Bank reconciliation statement questions under intermediate Accounting

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Bank Reconciliation Question can be answered by putting numbers to thr format which show below. It will help the students who need assist

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Bank reconciliation The company’s accounting intern has prepared the end-of-January bank reconciliation from the bank statement,...

Bank reconciliation The company’s accounting intern has prepared the end-of-January bank reconciliation from the bank statement, and is worried because the Adjusted Balance amounts do not agree. After reviewing the bank reconciliation, scroll down for the next steps in helping the intern. Murdstone Co. Bank Reconciliation January 31, 20Y5 1 Cash balance according to bank statement $23,557.98 2 Deduct deposit of May 31, not recorded by bank 12,125.25 3 $11,432.73 4 Add outstanding checks: 5 No. 124 $62.00 6 No....

Question What is bank reconciliation? What is the objectives of the bank reconciliation statement?

Bank Reconciliation An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank...

Bank Reconciliation An accounting clerk for Chesner Co. prepared the following bank reconciliation: Chesner Co. Bank Reconciliation July 31, 20Y4 Cash balance according to company's records $8,260 Adjustments: Outstanding checks $3,960 Error by Chesner Co. in recording Check No. 1056 as $820 instead of $280 540 Note for $13,000 collected by bank, including interest 13,520 Deposit in transit on July 31 (8,410) Bank service charges (30) Total adjustments 9,580 Cash balance according to bank statement $17,840 a. From the data...

A bank reconciliation is a. A formal financial statement that list all of the bank account...

A bank reconciliation is a. A formal financial statement that list all of the bank account balances of an enterprise. b. A merger of two banks that previously were competitors. c. A statement sent by the bank to depositor on a monthly basis. d. A schedule that accounts for the differences between an enterprise’s cash balance as shown on its bank statement and the cash balance shown in its general ledger.

Preparing a bank Reconciliation Statement: •The July 31 bank statement for Parkview Company indicated a cash...

Preparing a bank Reconciliation Statement: •The July 31 bank statement for Parkview Company indicated a cash balance of $5,000.17. •The cash ledger account on that date shows a balance of $4,262.83. •Four outstanding checks totaled $717.75. •A $410.90 deposit made after banking hours on July 31 does not appear in the bank statement. •On July 30, the bank returned J.B. Ball’s NSF check for $50.25, received as payment of an account receivable. •The bank statement showed $24.74 interest earned on...

An accounting clerk for Chesner Co. prepared the following bank reconciliation:

An accounting clerk for Chesner Co. prepared the following bank reconciliation: A. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the Let's Review section. B. If a balance sheet were prepared for Chesner Co. on July 31, 20Y4, what amount should be reported for cash?

Briefly explain each of the following: an accounting system a bank reconciliation accrual accounting cash accounting...

Briefly explain each of the following: an accounting system a bank reconciliation accrual accounting cash accounting 250–300 words

Your assistant prepared the following bank reconciliation statement. It appears that the statement is unacceptable and...

Your assistant prepared the following bank reconciliation statement. It appears that the statement is unacceptable and the task of preparing a proper reconciliation falls upon you. Brandon Company Bank Reconciliation May 31, 2017 Balance per books May 31 $9,585 Add: Electronic Fund Transfer $1,111 Deposit in transit 2,506 3,617 $13,202 Deduct: Bank charges $27 NSF cheque, Rhonda Teal 534 Outstanding cheques 1,851 Error in cheque #78: correctly issued and processed by the bank for $796, but incorrectly recorded in the...

When the bank reconciliation has differing amounts of the company cash account and the bank statement...

When the bank reconciliation has differing amounts of the company cash account and the bank statement what must you do

Please explain why the correct answer is correct A bank reconciliation reconciles the bank statement with...

Please explain why the correct answer is correct A bank reconciliation reconciles the bank statement with the company's: Correct Answer: B. Cash account in the balance sheet. A corporation received $2,000 for interest earned on a note for a loan made to an employee in the current year. How would this transaction be recorded and what type of activity would this be classified under? Selected Answer: C. Debit Accounts Receivable $2,000, credit Interest Revenue $2,000; Financing Correct Answer: A. Debit...

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