Chapter 6, Problem 6.1P

1

To determine

Introduction: The preparation of a bank reconciliation statement is made to match the bank balance given in the bank statement with the bank balance given in the books of accounts. The difference between the balance of both the records are calculated and then rectified.

To prepare: A bank reconciliation statement for C Corners.

2

To determine

Introduction: The preparation of a bank reconciliation statement is made to match the bank balance given in the bank statement with the bank balance given in the books of accounts. The difference between the balance of both the records are calculated and then rectified.

To prepare: The necessary journal entries in the company’s book as a result of bank reconciliation prepared.

3

To determine

Introduction: The preparation of a bank reconciliation statement is made to match the bank balance given in the bank statement with the bank balance given in the books of accounts. The difference between the balance of both the records are calculated and then rectified.

To explain: The reason for preparing a bank reconciliation statement as soon as a bank statement is received.