FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Chapter 6, Problem 2MCQ
To determine
Bank Reconciliation:
A procedure through which difference between bank balance provided in the bank statement and bank balance appearing in the books of account, is being ascertained at a particular point of time of a company is known as bank reconciliation
To prepare: Appearance of consumer’s note in Bank reconciliation of H Company as at November 30.
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Using the information from given question, what is the reconciled balance on Hapley’s November 30 bank reconciliation?
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Chapter 6 Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
Ch. 6 - Prob. 1MCQCh. 6 - Prob. 2MCQCh. 6 - Prob. 3MCQCh. 6 - Prob. 4MCQCh. 6 - Prob. 1DQCh. 6 - Prob. 2DQCh. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQ
Ch. 6 - Prob. 7DQCh. 6 - Prob. 8DQCh. 6 - Prob. 9DQCh. 6 - Prob. 10DQCh. 6 - Prob. 11DQCh. 6 - Prob. 12DQCh. 6 - Prob. 13DQCh. 6 - Prob. 1QSCh. 6 - Prob. 2QSCh. 6 - Prob. 3QSCh. 6 - Prob. 4QSCh. 6 - Cash Over and Short P1 Record the journal entry...Ch. 6 - Prob. 6QSCh. 6 - Prob. 7QSCh. 6 - Prob. 8QSCh. 6 - Prob. 9QSCh. 6 - Prob. 10QSCh. 6 - Prob. 11QSCh. 6 - Prob. 1ECh. 6 - Prob. 2ECh. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - Prob. 8ECh. 6 - Prob. 9ECh. 6 - Prob. 10ECh. 6 - Prob. 11ECh. 6 - Prob. 12ECh. 6 - Prob. 13ECh. 6 - Prob. 14ECh. 6 - Prob. 15ECh. 6 - Prob. 16ECh. 6 - Prob. 1PSACh. 6 - Prob. 2PSACh. 6 - Prob. 3PSACh. 6 - Prob. 4PSACh. 6 - Prob. 5PSACh. 6 - Prob. 1PSBCh. 6 - Prob. 2PSBCh. 6 - Prob. 3PSBCh. 6 - Prob. 4PSBCh. 6 - Prob. 5PSBCh. 6 - Prob. 6SPCh. 6 - Prob. 1GLPCh. 6 - Prob. 1AACh. 6 - Prob. 2AACh. 6 - Prob. 3AACh. 6 - Prob. 1BTNCh. 6 - Prob. 2BTNCh. 6 - Prob. 3BTNCh. 6 - Prob. 4BTNCh. 6 - Prob. 5BTNCh. 6 - Prob. 6BTN
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- The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Prepare the correcting journal entry.arrow_forwardThe bank reconciliation shows the following adjustments: Deposits in transit: $1,234 Outstanding checks: $558 Bank service charges: $50 NSF checks: $250 Prepare the correcting journal entry.arrow_forwardRequired information Use the following information for the Exercises 12-13 below. (Algo) [The following information applies to the questions displayed below] Del Gato Clinic's cash account shows an $13,348 debit balance and its bank statement shows $13,534 on deposit at the close of business on June 30. a. Outstanding checks as of June 30 total $2,567 b. The June 30 bank statement lists a $95 bank service charge. c. Check No. 919, listed with the canceled checks, was correctly drawn for $589 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $598. d. The June 30 cash receipts of $2,295 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. Exercise 6-12 (Algo) Bank reconciliation LO P3 Prepare its bank reconciliation using the above information. DEL GATO CLINIC Chearrow_forward
- Use the following bank statement and T-account to prepare the May 31 bank reconciliation. Date May 1 May 4 May 12 May 28 May 30 May 31 May 1 May 31 May 29 May 30 May 311 #2 #4 #5 #6 #8 Deductions: Debit Checks $70 160 80 75 115 Cash (A) 440 110 440 270 605 Ending Balance per Bank Statement Additions: Bank Statement BANK STATEMENT Deposits $ 110 440 70 OO 70 687 160 80 75 85 115 NSF check Other Service charge Credit May 3 #2 May 4 #3 May 8 #41 May 11 #5 May 21 # 6 May 29 #7 May 30 #8 Bank Reconciliation May 31 $ 110 Deductions: 65 Balance $ 440 480 210 130 495 315 Company's Books Ending Balance per Cash Account Additions:arrow_forwardBased on the following information, what amount would be subtracted from the bank statement side of the bank reconciliation? ATM withdrawal $31; Outstanding checks $135; Interest $4; Deposit in-transit $87.Multiple Choice $139 $166 $87 $135 $31arrow_forward7arrow_forward
- Based on the following information, prepare a bank reconciliation to determine the adjusted (corrected) balance: (Input each amount as a positive value.) Bank balance $ 776 Account fees $ 27 Checkbook balance $ 732 ATM withdrawals $ 116 Outstanding checks $ 148 Deposit in transit $ 69 Direct deposits $ 98 Interest earned $ 10arrow_forwardBank Reconcillation Statementarrow_forwardPrepare a bank reconcilation at December 31, 2022 and prepare the adjusting entries based on the reconciliation.arrow_forward
- Prepare its bank reconciliation using the above information. DEL GATO CLINIC Bank Reconciliation June 30 Bank statement balance Book balance Add: Add: Deduct: Deduct: Adjusted bank balance Adjusted book balancearrow_forwardGet correct answer general accountingarrow_forwardUsing the following information, prepare a bank reconciliation. • Bank balance: $4,987 • Book balance: $5,989 • Deposits in transit: $1,546 • Outstanding checks: $956 • Interest income: $54 • NSF check: $466 Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance 000arrow_forward
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