Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 8, Problem 19E
To determine
Journalize the entries that should be made by the company.
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The following data were accumulated for use in reconciling the bank account of Zek’sCo. for May 2016:1. Cash balance according to the company’s records at May 31, 2016, $22,110.2. Cash balance according to the bank statement at May 31, 2016, $29,650.3. Checks outstanding, $13,875.4. Deposit in transit, not recorded by bank, $6,770.5. A check for $50 in payment of an account was erroneously recorded in the checkregister as $500.6. Bank debit memo for service charges, $15.a. Prepare a bank reconciliation, using the format shown in Exhibit 13.b. If the balance sheet were prepared for Zek’s Co. on May 31, 2016, what amount shouldbe reported for cash?c. Must a bank reconciliation always balance (reconcile)?
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Entries for Bank Reconciliation
The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 2016:
1. Cash balance according to the company's records at August 31, $25,320.
2. Cash balance according to the bank statement at August 31, $26,660.
3. Checks outstanding, $5,140.
4. Deposit in transit not recorded by bank, $4,130.
5. A check for $590 in payment of an account was erroneously recorded in the check register as $950.
6. Bank debit memo for service charges, $30.
Journalize the entries that should be made by the company that (a) increase cash and (b) decrease cash.
a, 2016 Aug. 31
b. Aug. 31
Chapter 8 Solutions
Financial Accounting
Ch. 8 - Prob. 1DQCh. 8 - Why should the employee who handles cash receipts...Ch. 8 - Prob. 3DQCh. 8 - Why should the responsibility for maintaining the...Ch. 8 - Assume that Brooke Miles, accounts payable clerk...Ch. 8 - Prob. 6DQCh. 8 - Prob. 7DQCh. 8 - Prob. 8DQCh. 8 - Prob. 9DQCh. 8 - Prob. 10DQ
Ch. 8 - Prob. 1PEACh. 8 - Prob. 1PEBCh. 8 - Prob. 2PEACh. 8 - Prob. 2PEBCh. 8 - Prob. 3PEACh. 8 - Prob. 3PEBCh. 8 - Prob. 4PEACh. 8 - Prob. 4PEBCh. 8 - Financial data for Otto Company follow: a....Ch. 8 - Prob. 5PEBCh. 8 - Prob. 1ECh. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Pacific Bank provides loans to businesses in the...Ch. 8 - Prob. 5ECh. 8 - An employee of JHT Holdings, Inc., a trucking...Ch. 8 - Prob. 7ECh. 8 - Prob. 8ECh. 8 - Prob. 9ECh. 8 - Prob. 10ECh. 8 - Prob. 11ECh. 8 - Prob. 12ECh. 8 - Prob. 13ECh. 8 - Abbe Co. is a small merchandising company with a...Ch. 8 - Prob. 15ECh. 8 - Prob. 16ECh. 8 - Prob. 17ECh. 8 - Prob. 18ECh. 8 - Prob. 19ECh. 8 - Prob. 20ECh. 8 - Prob. 21ECh. 8 - Prob. 22ECh. 8 - Prob. 23ECh. 8 - Prob. 24ECh. 8 - Mattel, Inc., designs, manufactures, and markets...Ch. 8 - El Dorado Inc. has monthly cash expenses of...Ch. 8 - Prob. 27ECh. 8 - Amicus Therapeutics, Inc., is a biopharmaceutical...Ch. 8 - Prob. 1PACh. 8 - Cactus Restoration Company completed the following...Ch. 8 - Prob. 3PACh. 8 - Prob. 4PACh. 8 - Prob. 5PACh. 8 - Prob. 1PBCh. 8 - Cedar Springs Company completed the following...Ch. 8 - Prob. 3PBCh. 8 - Prob. 4PBCh. 8 - Prob. 5PBCh. 8 - During the preparation of the bank reconciliation...Ch. 8 - Prob. 2CPCh. 8 - Prob. 3CPCh. 8 - Prob. 4CPCh. 8 - Prob. 5CPCh. 8 - TearLab Corp. is a health care company that...
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