Bank reconciliation statement : A process that explains the difference on a specified date between the bank balance shown in an organization’s bank statement, as supplied by the bank, and the corresponding amount shown in the organization’s own accounting records. Requirement 1 To prepare: The Bank Reconciliation Statement for Canyon Canoe Company.

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Answer 1

Question

Chapter 8, Problem P8.36CP

To determine

Bank reconciliation statement: A process that explains the difference on a specified date between the bank balance shown in an organization’s bank statement, as supplied by the bank, and the corresponding amount shown in the organization’s own accounting records.

Requirement 1

To prepare: The Bank Reconciliation Statement for Canyon Canoe Company.

To determine

Requirement 2:

To indicate: Journal Entries required for the Bank Reconciliation Statement

To determine

Requirement 3:

The Cash T account of the Canyon Canoe Company as on March 31, 2019.

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The F Company sold the land for $86,000 in cash. The land was originally purchased for $56,000, and at the time of the sale, $17,000 was still owed to First National Bank on that purchase. After the sale, The F Company paid off the loan to First National Bank. What is the effect of the sale and the payoff of the loan on the accounting equation? 1. assets increase by $20,000; liabilities decrease by $15,000; owner's equity increases by $5,000. 2. assets increase by $60,000; liabilities decrease by $15,000; owner's equity increases by $20,000. 3. assets increase by $13,000; liabilities decrease by $17,000; owner's equity increases by $30,000. 4. assets increase by $20,000; liabilities decrease by $15,000; owner's equity increases by $35,000

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Answer 2

Question

Chapter 8, Problem P8.36CP

To determine

Bank reconciliation statement: A process that explains the difference on a specified date between the bank balance shown in an organization’s bank statement, as supplied by the bank, and the corresponding amount shown in the organization’s own accounting records.

Requirement 1

To prepare: The Bank Reconciliation Statement for Canyon Canoe Company.

To determine

Requirement 2:

To indicate: Journal Entries required for the Bank Reconciliation Statement

To determine

Requirement 3:

The Cash T account of the Canyon Canoe Company as on March 31, 2019.

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Answer 3

Question

Chapter 8, Problem P8.36CP

To determine

Bank reconciliation statement: A process that explains the difference on a specified date between the bank balance shown in an organization’s bank statement, as supplied by the bank, and the corresponding amount shown in the organization’s own accounting records.

Requirement 1

To prepare: The Bank Reconciliation Statement for Canyon Canoe Company.

To determine

Requirement 2:

To indicate: Journal Entries required for the Bank Reconciliation Statement

To determine

Requirement 3:

The Cash T account of the Canyon Canoe Company as on March 31, 2019.

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Answer 4

Question

Chapter 8, Problem P8.36CP

To determine

Bank reconciliation statement: A process that explains the difference on a specified date between the bank balance shown in an organization’s bank statement, as supplied by the bank, and the corresponding amount shown in the organization’s own accounting records.

Requirement 1

To prepare: The Bank Reconciliation Statement for Canyon Canoe Company.

To determine

Requirement 2:

To indicate: Journal Entries required for the Bank Reconciliation Statement

To determine

Requirement 3:

The Cash T account of the Canyon Canoe Company as on March 31, 2019.

Expert Solution & Answer

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Answer 5

Chapter 8, Problem P8.36CP

To determine

Bank reconciliation statement: A process that explains the difference on a specified date between the bank balance shown in an organization’s bank statement, as supplied by the bank, and the corresponding amount shown in the organization’s own accounting records.

Requirement 1

To prepare: The Bank Reconciliation Statement for Canyon Canoe Company.

To determine

Requirement 2:

To indicate: Journal Entries required for the Bank Reconciliation Statement

To determine

Requirement 3:

The Cash T account of the Canyon Canoe Company as on March 31, 2019.

Answer 6

Chapter 8, Problem P8.36CP

To determine

Bank reconciliation statement: A process that explains the difference on a specified date between the bank balance shown in an organization’s bank statement, as supplied by the bank, and the corresponding amount shown in the organization’s own accounting records.

Requirement 1

To prepare: The Bank Reconciliation Statement for Canyon Canoe Company.

Answer 7

Chapter 8, Problem P8.36CP

To determine

Bank reconciliation statement: A process that explains the difference on a specified date between the bank balance shown in an organization’s bank statement, as supplied by the bank, and the corresponding amount shown in the organization’s own accounting records.

Requirement 1

To prepare: The Bank Reconciliation Statement for Canyon Canoe Company.

Answer 8

To determine

Requirement 2:

To indicate: Journal Entries required for the Bank Reconciliation Statement

Answer 9

To determine

Requirement 2:

To indicate: Journal Entries required for the Bank Reconciliation Statement

Answer 10

To determine

Requirement 3:

The Cash T account of the Canyon Canoe Company as on March 31, 2019.

Answer 11

To determine

Requirement 3:

The Cash T account of the Canyon Canoe Company as on March 31, 2019.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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

Concept explainers

Requirement 2:

To indicate: Journal Entries required for the Bank Reconciliation Statement

Requirement 3:

The Cash T account of the Canyon Canoe Company as on March 31, 2019.

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Chapter 8 Solutions

Concept explainers

Requirement 2: To indicate: Journal Entries required for the Bank Reconciliation Statement

Requirement 3: The Cash T account of the Canyon Canoe Company as on March 31, 2019.

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Chapter 8 Solutions

Requirement 2:

To indicate: Journal Entries required for the Bank Reconciliation Statement

Requirement 3:

The Cash T account of the Canyon Canoe Company as on March 31, 2019.