A bank reconciliation of H Company as at July 31, 2018:

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Answer 1

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Chapter 7, Problem 7.30E

(1)

Bank reconciliation:

Bank reconciliation is prepared by an accountant. In order to check the differences between the cash book balance and bank balance as per bank statement, the bank reconciliation statement is prepared. It plays a major role in the internal control of cash and it ensures the management about the completeness of the cash book.

To determine

To prepare: A bank reconciliation of H Company as at July 31, 2018:

(2)

To determine

To Record: The error in recording cash from credit customer.

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Bank Reconciliation and Adjusting Entries (Appendix 6.1) Odum Corporation’s cash account showed a balance of $17,198 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,924.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $173.80 was returned with the bank statement. • A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. • The bank service charge for March was $15. • A deposit of $951.75 mailed to the bank on March 31 did not appear on the bank statement. The following checks mailed to creditors had not been processed by the bank on March 31: #429 $57.40 #432 $147.50 #433 $214.80 #434 $191.90 A customer check for $149.50 in payment of his account and listed correctly for that amount on the bank state-ment had…

Accounting Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2021 bank statement included the following information: Balance, July 1, 2021 $ 58,178 Deposits 181,500 Checks processed (194,610 ) Service charges (75 NSF checks (2,200 Monthly payment on note, deducted directly by bank from account (includes $320 in interest) (4,320 Balance, July 31, 2021 $ 38,473 The company's general ledger account had a balance of $41,823 at the end of July. Deposits outstanding totaled $8,300 and all checks written by the company were processed by the bank except for those totaling $8,620. In addition, a $4,000 July deposit from a credit customer was recorded as a $400 debit to cash and credit to accounts receivable, and a check correctly recorded by the company as a $75 disbursement was incorrectly processed by the bank as a $750 disbursement. Required: 1. Prepare a bank…

Answer 2

Question

Chapter 7, Problem 7.30E

(1)

Bank reconciliation:

Bank reconciliation is prepared by an accountant. In order to check the differences between the cash book balance and bank balance as per bank statement, the bank reconciliation statement is prepared. It plays a major role in the internal control of cash and it ensures the management about the completeness of the cash book.

To determine

To prepare: A bank reconciliation of H Company as at July 31, 2018:

(2)

To determine

To Record: The error in recording cash from credit customer.

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Answer 3

Question

Chapter 7, Problem 7.30E

(1)

Bank reconciliation:

Bank reconciliation is prepared by an accountant. In order to check the differences between the cash book balance and bank balance as per bank statement, the bank reconciliation statement is prepared. It plays a major role in the internal control of cash and it ensures the management about the completeness of the cash book.

To determine

To prepare: A bank reconciliation of H Company as at July 31, 2018:

(2)

To determine

To Record: The error in recording cash from credit customer.

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Answer 4

Question

Chapter 7, Problem 7.30E

(1)

Bank reconciliation:

Bank reconciliation is prepared by an accountant. In order to check the differences between the cash book balance and bank balance as per bank statement, the bank reconciliation statement is prepared. It plays a major role in the internal control of cash and it ensures the management about the completeness of the cash book.

To determine

To prepare: A bank reconciliation of H Company as at July 31, 2018:

(2)

To determine

To Record: The error in recording cash from credit customer.

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Answer 5

Chapter 7, Problem 7.30E

(1)

Bank reconciliation:

Bank reconciliation is prepared by an accountant. In order to check the differences between the cash book balance and bank balance as per bank statement, the bank reconciliation statement is prepared. It plays a major role in the internal control of cash and it ensures the management about the completeness of the cash book.

To determine

To prepare: A bank reconciliation of H Company as at July 31, 2018:

(2)

To determine

To Record: The error in recording cash from credit customer.

Answer 6

Chapter 7, Problem 7.30E

(1)

Bank reconciliation:

Bank reconciliation is prepared by an accountant. In order to check the differences between the cash book balance and bank balance as per bank statement, the bank reconciliation statement is prepared. It plays a major role in the internal control of cash and it ensures the management about the completeness of the cash book.

To determine

To prepare: A bank reconciliation of H Company as at July 31, 2018:

Answer 7

Chapter 7, Problem 7.30E

(1)

Bank reconciliation:

Bank reconciliation is prepared by an accountant. In order to check the differences between the cash book balance and bank balance as per bank statement, the bank reconciliation statement is prepared. It plays a major role in the internal control of cash and it ensures the management about the completeness of the cash book.

To determine