Horngren's Financial & Managerial Accounting (5th Edition)
5th Edition
ISBN: 9780133866292
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 7, Problem 7.33CP
Requirement 1:
To determine
To prepare: Bank reconciliation of Company D as at March 31, 2017.
Requirement 2:
To determine
To journalize: Entries from the bank reconciliation.
To determine
To Prepare: Adjusted account balance for the Cash T – account as on March 31, 2017.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Please prepare the bank reconciliation for CSA
Problem Solving.
Required: 1. Prepare a properly classified bank reconciliation statement for each of the problems given below.2. Prepare the necessary adjusting journal entries on the company’s book for book reconciling items.
6, 7,
A bank reconciliation for October 31 follows.
Bank statement balance
Add:
Deposit in transit
Deduct:
Outstanding checks
Adjusted bank balance
View transaction list
<
1
2
Note: Enter debits before credits.
Date
October 31
Bank Reconciliation
October 31
Journal entry worksheet
Cash
$ 6,482
3
291
6,773
79
$ 6,694
Prepare the necessary journal entries based on the bank reconciliation.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Book balance
Add:
4
Collection of a note
Interest earned
Deduct:
NSF check
Bank service charges
Adjusted book balance
Record the $400 collection of a note receivable by the bank on our behalf.
Saved
General Journal
$ 400
64
Debit
63
61
$ 6,354
Credit
464
6,818
124
$6,694
Chapter 7 Solutions
Horngren's Financial & Managerial Accounting (5th Edition)
Ch. 7 - Prob. 1QCCh. 7 - Prob. 2QCCh. 7 - Prob. 3QCCh. 7 - Prob. 4QCCh. 7 - Prob. 5QCCh. 7 - Prob. 6QCCh. 7 - Prob. 7QCCh. 7 - Prob. 8QCCh. 7 - Prob. 9QCCh. 7 - Prob. 10QC
Ch. 7 - Prob. 1RQCh. 7 - Prob. 2RQCh. 7 - What are the five components of internal control?...Ch. 7 - Prob. 4RQCh. 7 - What is separation of duties?Ch. 7 - Prob. 6RQCh. 7 - Prob. 7RQCh. 7 - Prob. 8RQCh. 7 - How do businesses control cash receipts by mail?Ch. 7 - Prob. 10RQCh. 7 - Prob. 11RQCh. 7 - Prob. 12RQCh. 7 - Prob. 13RQCh. 7 - Prob. 14RQCh. 7 - Prob. 15RQCh. 7 - Prob. 16RQCh. 7 - Prob. 17RQCh. 7 - Defining internal control Internal controls are...Ch. 7 - Prob. 7.2SECh. 7 - Prob. 7.3SECh. 7 - Prob. 7.4SECh. 7 - Prob. 7.5SECh. 7 - Prob. 7.6SECh. 7 - Prob. 7.7SECh. 7 - Prob. 7.8SECh. 7 - Prob. 7.9SECh. 7 - Prob. 7.10SECh. 7 - Prob. 7.11ECh. 7 - Prob. 7.12ECh. 7 - Prob. 7.13ECh. 7 - Evaluating internal control over cash payments...Ch. 7 - Understanding internal control, components,...Ch. 7 - Prob. 7.16ECh. 7 - Prob. 7.17ECh. 7 - Prob. 7.18ECh. 7 - Prob. 7.19ECh. 7 - Prob. 7.21APCh. 7 - Prob. 7.22APCh. 7 - Prob. 7.23APCh. 7 - Prob. 7.24APCh. 7 - Prob. 7.25APCh. 7 - Prob. 7.26APCh. 7 - Prob. 7.27BPCh. 7 - Prob. 7.28BPCh. 7 - Prob. 7.29BPCh. 7 - Prob. 7.30BPCh. 7 - Prob. 7.31BPCh. 7 - Prob. 7.32BPCh. 7 - Prob. 7.33CPCh. 7 - Prob. 7.34PSCh. 7 - Prob. 7.2CTDCCh. 7 - Levon Helm was a kind of one-man mortgage broker....Ch. 7 - Prob. 7.1CTCA
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Transactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows: Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark () in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.arrow_forwardshow how the accounts related to the preceding sale and collection activities shoukd be reported on the current year income statement PLEASE DO NOT ANSWER IMAGE FORMETarrow_forwardRequired: 1.Complete the bank reconciliation at December 31, 2019. 2. Prepare the adjusting journal entries required to make the Cash in Bank account in the general ledger agree with the adjusted cash balance on the December 31 bank reconciliation. Include descriptions. Please show work.arrow_forward
- You are required toa. Calculate the correct closing balance of the bank account in the general ledger of Pepper Traders as at 31 August 2022. In vourcalculation, you should clearly name the item and list the amount that you are adjusting the bank balance with. b. Prepare the bank reconciliation statement as at 31 August 2022.arrow_forwardPrepare the bank reconciliation for april and the journal entries that should be made as a result of the bank reconciliation. What should the cash account be after recording the journal entries?arrow_forwardRequired: 1.Complete the bank reconciliation at December 31, 2019. 2 . Prepare the adjusting journal entries required to make the Cash in Bank account in the general ledger agree with the adjusted cash balance on the December 31 bank reconciliation. Include descriptions.arrow_forward
- Prepare a Bank Reconciliation Statement using: a. Adjusted Balance Method b. Book to Bank Method c. Bank to Book Methodarrow_forwardCANDY'S CLEANING SERVICES Bank Reconciliation April 30, 2020 $33,452 Book balance Bank balance $28,934 Add: Deduct: Interest $47 NSF, customer Bonne 412 Error Chq #93 99 146 $29,080 Outstanding cheques: Deduct: #879 $2,600 Service Charge 40 #100 1,400 4,412 Adjusted bank balance $29,040 Adjusted book balance $29,040 In comparing the bank reconciliation to the Cash account In the general ledger, you notice a problem. You investigate further and come up with some additional Informatlon as follows: a. The Cash account in the general ledger showed the followling: Cash Acct. No. 101 Date Explanation PR Debit Credit Balance 2020 March 31 Balance 28,934 ৪4,934 21,051 April 30 CR16 56,000 30 CD21 63,883 b. The error in cheque #93, for Utilitles Expense, resulted from the bank Incorrectly debiting our account for $99; the correct amount entered in the accounting records Is $199. c. The bank statement showed interest expense of $47; there was no other Interest. d. The bank debited our account…arrow_forwardThe balance of the general ledger cash accounts as of December 31, 20P1 is P7,120. On the other hand, the bank statement showed a December 31 20P1 balance of P6,580. You were tasked to prepare the bank reconciliation statement for the company's bank account. Your analysis of the bank statement and the general ledger account revealed the following: |Deposit in transit Credit memo for direct collection of a note receivable Credit memo for interest income Auto debit of cell phone bill Customers NSF check |Outstanding check Debit memo for bank charges A check received from a customer was recorded in the accounting books for P3,280. The bank statement revealed that the customer check cleared at the correct amount of P3,820. P1,345 755 65 290 455 575 25 The bank deducted P360 from the account of JECAF for a check issued by Claire Inc. Page 13 of 17 Required: Prepare the bank reconciliation statement as of December 31, 20P1 for JECAF bank account. Solution: Bank Bookarrow_forward
- Complete parts d,e, and farrow_forwardUse the following information for the next three questions: The following information were obtained from Freedom Corporation for the purpose of preparing the bank reconciliation for the month of June 2021: SUBSIDIARY LEDGER CASH IN BANK - BDO CURRENT ACCOUNT June 1-30, 2021 Description Jun 1 Bal. forwarded Jun 5 Cash Deposit - cash sales Jun 8 Check # 01001 Date Debit Credit Balance 1,500,000.00 120,000.00 1,620,000.00 22,500.00 1,597,500.00 Check deposit (BDO Check Jun 10 #01098)-Customer's check 81,200.00 1,678,700.00 Cash Deposit (per deposit slip Jun 12 dtd Jun 12 2021) 163,000.00 1,841,700.00 Check 01002 (payable to a Jun 15 supplier) 67,500.00 1,774,200.00 CM: Payment from XYZ Co. Jun 17 (customer) through BDO Adjustment: Jun 12 cash Jun 17 deposit erroneously recorded Jun 23 Check # 01003 (payable to a supplier) Check deposit (BPI CKWO1067)- 110,700.00 1,884,900.00 27,000.00 1,857,900.00 82,300.00 1,775,600.00 Jun 24 Customer's check 65,750.00 1,841,350.00 Cash deposit (per…arrow_forward3. Prepare journal entries for items (a-(f) from the bank reconciliation. (If no entry is requlred for a transaction/event, select "No Journal Entry Requlred" In the first account fleld.) View transaction list Journal entry worksheet 3 4 5 6 > 1 2 The bank deducted $250 for an NSF check from a customer deposited on December 22. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journalarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Survey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage Learning
Financial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Financial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage Learning
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning