Financial Accounting, Student Value Edition (4th Edition)
4th Edition
ISBN: 9780134114811
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 7, Problem 50BP
1.
To determine
Prepare the bank reconciliation on March 31 for Shop SS.
2.
To determine
Prepare the necessary
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
SUNDAY
about:blank
lawkes Learning | Home
ion II
Saved
Help
Save & Exit
Egrane, Inc.s monthly bank statement showed the ending balance of cash of $14,800. The bank reconciliation for the period
showed an adjustment for a deposit in transit of $1,200, outstanding checks of $1,600, a NSF check of $560, bank service charges
of $24 and the EFT from a customer in payment of the customer's account of $1,200.
What journal entry should be recorded by Egrane for the EFT?
=32
Multiple Choice
Debit Cash and credit Sales Revenue for $1,200.
No journal entry is necessary for this item.
Debit Accounts Receivable and credit Cash for $1,200.
Debit Cash and credit Accounts Receivable for $1,20.
MacBook
DII
DD
吕0
F8
F9
F10
F3
F4
F5
F6
F7
#3
24
&
へ
4.
6
7
8
9
T
Y
つ
ezto.mheducation.com
kes Learning | Home
mination II
Saved
Help
Save & Exit
Submit
Before reconciling its bank statement, Rollin Corporation's general ledger had a month-end balance in the cash account of $8,250.
The bank reconciliation for the month contained the following items:
15
Deposits in transit
Outstanding checks
$870
645
56
Interest earned
20
ints
NSF check returned to bank
Bank service charge
220
70
A 01:39:45
Given the above information, what up-to-date ending cash balance should Rollin report at month-end?
Multiple Choice
$7,980.
$8,530.
Mc
Graw
MacBook
DII
DD
80
F10
FB
F9
F7
F5
F2
F3
23
2$
%
&
@
3
4
6.
7
8
W
R
T.
Y
G
H.
J
K
S
D
* 00
prado
chnical
University,
/ Unit 3: Financial Mathematics / Learn: Cash and Bank Reconciliation
nand Bank Reconciliation
Questions
+
Question 5
Which of the following is an example of a book item, an item that is found on the bank
statement that you have not recorded in the books yet?
Bank service charge
Cash deposits made at the bank last month
Interest earned last year
Taxable income
I don't know
One attempt
You answered 3 out of 4 correctly. Asking up to 8.
Submit answer
Exit
Chapter 7 Solutions
Financial Accounting, Student Value Edition (4th Edition)
Ch. 7.A - Prob. 1SECh. 7.A - Prob. 2SECh. 7.A - Prob. 3AECh. 7.A - Prob. 4AECh. 7.A - Prob. 5BECh. 7.A - Prob. 6BECh. 7.A - Prob. 7APCh. 7.A - Prob. 8APCh. 7 - Which duties should be segregated in the...Ch. 7 - Prob. 2DQ
Ch. 7 - Prob. 3DQCh. 7 - Why does the allowance method of accounting for...Ch. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - How would the net realizable value of Accounts...Ch. 7 - Prob. 9DQCh. 7 - Prob. 10DQCh. 7 - Prob. 1SCCh. 7 - Prob. 2SCCh. 7 - Prob. 3SCCh. 7 - Prob. 4SCCh. 7 - Prob. 5SCCh. 7 - Prob. 6SCCh. 7 - Prob. 7SCCh. 7 - Prob. 8SCCh. 7 - Prob. 9SCCh. 7 - Prob. 10SCCh. 7 - Prob. 11SCCh. 7 - Prob. 12SCCh. 7 - Prob. 1SECh. 7 - Prob. 2SECh. 7 - Prob. 3SECh. 7 - Prob. 4SECh. 7 - Prob. 5SECh. 7 - Prob. 6SECh. 7 - Prob. 7SECh. 7 - Prob. 8SECh. 7 - Prob. 9SECh. 7 - Prob. 10SECh. 7 - Prob. 11SECh. 7 - Prob. 12SECh. 7 - Prob. 13SECh. 7 - Prob. 14SECh. 7 - Prob. 15SECh. 7 - Quick ratio (Learning Objective 7) 510 min....Ch. 7 - Prob. 17SECh. 7 - Prob. 18AECh. 7 - Prob. 19AECh. 7 - Prob. 20AECh. 7 - Prob. 21AECh. 7 - Prob. 22AECh. 7 - Prob. 23AECh. 7 - Prob. 24AECh. 7 - Prob. 25AECh. 7 - Prob. 26AECh. 7 - Prob. 27AECh. 7 - Quick ratio and current ratio (Learning Objective...Ch. 7 - Prob. 29AECh. 7 - Prob. 30BECh. 7 - Prob. 31BECh. 7 - Prob. 32BECh. 7 - Prob. 33BECh. 7 - Prob. 34BECh. 7 - Prob. 35BECh. 7 - Prob. 36BECh. 7 - Prob. 37BECh. 7 - Prob. 38BECh. 7 - Prob. 39BECh. 7 - Quick ratio and current ratio (Learning Objective...Ch. 7 - Prob. 41BECh. 7 - Prob. 42APCh. 7 - Prob. 43APCh. 7 - Prob. 44APCh. 7 - Prob. 45APCh. 7 - Prob. 46APCh. 7 - Prob. 47APCh. 7 - Prob. 48APCh. 7 - Prob. 49BPCh. 7 - Prob. 50BPCh. 7 - Prob. 51BPCh. 7 - Prob. 52BPCh. 7 - Prob. 53BPCh. 7 - Prob. 54BPCh. 7 - Prob. 55BPCh. 7 - Continuing Exercise In this exercise, we continue...Ch. 7 - Prob. 1CPCh. 7 - Prob. 1CFSAPCh. 7 - Prob. 1EIACh. 7 - Prob. 2EIACh. 7 - Prob. 1FACh. 7 - Prob. 1IACh. 7 - Prob. 1SBACh. 7 - Prob. 1WC
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- eBook Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $6,788 Book balance: $8,393 Deposits in transit: $1,735 Outstanding checks: $579 and $1,523 Bank service charges: $25 Bank incorrectly charged the account $25. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $137 but posted in the accounting records as $317. This check was expensed to Utilities Expense.arrow_forwardThe following information is available for Pyle Garage for March, Year 2: BANK STATEMENTHAZARD STATE BANK215 MAIN STREETHAZARD, GA 30321 Pyle Garage629 Main StreetHAZARD, GA 30321 Account number62-00062March 31, Year 2 Beginning balance 3/1/Year 2 $9,070 Total deposits and other credits 30,096 Total checks and other debits 25,024 Ending balance 3/31/Year 2 14,142 Checks and Debits Deposits and Credits Check No. Amount Date Amount 1462 $ 3,795 March 1 $ 1,140 1463 1,684 March 2 6,548 1464 8,040 March 6 4,976 1465 2,946 March 12 6,209 1466 1,449 March 17 6,006 1467 6,220 March 22 2,126 DM 60 CM 3,091 1468 830 The following is a list of checks and deposits recorded on the books of Pyle Garage for March, Year 2: Date Check No. Amount of Check Date Amount of Deposit March 1 1463 $ 1,684 March 1 $ 6,548 March 5…arrow_forwardHelp would be appreciated 2. On December 31st, Bub's gym received a bank statement for December. b. Prepare a bank reconciliation. Use the following information from the bank statement and business records. Bank balance $1685.00 Bank service charge $25.00 Outstanding Deposit, Dec 30 $450.00 Outstanding checks, No. 23 and 24 Check book balance on check stub No. 25 $1905.00arrow_forward
- eBook Using the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $4,678 Book balance: $2,351 Deposits in transit: $325 Outstanding checks: $108 and $534 Bank service charges: $25 Notes receivable: $2,000; Interest income: $35 If an amount box does not require an entry, leave it blank.arrow_forwardOn the bank stub held by a checking account bank client, write the beginning balance of $100.00 and the deposits and checks drawn. Extract the ending balance. Withdrawals Check No. Deposits Date Particulars Balance 2011 Sept. 5 Drawn check no. 56 for $30,000 for payable to SMI Corp. for payment of invoice 45. Sept. 8 Issued check no. 57 to Mariano Co. for advances for travel expense. The amount received is $16,000. Received payment from customer Ely Tan for $34,000 for merchandise sold to him. Issued OR 312. Sept. 10 Sept. 15 Sept. 27 Sept. 29 The bank used a debit memo $800 for cost of blank check book. Payment to the BIIR for withholding taxes was $22,000. Check No. 58. Received from Marina Carlos $4,000 OR 313.arrow_forwardAt November 30, Mazaya Company has the following bank information: cash balance per book R 04,600; outstanding checks R.O 28o; deposits in transit R.O 550, credit memo for interest R.O10, bank service charge RO.20 What is Mazaya's adjusted cash balance on November 30? Select one: a. RO4.590 b. R.O.4.320 CRO4.870 d. RO.4.870arrow_forward
- b. Deposits in transit, $1,500. The following items could appear on a bank reconciliation: d. Bank collection of note receivable of $800, and interest of $80. fallowing items could appear on a bank reconciliation: Learn a. Outstanding checks, $670. NSF check from customer, no. 548, for $175. e Interest earned on bank balance, $20. f. Service charge, $10. The business credited Cash for $200. The correct amount was $2,000. h. The bank incorrectly decreased the business's account by $350 for a check written by another business. Classify each item as (1) an addition to the book balance, (2) a subtraction from the book balance, (3) an addition to the bank balance, or (4) a subtraction from the bank balance.arrow_forwardcredit interest in the multiple-step statement will Add to the gross profit on sales Add to operating income Add to income after tax. Deduct from net sales. On October 1,2020 the company purchase a 12- month insurance policy for $1800 the transaction was record with an $1800 debit to prepaid insurance expense , the adjusting entry at 31, Dec, 2020 will be debit insurance expense for $600 and credit prepaid insurance expense for $600. debit prepaid insurance expense for $600,and credit cash for $600. debit insurance expense for $450, and credit prepaid insurance expense for $450. O debit prepaid insurance expense for $450, and credit cash for $450. the close entry for purchase discount is debit income summary, credit purchase discount. debit retained earning ,credit purchase discount, debit purchase discount, credit income summary. O no one of above.arrow_forwardBANK RECONCILIATION AND JOURNAL ENTRIES - In the Bank Reconciliation Template, prepare a bank reconciliation and complete the adjusting entries required. Then upload the completed template to the Lab 17 Upload Link. Use the following data that were accumulated for use in reconciling the bank account of Star Battles Restaurant for-October 2020: a. The bank service charge is $70. b. The book balance is $6,100 at October 31, 2020. c. Outstanding checks total $1,300. d. An automatic EFT withdrawal was taken from the account to pay utilities in the amount of $2,700. A check from LukeCo for $3,500 was returned for nonsufficient funds. f The bank received an EFT from Leah Corp and deposited S14,300 in the account. The EFT was from Leah Corp to pay rent. | The bank balance at October 31, 2020 was $9,730. e. h The bank collected a note in the amount of $1,500 deposited the cash in Vader's account at the bank but Vader has not yet entered the amount in the books. The total of $1,500 consists of…arrow_forward
- You're doing a monthly bank reconciliation and have the following information: Question Current book balance: $20,250 Balance per bank statement: $18,000 Outstanding checks: $2,000 Bank fees: $150 Deposits in transit: $8,000 What is the reconciled cash amount?arrow_forwardlemic Calendar My MCBS Library English (en) - ndamentals of Financial Accounting Summer Session 12021/ACT 140/D2 / Final Examination/ AC In a bank reconciliation statement, explain. A. Non-sufficient-funds (NSF) check B. What is a deposit in transit? A BI - mcbs.proctoring.online is sharing your screen. Stop 11arrow_forwardAt April 30, Cullumber Office Supply Company has the following bank information: Cash balance per bank $7500 Outstanding checks $550 Deposits in transit $955 Credit memo for interest $20 Bank service charge $40 What is Cullumber's adjusted cash balance on April 30? ○ $8050. O $7095. O $7905. $8010.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Survey of Accounting (Accounting I)AccountingISBN:9781305961883Author:Carl WarrenPublisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning