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

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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…

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Bank Reconciliation Zing Corp. prepares monthly bank reconciliations as part of its cash controls. Zing's bank provided the following about Zing's cash balance at the bank for the month of April 2022: Balance, April 30, 2022 $74,350 Service charge for April 75 Note ($3,000) and interest ($90) collected for Zing from a customer 3,090 Interest earned during April 140 NSF cheque from Orange Corp. (deposited by Zing) for goods purchased on account 470 Zing then analyzed its cash balance on its own set of books, revealing the following details: Chequing account balance per Zing’s books $72,329 Deposit in transit at April 30 2,100 Outstanding cheques as of April 30 1,400 Error in recording a cheque issued by Zing (Correct amount of the cheque is $737, but was recorded as a cash disbursement of $773. The cheque was issued to pay for merchandise originally purchased on account.) 36 Required: 1. Prepare a bank reconciliation at April 30, 2022, in proper form.…

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