Deposits-in-transit : The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit. Outstanding checks : Outstanding checks are the checks that are issued by the company, but not yet paid by the bank. 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. Journal entry : Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically. Debit and credit rules: Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts. Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts. To determine : The amount of deposits-in-transit for Incorporation W, as at August 31, 2014.

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Answer 1

Question

Chapter 7, Problem 7.11E

(a)

To determine

Deposits-in-transit: The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit.

Outstanding checks: Outstanding checks are the checks that are issued by the company, but not yet paid by the bank.

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.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To determine: The amount of deposits-in-transit for Incorporation W, as at August 31, 2014.

(b)

To determine

The amount of checks outstanding for Incorporation W, as at August 31, 2014,.

(c)

To determine

To prepare: Bank reconciliation of Incorporation W, as at August 31, 2014.

(d)

To determine

To prepare: Adjusting journal entries for Incorporation W.

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Answer 2

Question

Chapter 7, Problem 7.11E

(a)

To determine

Deposits-in-transit: The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit.

Outstanding checks: Outstanding checks are the checks that are issued by the company, but not yet paid by the bank.

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.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To determine: The amount of deposits-in-transit for Incorporation W, as at August 31, 2014.

(b)

To determine

The amount of checks outstanding for Incorporation W, as at August 31, 2014,.

(c)

To determine

To prepare: Bank reconciliation of Incorporation W, as at August 31, 2014.

(d)

To determine

To prepare: Adjusting journal entries for Incorporation W.

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Answer 3

Question

Chapter 7, Problem 7.11E

(a)

To determine

Deposits-in-transit: The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit.

Outstanding checks: Outstanding checks are the checks that are issued by the company, but not yet paid by the bank.

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.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To determine: The amount of deposits-in-transit for Incorporation W, as at August 31, 2014.

(b)

To determine

The amount of checks outstanding for Incorporation W, as at August 31, 2014,.

(c)

To determine

To prepare: Bank reconciliation of Incorporation W, as at August 31, 2014.

(d)

To determine

To prepare: Adjusting journal entries for Incorporation W.

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Answer 4

Question

Chapter 7, Problem 7.11E

(a)

To determine

Deposits-in-transit: The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit.

Outstanding checks: Outstanding checks are the checks that are issued by the company, but not yet paid by the bank.

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.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To determine: The amount of deposits-in-transit for Incorporation W, as at August 31, 2014.

(b)

To determine

The amount of checks outstanding for Incorporation W, as at August 31, 2014,.

(c)

To determine

To prepare: Bank reconciliation of Incorporation W, as at August 31, 2014.

(d)

To determine

To prepare: Adjusting journal entries for Incorporation W.

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Answer 5

Chapter 7, Problem 7.11E

(a)

To determine

Deposits-in-transit: The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit.

Outstanding checks: Outstanding checks are the checks that are issued by the company, but not yet paid by the bank.

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.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To determine: The amount of deposits-in-transit for Incorporation W, as at August 31, 2014.

(b)

To determine

The amount of checks outstanding for Incorporation W, as at August 31, 2014,.

(c)

To determine

To prepare: Bank reconciliation of Incorporation W, as at August 31, 2014.

(d)

To determine

To prepare: Adjusting journal entries for Incorporation W.

Answer 6

Chapter 7, Problem 7.11E

(a)

To determine

Deposits-in-transit: The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit.

Outstanding checks: Outstanding checks are the checks that are issued by the company, but not yet paid by the bank.

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.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To determine: The amount of deposits-in-transit for Incorporation W, as at August 31, 2014.

Answer 7

Chapter 7, Problem 7.11E

(a)

To determine

Deposits-in-transit: The checks that are deposited and recorded by the depositor, but not yet recorded by the bank are referred to as deposits-in-transit.

Outstanding checks: Outstanding checks are the checks that are issued by the company, but not yet paid by the bank.

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.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To determine: The amount of deposits-in-transit for Incorporation W, as at August 31, 2014.

Answer 8

(b)

To determine

The amount of checks outstanding for Incorporation W, as at August 31, 2014,.

Answer 9

(b)

To determine

The amount of checks outstanding for Incorporation W, as at August 31, 2014,.

Answer 10

(c)

To determine

To prepare: Bank reconciliation of Incorporation W, as at August 31, 2014.

Answer 11

(c)

To determine

To prepare: Bank reconciliation of Incorporation W, as at August 31, 2014.

Answer 12

(d)

To determine

To prepare: Adjusting journal entries for Incorporation W.

Answer 13

(d)

To determine

To prepare: Adjusting journal entries for Incorporation W.

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

Concept explainers

The amount of checks outstanding for Incorporation W, as at August 31, 2014,.

To prepare: Bank reconciliation of Incorporation W, as at August 31, 2014.

To prepare: Adjusting journal entries for Incorporation W.

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Chapter 7 Solutions