damon Manufacturing's Work-in-Process Inventory account had a balance of $34,800. During the year, $78,200 of direct materials was placed into production. Manufacturing wages incurred amounted to $96,400, of which $71,500 were for direct labor. Manufacturing overhead is allocated on the basis of 140% of direct labor cost. Actual manufacturing overhead was $108,300. Jobs costing $268,500 were completed during the year. What is the December 31 balance of Work-in-Process Inventory?arrow_forwardI need help with this general accounting question using the proper accounting approach.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENTFinanceISBN:9781337514835Author:MOYERPublisher:CENGAGE LEARNING - CONSIGNMENT
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:9781337514835
Author:MOYER
Publisher:CENGAGE LEARNING - CONSIGNMENT