Bank Reconciliation Statement : TheBank reconciliation statement is a statement prepared at periodic interval to know the reasons for the difference in balances in bank account as reflected in the bank statement and books of account. The statement not only finds the reasons for differences in the two statement of accounts but also helps in ensuring the true and correct balances in two accounts by rectification and adjustment required to be made in the two books. This will help in ensuring that the adjusted and reconciled balances of two statement matches each other. Requirement1: The preparation of bank reconciliation statement for the month ending Jan31, 2018

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Answer 1

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Chapter 8, Problem P8.34PS

To determine

Bank Reconciliation Statement:

TheBank reconciliation statement is a statement prepared at periodic interval to know the reasons for the difference in balances in bank account as reflected in the bank statement and books of account. The statement not only finds the reasons for differences in the two statement of accounts but also helps in ensuring the true and correct balances in two accounts by rectification and adjustment required to be made in the two books.

This will help in ensuring that the adjusted and reconciled balances of two statement matches each other.

Requirement1:

The preparation of bank reconciliation statement for the month ending Jan31, 2018

To determine

Requirement2:

The Journal entries to be passed in the books for reconciliation of cash balance.

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Punch Manufacturing Corporation owns 80 percent of the common shares of Short Retail Stores. The companies’ balance sheets as of December 31, 20X4, were as follows: Punch Manufacturing Corporation Short Retail Stores Assets Cash $ 58,000 $ 38,000 Accounts Receivable 110,000 90,000 Inventory 250,000 125,000 Land 105,000 75,000 Buildings and Equipment 510,000 310,000 Less: Accumulated Depreciation (230,000) (140,000) Investment in Short Retail Stores 140,000 Total Assets $ 943,000 $ 498,000 Liabilities and Equity Accounts Payable $ 113,000 $ 33,000 Bonds Payable 270,000 200,000 Preferred Stock ($10 par value) 200,000 90,000 Common Stock: $10 par value 150,000 $5 par value 100,000 Retained Earnings 210,000 75,000 Total Liabilities and Equity $ 943,000 $ 498,000 Short Retail’s 8 percent preferred stock is convertible into 15,000 shares of common stock, and its 10 percent bonds are convertible into 8,000 shares of common stock.…

Answer 2

Question

Chapter 8, Problem P8.34PS

To determine

Bank Reconciliation Statement:

TheBank reconciliation statement is a statement prepared at periodic interval to know the reasons for the difference in balances in bank account as reflected in the bank statement and books of account. The statement not only finds the reasons for differences in the two statement of accounts but also helps in ensuring the true and correct balances in two accounts by rectification and adjustment required to be made in the two books.

This will help in ensuring that the adjusted and reconciled balances of two statement matches each other.

Requirement1:

The preparation of bank reconciliation statement for the month ending Jan31, 2018

To determine

Requirement2:

The Journal entries to be passed in the books for reconciliation of cash balance.

Expert Solution & Answer

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Answer 3

Question

Chapter 8, Problem P8.34PS

To determine

Bank Reconciliation Statement:

TheBank reconciliation statement is a statement prepared at periodic interval to know the reasons for the difference in balances in bank account as reflected in the bank statement and books of account. The statement not only finds the reasons for differences in the two statement of accounts but also helps in ensuring the true and correct balances in two accounts by rectification and adjustment required to be made in the two books.

This will help in ensuring that the adjusted and reconciled balances of two statement matches each other.

Requirement1:

The preparation of bank reconciliation statement for the month ending Jan31, 2018

To determine

Requirement2:

The Journal entries to be passed in the books for reconciliation of cash balance.

Expert Solution & Answer

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Answer 4

Question

Chapter 8, Problem P8.34PS

To determine

Bank Reconciliation Statement:

TheBank reconciliation statement is a statement prepared at periodic interval to know the reasons for the difference in balances in bank account as reflected in the bank statement and books of account. The statement not only finds the reasons for differences in the two statement of accounts but also helps in ensuring the true and correct balances in two accounts by rectification and adjustment required to be made in the two books.

This will help in ensuring that the adjusted and reconciled balances of two statement matches each other.

Requirement1:

The preparation of bank reconciliation statement for the month ending Jan31, 2018

To determine

Requirement2:

The Journal entries to be passed in the books for reconciliation of cash balance.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem P8.34PS

To determine

Bank Reconciliation Statement:

TheBank reconciliation statement is a statement prepared at periodic interval to know the reasons for the difference in balances in bank account as reflected in the bank statement and books of account. The statement not only finds the reasons for differences in the two statement of accounts but also helps in ensuring the true and correct balances in two accounts by rectification and adjustment required to be made in the two books.

This will help in ensuring that the adjusted and reconciled balances of two statement matches each other.

Requirement1:

The preparation of bank reconciliation statement for the month ending Jan31, 2018

To determine

Requirement2:

The Journal entries to be passed in the books for reconciliation of cash balance.

Answer 6

Chapter 8, Problem P8.34PS

To determine

Bank Reconciliation Statement:

TheBank reconciliation statement is a statement prepared at periodic interval to know the reasons for the difference in balances in bank account as reflected in the bank statement and books of account. The statement not only finds the reasons for differences in the two statement of accounts but also helps in ensuring the true and correct balances in two accounts by rectification and adjustment required to be made in the two books.

This will help in ensuring that the adjusted and reconciled balances of two statement matches each other.

Requirement1:

The preparation of bank reconciliation statement for the month ending Jan31, 2018

Answer 7

Chapter 8, Problem P8.34PS

To determine

Bank Reconciliation Statement:

TheBank reconciliation statement is a statement prepared at periodic interval to know the reasons for the difference in balances in bank account as reflected in the bank statement and books of account. The statement not only finds the reasons for differences in the two statement of accounts but also helps in ensuring the true and correct balances in two accounts by rectification and adjustment required to be made in the two books.

This will help in ensuring that the adjusted and reconciled balances of two statement matches each other.

Requirement1:

The preparation of bank reconciliation statement for the month ending Jan31, 2018

Answer 8

To determine

Requirement2:

The Journal entries to be passed in the books for reconciliation of cash balance.

Answer 9

To determine

Requirement2:

The Journal entries to be passed in the books for reconciliation of cash balance.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 8 - Which of the following is not part of the...Ch. 8 - Prob. 2QC Ch. 8 - Prob. 3QC Ch. 8 - Prob. 4QC Ch. 8 - Prob. 5QC Ch. 8 - Prob. 6QC Ch. 8 - Prob. 7QC Ch. 8 - Prob. 8QC Ch. 8 - Prob. 9QC Ch. 8 - Prob. 10QC

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Requirement2:

The Journal entries to be passed in the books for reconciliation of cash balance.

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Chapter 8 Solutions

Concept explainers

Requirement2: The Journal entries to be passed in the books for reconciliation of cash balance.

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Chapter 8 Solutions

Requirement2:

The Journal entries to be passed in the books for reconciliation of cash balance.