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 presentation of outstanding checks on bank reconciliation statement .

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Answer 1

Question

Chapter 7, Problem 7.8BE

(a)

To determine

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 presentation of outstanding checks on bank reconciliation statement.

(b)

To determine

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

(c)

To determine

To indicate: The presentation of credit memorandum by bank (collection of EFT, electronic funds transfer) on bank reconciliation statement.

(d)

To determine

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

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Jones Manufacturing Co. Ltd. makes a product by way of three consecutive processes. Inspection takes place during the processing operation, at which point bad units are separated from good units and sold as scrap at $20 each. Normal losses are estimated to be 5% of input during the period. The following data relates to process 2 for the month of October. During October, 20,000 units valued at $400,000 were transferred from process 1 to process 2. Other costs incurred during the month were: Direct material added Direct labour Production overheads $272,000 $254,000 $ 120,400 At inspection, 3000 units were rejected as scrap. These units had reached the following degree of completion: Transfer from process 1 Direct material added Conversion costs 100% 80% 50% Work-in-progress at the end of October was 4,000 units and had reached the following degree of completion: Transfer from process 1 Direct material added 100% 60% 40% Conversion costs There were no unfinished goods in process 2 at the…

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Answer 2

Question

Chapter 7, Problem 7.8BE

(a)

To determine

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 presentation of outstanding checks on bank reconciliation statement.

(b)

To determine

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

(c)

To determine

To indicate: The presentation of credit memorandum by bank (collection of EFT, electronic funds transfer) on bank reconciliation statement.

(d)

To determine

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

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Answer 3

Question

Chapter 7, Problem 7.8BE

(a)

To determine

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 presentation of outstanding checks on bank reconciliation statement.

(b)

To determine

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

(c)

To determine

To indicate: The presentation of credit memorandum by bank (collection of EFT, electronic funds transfer) on bank reconciliation statement.

(d)

To determine

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

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Answer 4

Question

Chapter 7, Problem 7.8BE

(a)

To determine

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 presentation of outstanding checks on bank reconciliation statement.

(b)

To determine

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

(c)

To determine

To indicate: The presentation of credit memorandum by bank (collection of EFT, electronic funds transfer) on bank reconciliation statement.

(d)

To determine

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

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Answer 5

Chapter 7, Problem 7.8BE

(a)

To determine

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 presentation of outstanding checks on bank reconciliation statement.

(b)

To determine

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

(c)

To determine

To indicate: The presentation of credit memorandum by bank (collection of EFT, electronic funds transfer) on bank reconciliation statement.

(d)

To determine

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

Answer 6

Chapter 7, Problem 7.8BE

(a)

To determine

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 presentation of outstanding checks on bank reconciliation statement.

Answer 7

Chapter 7, Problem 7.8BE

(a)

To determine

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 presentation of outstanding checks on bank reconciliation statement.

Answer 8

(b)

To determine

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

Answer 9

(b)

To determine

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

Answer 10

(c)

To determine

To indicate: The presentation of credit memorandum by bank (collection of EFT, electronic funds transfer) on bank reconciliation statement.

Answer 11

(c)

To determine

To indicate: The presentation of credit memorandum by bank (collection of EFT, electronic funds transfer) on bank reconciliation statement.

Answer 12

(d)

To determine

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

Answer 13

(d)

To determine

To indicate: The presentation of deposits in transit 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 presentation of debit memorandum by bank (service charge) on bank reconciliation statement.

To indicate: The presentation of credit memorandum by bank (collection of EFT, electronic funds transfer) on bank reconciliation statement.

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

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Chapter 7 Solutions