PA 11. LO 8.6 Inner Resources Company received the following bank statement. Using the information fromExercise 8.5 and Exercise 8.6, prepare the bank reconciliation.Beginning BalanceBank Statement$0ADA.D.Deposits$8,5001,200Checks101$ 650102550103180106457Bank service charges100Total9,7001,937Ending Balance$7,763PA 12. LO 8.6 Prepare the journal entry required to reconcile the book balance to the bank balance.

Cash AccountThus, the balance as per the cash account is $6,353.Working Note:Computation of cash…

Answered: PA 11. LO 8.6 Inner Resources Company…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 11PB: Leann Company received the following bank statement. Using the information from PB11 and PB12,...

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Using the following information, prepare a bank reconciliation. Bank balance: $7,651 Book balance: $10,595 Deposits in transit: $2,588 Outstanding checks: $489 Interest income: $121 NSF check: $966
Leann Company received the following bank statement. Using the information from PB11 and PB12, prepare the bank reconciliation.
Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35
Identify where each of the following transactions would be found on the bank reconciliation. Table 8.3
Domingo Company received the following bank statement. Using PA9, prepare the bank reconciliation.
Use the following bank statement and T-account to identify outstanding deposits that should be included in the May 31 bank reconciliation. Date May 11 May 4 May 12 May 28, May 30 May 31 May 11 May 3 May 29 May 30 May 31 #2 #4 #5 #6 #8 Debit ESCUCC Outstanding Deposits Checks $ 10 100 20 15 55 Cash (A) 200 50 200 150 305 BANK STATEMENT Deposits $50 200 NSF check Other Service charge Credit 10 May 3 #2 70 May 4 #3 100 May 884 20 May 11 #5 15 May 21 #61 25 May 29 87 55 May 30 8 $50 5 Balance $ 200 240 90 70 255 195
QUESTION 8 You are provided with information relating to Umdoni Stores. The following information appeared in the Bank Reconciliation Statement of Umdoni Stores on 30 September 20.19: Balance per bank statement R5 000 Debit 7. An EFT payment made by a receivable for R4 300 on 31 October 20.19 appeared in the bank statement but not in the Balance per Cash Book R6 500 credit October Cash Book. Outstanding deposit dated 30 September 20.19 R20 500 On comparing the September bank Reconciliation statement, the October bank statement and the Cash Book for October, the following was noted: To reconcile the balance of the Cashbook with the balance of the Bank statement on 31 October, the R4 300 deposit (no. 7) must be recorded as follows: In the debit column of the Bank reconciliation statement as R4 300 O In the credit column of the Bank reconciliation statement as R4 300 Not recorded in the Bank account or the Bank reconciliation statement On the debit side of the Bank account as R4 300 On…
EA 7.LO 8.6Using the following information, prepare a bank reconciliation. Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35 EA 8.LO 8.6Prepare the journal entry to reconcile the bank statement in Exercise 8.7.
Bank reconciliations are typically prepared for... A. Savings Accounts B. Current Accounts C. Time Deposits D.Credit Accounts The cash ledger showed a balance of P2M, while the bank statement showed a balance of P800,000. What item must be reconciled to balance the cash ledger and bank statement? A. P1.2M deposit in transitB. P1.2M outstanding check C. P1.2M book error D. P1.2M debit memo Which of the following is not a bank reconciling items? A. Deposit in Transit B. Credit Memo C. Bank Error D. Outstanding Checks
PA11. LO 8.6Inner Resources Company received the following bank statement. Using the information from Exercise 8.5 and Exercise 8.6, prepare the bank reconciliation. 8.5 Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. The owners invested $8,500 from their personal account to the business account. Paid rent $650 with check #101. Initiated a petty cash fund $550 check #102. Received $750 cash for services rendered. Purchased office supplies for $180 with check #103. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. Received $1,200 cash for services rendered. Paid wages $560, check #105. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. Increased Petty Cash by $100, check #107.
HH Using the following information: a. The bank statement balance is $4,799. b. The cash account balance is $5,186. c. Outstanding checks amount to $744. d. Deposits in transit are $1,076. e. The bank service charge is $46. f. A check for $59 for supplies was recorded as $50 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation QQ May 31 Line Item Description Amount Amount < Cash balance according to bank statement Adjusted balance Cash balance according to company's records Total deductions Adjusted balance

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