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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The following reconciling items are applicable to the bank reconciliation for the Spahn Company. Select whether each of the following items would be added to the book balance, deducted from the book balance, added to the bank balance, or deducted from the bank balance. a. Outstanding checks. Added to the Book BalanceAdded to the Bank BalanceDeducted from the Book BalanceDeducted from the Bank Balance b. Bank credit memorandum for collecting a note for the depositor. Deducted from the Bank BalanceAdded to the Bank BalanceAdded to the Book BalanceDeducted from the Book Balance c. Bank debit memorandum for service charge. Added to the Bank BalanceDeducted from the Book BalanceDeducted from the Bank BalanceAdded to the Book Balance d. Deposit in transit.…

Which of the following is an appropriate reconciling item to the balance per bank in a bank reconciliation? a. Bank service charge b. Chargeback for NSF check c. Deposit in transit d. Bank interest

The following reconciling items are applicable to the bank reconciliation for Forde Co.Indicate how each item should be shown on a bank reconciliation. (a) Outstanding checks. Select how the item should be shown on a bank reconciliation Added to cash balance per booksDeducted from cash balance per bankDeducted from cash balance per booksAdded to cash balance per bank (b) Bank debit memorandum for service charge. Select how the item should be shown on a bank reconciliation Added to cash balance per bankDeducted from cash balance per booksDeducted from cash balance per bankAdded to cash balance per books (c) Bank credit memorandum for collecting from customer an electronic funds transfer. Select how the item should be shown on a bank reconciliation Deducted from cash balance per bankDeducted from…

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