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 Systems as at May 31, 2017.

Question

Want to see the full answer?

Answer 1

Question

Chapter 6, Problem 5PSB

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 Systems as at May 31, 2017.

2.

To determine

To prepare: Journal entries to adjust the book balance of cash to the reconciled balance.

3.

To determine

To explain: Situations for missing sequenced checks.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

None

Bank reconciliation and entries The cash account for Deaver Consulting at 31,20y6. Comparing the bank statement indicated a balance of $31095 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memo's with records revealed the following reconciling items; a. Checks outstanding totaled $10,125 b.A deposit of $4120 representing receipts from October 31, Had been made too late to appear on the bank statement. c. The bank had collected $10400 on a note left for collection. 11w face of the now was $10000 d.A check for $1200 returned with the statement had been incorrectly recorded by Davcr consulting as $120. The check was for the payment of an obligation to Oxford Office supp lies co. for the purchase of office supplies an account. e. A check drawn for $320 had been incorrectly charged by the bank as $230 f. Bank service charges for october amounted to $70 Instructions Illustrate the effects on the accounts and financial statements of the bank…

Required information [The following information applies to the questions displayed below.] Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and it reported two checks outstanding, Number 5888 for $1,030 and Number 5893 for $498. Check Number 5893 was still outstanding as of September 30. The following information is available for its September 30 reconciliation. Withdrawals Deposits $ 1,030 $736 Date September 1 September 3 September 4 September 5 September 7 September 12 September 17 September 20 September 21 September 22 September 22 September 25 September 28 September 29 September 30 Collected note September 30 Interest earned. From Chavez Company's Accounting Records Cash Receipts Deposited Date September 5 September 12 September 21 September 25 September 30 Check Numb Description Check # 5888 Check # 5902 Cash deposit Check # 5901 Cash deposit NSF check Check #5905 Cash deposit Check #5903 Check #5904 Cash deposit Check #5907 Check…