Journal Entries: Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order. Accounting rules for journal entries : To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains. To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains. 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 1. To prepare: Bank reconciliation of S Company as at December 31, 2017.

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Answer 1

Question

Chapter 6, Problem 4PSB

To determine

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

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

1.

To prepare: Bank reconciliation of S Company as at December 31, 2017.

2.

To determine

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of December 31, 2017.

3.

To determine

To explain: Nature of communications conveyed by the bank when bank sends the depositor (a) a debit memorandum and (b) a credit memorandum.

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Answer 2

Question

Chapter 6, Problem 4PSB

To determine

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

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

1.

To prepare: Bank reconciliation of S Company as at December 31, 2017.

2.

To determine

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of December 31, 2017.

3.

To determine

To explain: Nature of communications conveyed by the bank when bank sends the depositor (a) a debit memorandum and (b) a credit memorandum.

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Answer 3

Question

Chapter 6, Problem 4PSB

To determine

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

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

1.

To prepare: Bank reconciliation of S Company as at December 31, 2017.

2.

To determine

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of December 31, 2017.

3.

To determine

To explain: Nature of communications conveyed by the bank when bank sends the depositor (a) a debit memorandum and (b) a credit memorandum.

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Answer 4

Question

Chapter 6, Problem 4PSB

To determine

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

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

1.

To prepare: Bank reconciliation of S Company as at December 31, 2017.

2.

To determine

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of December 31, 2017.

3.

To determine

To explain: Nature of communications conveyed by the bank when bank sends the depositor (a) a debit memorandum and (b) a credit memorandum.

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Answer 5

Chapter 6, Problem 4PSB

To determine

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

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

1.

To prepare: Bank reconciliation of S Company as at December 31, 2017.

2.

To determine

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of December 31, 2017.

3.

To determine

To explain: Nature of communications conveyed by the bank when bank sends the depositor (a) a debit memorandum and (b) a credit memorandum.

Answer 6

Chapter 6, Problem 4PSB

To determine

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

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

1.

To prepare: Bank reconciliation of S Company as at December 31, 2017.

Answer 7

Chapter 6, Problem 4PSB

To determine

Journal Entries:

Journal entries are the transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in the business in the chronological order.

Accounting rules for journal entries:

To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.

To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

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

1.

To prepare: Bank reconciliation of S Company as at December 31, 2017.

Answer 8

2.

To determine

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of December 31, 2017.

Answer 9

2.

To determine

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of December 31, 2017.

Answer 10

3.

To determine

To explain: Nature of communications conveyed by the bank when bank sends the depositor (a) a debit memorandum and (b) a credit memorandum.

Answer 11

3.

To determine

To explain: Nature of communications conveyed by the bank when bank sends the depositor (a) a debit memorandum and (b) a credit memorandum.

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 6 - Prob. 1MCQ Ch. 6 - Prob. 2MCQ Ch. 6 - Prob. 3MCQ Ch. 6 - Prob. 4MCQ Ch. 6 - Prob. 1DQ Ch. 6 - Prob. 2DQ Ch. 6 - Prob. 3DQ Ch. 6 - Prob. 4DQ Ch. 6 - Prob. 5DQ Ch. 6 - Prob. 6DQ

Solution Summary: The author explains that journal entries are transactions of quantitative nature that are made in the books of accounts to record every transaction that happens in business in chronological order.

Concept explainers

To prepare: Journal entries to bring the company’s book balance of cash into conformity with the reconciled cash balance as of December 31, 2017.

To explain: Nature of communications conveyed by the bank when bank sends the depositor (a) a debit memorandum and (b) a credit memorandum.

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Chapter 6 Solutions