(1) 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. To indicate : The treatment of outstanding checks on bank reconciliation statement

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Answer 1

Question

Chapter 7, Problem 7.3DIR

To determine

(1)

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.

To indicate: The treatment of outstanding checks on bank reconciliation statement

(2)

To determine

To indicate: The treatment of deposits in transit on bank reconciliation statement

(3)

To determine

To indicate: The treatment of erroneously charged check by bank

(4)

To determine

To indicate: The treatment of debit memorandum by bank (service charge) on bank reconciliation statement

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Answer 2

Question

Chapter 7, Problem 7.3DIR

To determine

(1)

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.

To indicate: The treatment of outstanding checks on bank reconciliation statement

(2)

To determine

To indicate: The treatment of deposits in transit on bank reconciliation statement

(3)

To determine

To indicate: The treatment of erroneously charged check by bank

(4)

To determine

To indicate: The treatment of debit memorandum by bank (service charge) on bank reconciliation statement

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Answer 3

Question

Chapter 7, Problem 7.3DIR

To determine

(1)

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.

To indicate: The treatment of outstanding checks on bank reconciliation statement

(2)

To determine

To indicate: The treatment of deposits in transit on bank reconciliation statement

(3)

To determine

To indicate: The treatment of erroneously charged check by bank

(4)

To determine

To indicate: The treatment of debit memorandum by bank (service charge) on bank reconciliation statement

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Answer 4

Question

Chapter 7, Problem 7.3DIR

To determine

(1)

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.

To indicate: The treatment of outstanding checks on bank reconciliation statement

(2)

To determine

To indicate: The treatment of deposits in transit on bank reconciliation statement

(3)

To determine

To indicate: The treatment of erroneously charged check by bank

(4)

To determine

To indicate: The treatment of debit memorandum by bank (service charge) on bank reconciliation statement

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Answer 5

Chapter 7, Problem 7.3DIR

To determine

(1)

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.

To indicate: The treatment of outstanding checks on bank reconciliation statement

(2)

To determine

To indicate: The treatment of deposits in transit on bank reconciliation statement

(3)

To determine

To indicate: The treatment of erroneously charged check by bank

(4)

To determine

To indicate: The treatment of debit memorandum by bank (service charge) on bank reconciliation statement

Answer 6

Chapter 7, Problem 7.3DIR

To determine

(1)

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.

To indicate: The treatment of outstanding checks on bank reconciliation statement

Answer 7

Chapter 7, Problem 7.3DIR

To determine

(1)

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.

To indicate: The treatment of outstanding checks on bank reconciliation statement

Answer 8

(2)

To determine

To indicate: The treatment of deposits in transit on bank reconciliation statement

Answer 9

(2)

To determine

To indicate: The treatment of deposits in transit on bank reconciliation statement

Answer 10

(3)

To determine

To indicate: The treatment of erroneously charged check by bank

Answer 11

(3)

To determine

To indicate: The treatment of erroneously charged check by bank

Answer 12

(4)

To determine

To indicate: The treatment of debit memorandum by bank (service charge) on bank reconciliation statement

Answer 13

(4)

To determine

To indicate: The treatment of debit memorandum by bank (service charge) on bank reconciliation statement

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

Solution Summary: The author explains that bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and books.

Concept explainers

To indicate: The treatment of deposits in transit on bank reconciliation statement

To indicate: The treatment of erroneously charged check by bank

To indicate: The treatment of debit memorandum by bank (service charge) on bank reconciliation statement

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Chapter 7 Solutions