
Concept explainers
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 prepare: Journal entries to adjust the book balance of cash to the reconciled balance.
3.
To explain: Situations for missing sequenced checks.

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Chapter 6 Solutions
Gen Combo Ll Financial Accounting Fundamentals; Connect Access Card
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