Bank reconciliation : Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books. To indicate : The presentation of outstanding checks on bank reconciliation statement .

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Answer 1

Question

Chapter 7, Problem 7.10BE

(a)

To determine

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To indicate: The presentation of outstanding checks on bank reconciliation statement.

(b)

To determine

To indicate: The presentation of debit memorandum by bank (service charge) on bank reconciliation statement.

(c)

To determine

To indicate: The presentation of credit memorandum by bank (collection of EFT, electronic funds transfer) on bank reconciliation statement.

(d)

To determine

To indicate: The presentation of deposits in transit on bank reconciliation statement.

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What amount of office expenses is allocated to Department Y on these general accounting question?

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A business purchased equipment for $165,000 on January 1, 2021. The equipment will be depreciated over the five years of its estimated useful life using the straight-line depreciation method. The business records depreciation once a year on December 31. Which of the following is the adjusting entry required to record depreciation on the equipment for the year 2021? (Assume the residual value of the acquired equipment to be zero.) A) Debit $165,000 to Equipment, and credit $145,000 to Cash. B) Debit $33,000 to Depreciation Expense-Equipment, and credit $33,000 to Accumulated Depreciation-Equipment. C) Debit $165,000 to Depreciation Expense-Equipment, and credit $145,000 to Accumulated Depreciation-Equipment. D) Debit $33,000 to Depreciation Expense, and credit $33,000 to Equipment.

Answer 2

Question

Chapter 7, Problem 7.10BE

(a)

To determine

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To indicate: The presentation of outstanding checks on bank reconciliation statement.

(b)

To determine

To indicate: The presentation of debit memorandum by bank (service charge) on bank reconciliation statement.

(c)

To determine

To indicate: The presentation of credit memorandum by bank (collection of EFT, electronic funds transfer) on bank reconciliation statement.

(d)

To determine

To indicate: The presentation of deposits in transit on bank reconciliation statement.

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Answer 3

Question

Chapter 7, Problem 7.10BE

(a)

To determine

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To indicate: The presentation of outstanding checks on bank reconciliation statement.

(b)

To determine

To indicate: The presentation of debit memorandum by bank (service charge) on bank reconciliation statement.

(c)

To determine

To indicate: The presentation of credit memorandum by bank (collection of EFT, electronic funds transfer) on bank reconciliation statement.

(d)

To determine

To indicate: The presentation of deposits in transit on bank reconciliation statement.

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Answer 4

Question

Chapter 7, Problem 7.10BE

(a)

To determine

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To indicate: The presentation of outstanding checks on bank reconciliation statement.

(b)

To determine

To indicate: The presentation of debit memorandum by bank (service charge) on bank reconciliation statement.

(c)

To determine

To indicate: The presentation of credit memorandum by bank (collection of EFT, electronic funds transfer) on bank reconciliation statement.

(d)

To determine

To indicate: The presentation of deposits in transit on bank reconciliation statement.

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Answer 5

Chapter 7, Problem 7.10BE

(a)

To determine

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To indicate: The presentation of outstanding checks on bank reconciliation statement.

(b)

To determine

To indicate: The presentation of debit memorandum by bank (service charge) on bank reconciliation statement.

(c)

To determine

To indicate: The presentation of credit memorandum by bank (collection of EFT, electronic funds transfer) on bank reconciliation statement.

(d)

To determine

To indicate: The presentation of deposits in transit on bank reconciliation statement.

Answer 6

Chapter 7, Problem 7.10BE

(a)

To determine

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To indicate: The presentation of outstanding checks on bank reconciliation statement.

Answer 7

Chapter 7, Problem 7.10BE

(a)

To determine

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

To indicate: The presentation of outstanding checks on bank reconciliation statement.

Answer 8

(b)

To determine

To indicate: The presentation of debit memorandum by bank (service charge) on bank reconciliation statement.

Answer 9

(b)

To determine

To indicate: The presentation of debit memorandum by bank (service charge) on bank reconciliation statement.

Answer 10

(c)

To determine

To indicate: The presentation of credit memorandum by bank (collection of EFT, electronic funds transfer) on bank reconciliation statement.

Answer 11

(c)

To determine

To indicate: The presentation of credit memorandum by bank (collection of EFT, electronic funds transfer) on bank reconciliation statement.

Answer 12

(d)

To determine

To indicate: The presentation of deposits in transit on bank reconciliation statement.

Answer 13

(d)

To determine

To indicate: The presentation of deposits in transit on bank reconciliation statement.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 7 - A local hank reported that it lost 150,000 as the...Ch. 7 - Prob. 2Q Ch. 7 - Prob. 3Q Ch. 7 - Prob. 4Q Ch. 7 - Prob. 5Q Ch. 7 - Prob. 6Q Ch. 7 - Prob. 7Q Ch. 7 - Prob. 8Q Ch. 7 - Prob. 9Q Ch. 7 - Prob. 10Q

Solution Summary: The author explains that bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and books.

Concept explainers

To indicate: The presentation of debit memorandum by bank (service charge) on bank reconciliation statement.

To indicate: The presentation of credit memorandum by bank (collection of EFT, electronic funds transfer) on bank reconciliation statement.

To indicate: The presentation of deposits in transit on bank reconciliation statement.

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Chapter 7 Solutions