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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Use the following table of government officers travelling and mileage allowance to answer the question Travel Allowance and Mileage: Government Government Post Annual Travel Allowance Mileage Genuine travelling officers $457,920 $36 per km Genuine travelling officers (no mileage) $569,635 Not applicable Supervisors $335,167 $36 per km Casual miles (mileage without travelling allowances) Not applicable $43 per km Commuted $311,040 Not applicable Lisa Chapelle made 2 site visits, 750 km each, in the month of May. In between site visits, she picked up her son at the day care which amounted to 200 km. What would be her casual travelling allowance for May? A. $32,250 B. $40,850 C. $73,100 D. $64,500

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