Explanation For preparing the bank reconciliation, firstly, the closing balance as on May 31 should be calculated which is as follows: Closing Balance = Opening cash balance + receipts during the May month − payments in the month = $ 9 , 578.00 + $ 5 , 255.89 − $ 8 , 342 = $ 6 , 491.88 Now, in this balance, the provided adjustments will be made to get the adjusted balance to reconcile with the bank statement. Rancho Foods Bank Reconciliation Statement As on May 31 Particulars Amount Amount Cash Balance from bank statement $11,697 .04 Add: Deposit in transit not recorded by the bank $580 .34 Less: Outstanding Checks: No.613 No.628 No. 634 $ 137.50 $ 837.70 $ 503.30 $ 1 , 478.50 Adjusted Balance $10,798

8th Edition

ISBN: 9781305961883

Author: Carl Warren

Publisher: Cengage Learning

See similar textbooks

Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Chapter 5, Problem 5.4.1P

To determine

Concept Introduction:

Bank reconciliation statement is basically defined as a statement which reconciles the bank balances with the cash balance. In other words, it reconciles the difference that exists between bank passbook and cash book.

To Prepare:

A bank reconciliation statement as on May 31

Expert Solution & Answer

Chapter 5 Solutions

Survey of Accounting (Accounting I)

Ch. 5 - Prob. 1SEQ Ch. 5 - Prob. 2SEQ Ch. 5 - Prob. 3SEQ Ch. 5 - Adjustments to the company’s records based on the...Ch. 5 - Prob. 5SEQ Ch. 5 - Prob. 1CDQ Ch. 5 - Prob. 2CDQ Ch. 5 - Prob. 3CDQ Ch. 5 - Prob. 4CDQ Ch. 5 - Prob. 5CDQ

Ch. 5 - Prob. 6CDQ Ch. 5 - Prob. 7CDQ Ch. 5 - Prob. 8CDQ Ch. 5 - Prob. 9CDQ Ch. 5 - Assume that Leslie Hunter, accounts payable clerk...Ch. 5 - Prob. 11CDQ Ch. 5 - The accounting clerk pays all obligations by...Ch. 5 - Prob. 13CDQ Ch. 5 - Prob. 14CDQ Ch. 5 - Do items reported as a credit memorandum on the...Ch. 5 - Prob. 16CDQ Ch. 5 - Prob. 17CDQ Ch. 5 - Prob. 5.1E Ch. 5 - Prob. 5.2E Ch. 5 - Prob. 5.3E Ch. 5 - Prob. 5.4E Ch. 5 - Prob. 5.5E Ch. 5 - Prob. 5.6E Ch. 5 - Prob. 5.7E Ch. 5 - Prob. 5.8E Ch. 5 - Prob. 5.9E Ch. 5 - Prob. 5.10E Ch. 5 - Prob. 5.11E Ch. 5 - Prob. 5.12E Ch. 5 - Prob. 5.13E Ch. 5 - Prob. 5.14E Ch. 5 - Prob. 5.15E Ch. 5 - Prob. 5.16E Ch. 5 - Prob. 5.17E Ch. 5 - Prob. 5.18E Ch. 5 - Prob. 5.19E Ch. 5 - Entries for note collected by bank Accompanying a...Ch. 5 - Prob. 5.21E Ch. 5 - Prob. 5.22E Ch. 5 - Prob. 5.23E Ch. 5 - Prob. 5.24E Ch. 5 - Prob. 5.25E Ch. 5 - Prob. 5.1P Ch. 5 - Prob. 5.2.1P Ch. 5 - Prob. 5.2.2P Ch. 5 - Prob. 5.3.1P Ch. 5 - Prob. 5.3.2P Ch. 5 - Prob. 5.4.1P Ch. 5 - Prob. 5.4.2P Ch. 5 - Prob. 5.4.3P Ch. 5 - Prob. 5.4.4P Ch. 5 - Prob. 5.1.1MBA Ch. 5 - Prob. 5.1.2MBA Ch. 5 - Prob. 5.1.3MBA Ch. 5 - Prob. 5.1.4MBA Ch. 5 - Ratio of cash to monthly cash expenses AcelRx...Ch. 5 - Prob. 5.2.1MBA Ch. 5 - Prob. 5.2.2MBA Ch. 5 - Ratio of cash to monthly cash expenses Pacira...Ch. 5 - Ratio of cash to monthly cash expenses Pacira...Ch. 5 - Prob. 5.2.5MBA Ch. 5 - Prob. 5.3.1MBA Ch. 5 - Prob. 5.3.2MBA Ch. 5 - Prob. 5.3.3MBA Ch. 5 - Prob. 5.3.4MBA Ch. 5 - Prob. 5.3.5MBA Ch. 5 - Prob. 5.4.1MBA Ch. 5 - Prob. 5.4.2MBA Ch. 5 - Prob. 5.1C Ch. 5 - Prob. 5.2C Ch. 5 - Prob. 5.3C Ch. 5 - Prob. 5.4C Ch. 5 - Prob. 5.5.1C Ch. 5 - Prob. 5.5.2C Ch. 5 - Prob. 5.5.3C Ch. 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

Recommended textbooks for you

Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,
Excel Applications for Accounting Principles
Accounting
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning