Bank Reconciliation Statement : 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 prepare: Bank reconciliation of Z Co.

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Answer 1

Question

Chapter 8, Problem 8.18EX

A.

To determine

Bank Reconciliation Statement: 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 prepare: Bank reconciliation of Z Co.

B.

To determine

The amount of cash to be reported on the balance sheet of Z Co.

C.

To determine

To explain: Whether bank reconciliation needs to always balance.

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The Tamarisk Marine Supply Company's bank statement for the month of November showed a balance per bank of $8,500. The company's Cash account in the general ledger had a balance of $5,536 at November 30. Other information is as follows: (1) Cash receipts for November 30 recorded on the company's books were $6,480 but this amount does not appear on the bank statement. (2) (3) (4) (5) (6) (7) The bank statement shows a debit memorandum for $50 for check printing charges. Check No. 119 payable to Riverbed Company was recorded in the cash payments journal and cleared the bank for $368. A review of the accounts payable subsidiary ledger shows a $18 credit balance in the account of Riverbed Company and that the payment to them should have been for $386. The total amount of checks still outstanding at November 30 amounted to $6,260. Check No. 138 was correctly written and paid by the bank for $506. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and…

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Hello tutor please provide correct answer general accounting question

Answer 2

Question

Chapter 8, Problem 8.18EX

A.

To determine

Bank Reconciliation Statement: 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 prepare: Bank reconciliation of Z Co.

B.

To determine

The amount of cash to be reported on the balance sheet of Z Co.

C.

To determine

To explain: Whether bank reconciliation needs to always balance.

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Answer 3

Question

Chapter 8, Problem 8.18EX

A.

To determine

Bank Reconciliation Statement: 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 prepare: Bank reconciliation of Z Co.

B.

To determine

The amount of cash to be reported on the balance sheet of Z Co.

C.

To determine

To explain: Whether bank reconciliation needs to always balance.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem 8.18EX

A.

To determine

Bank Reconciliation Statement: 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 prepare: Bank reconciliation of Z Co.

B.

To determine

The amount of cash to be reported on the balance sheet of Z Co.

C.

To determine

To explain: Whether bank reconciliation needs to always balance.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem 8.18EX

A.

To determine

Bank Reconciliation Statement: 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 prepare: Bank reconciliation of Z Co.

B.

To determine

The amount of cash to be reported on the balance sheet of Z Co.

C.

To determine

To explain: Whether bank reconciliation needs to always balance.

Answer 6

Chapter 8, Problem 8.18EX

A.

To determine

Bank Reconciliation Statement: 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 prepare: Bank reconciliation of Z Co.

Answer 7

Chapter 8, Problem 8.18EX

A.

To determine

Bank Reconciliation Statement: 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 prepare: Bank reconciliation of Z Co.

Answer 8

B.

To determine

The amount of cash to be reported on the balance sheet of Z Co.

Answer 9

B.

To determine

The amount of cash to be reported on the balance sheet of Z Co.

Answer 10

C.

To determine

To explain: Whether bank reconciliation needs to always balance.

Answer 11

C.

To determine

To explain: Whether bank reconciliation needs to always balance.

Answer 12

Expert Solution & Answer

Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

Ch. 8 - Prob. 1DQ Ch. 8 - Why should the employee who handles cash receipts...Ch. 8 - Prob. 3DQ Ch. 8 - Why should the responsibility for maintaining the...Ch. 8 - Prob. 5DQ Ch. 8 - Prob. 6DQ Ch. 8 - The balance of Cash is likely to differ from the...Ch. 8 - Prob. 8DQ Ch. 8 - Prob. 9DQ Ch. 8 - (a) How are cash equivalents reported in the...

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

Concept explainers

The amount of cash to be reported on the balance sheet of Z Co.

To explain: Whether bank reconciliation needs to always balance.

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Chapter 8 Solutions