Bank Reconciliation Statement : Bank statement is prepared by bank. The company maintains its own bank related records. Thus, cash balance per bank and cash balance per books seldom agree. Hence, 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 determine: The adjusted balance on the bank reconciliation and journal entry for bank reconciliation.

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Answer 1

Question

Chapter 7, Problem 7.3BE

(a)

To determine

Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own bank related records. Thus, cash balance per bank and cash balance per books seldom agree. Hence, 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 determine: The adjusted balance on the bank reconciliation and journal entry for bank reconciliation.

(b)

To determine

To journalize: The transaction that arise from bank reconciliation statement.

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Answer 2

Question

Chapter 7, Problem 7.3BE

(a)

To determine

Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own bank related records. Thus, cash balance per bank and cash balance per books seldom agree. Hence, 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 determine: The adjusted balance on the bank reconciliation and journal entry for bank reconciliation.

(b)

To determine

To journalize: The transaction that arise from bank reconciliation statement.

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Answer 3

Question

Chapter 7, Problem 7.3BE

(a)

To determine

Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own bank related records. Thus, cash balance per bank and cash balance per books seldom agree. Hence, 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 determine: The adjusted balance on the bank reconciliation and journal entry for bank reconciliation.

(b)

To determine

To journalize: The transaction that arise from bank reconciliation statement.

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Answer 4

Question

Chapter 7, Problem 7.3BE

(a)

To determine

Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own bank related records. Thus, cash balance per bank and cash balance per books seldom agree. Hence, 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 determine: The adjusted balance on the bank reconciliation and journal entry for bank reconciliation.

(b)

To determine

To journalize: The transaction that arise from bank reconciliation statement.

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Answer 5

Chapter 7, Problem 7.3BE

(a)

To determine

Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own bank related records. Thus, cash balance per bank and cash balance per books seldom agree. Hence, 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 determine: The adjusted balance on the bank reconciliation and journal entry for bank reconciliation.

(b)

To determine

To journalize: The transaction that arise from bank reconciliation statement.

Answer 6

Chapter 7, Problem 7.3BE

(a)

To determine

Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own bank related records. Thus, cash balance per bank and cash balance per books seldom agree. Hence, 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 determine: The adjusted balance on the bank reconciliation and journal entry for bank reconciliation.

Answer 7

Chapter 7, Problem 7.3BE

(a)

To determine

Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own bank related records. Thus, cash balance per bank and cash balance per books seldom agree. Hence, 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 determine: The adjusted balance on the bank reconciliation and journal entry for bank reconciliation.

Answer 8

(b)

To determine

To journalize: The transaction that arise from bank reconciliation statement.

Answer 9

(b)

To determine

To journalize: The transaction that arise from bank reconciliation statement.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 7 - Prob. 1DQ Ch. 7 - Prob. 2DQ Ch. 7 - Prob. 3DQ Ch. 7 - Prob. 4DQ Ch. 7 - Prob. 5DQ Ch. 7 - Prob. 6DQ Ch. 7 - Prob. 7DQ Ch. 7 - Prob. 8DQ Ch. 7 - Prob. 9DQ Ch. 7 - Prob. 10DQ

Solution Summary: The author explains how to prepare a bank reconciliation statement.

Concept explainers

To journalize: The transaction that arise from bank reconciliation statement.

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Chapter 7 Solutions