Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
4th Edition
ISBN: 9781111581565
Author: Gaylord N. Smith
Publisher: Cengage Learning
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Chapter 5, Problem 1R
To determine

Prepare bank reconciliation statement as of October 31 on worksheet.

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Excel Applications for Accounting Principles, Chapter 5, Problem 1R

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In the process of your examination of the financial statements of the Malu-oy Company for the year ended December 31, 20X6, you obtained the following data on its current account. The bank statement on November 30, 20X6 showed a balance of P76,500. Among the bank credits in November was a customer’s note for P25,000 collected for the account of the company which the company recognized in December among its receipts. Included on the bank debits were cost of checkbooks amounting to P300 and a P10,000 check which was charged by the bank in error against Malu-oy Company account. Also in November, you ascertained that there were deposits in transit amounting to P20,000 and outstanding checks totaling P42,500. The bank statement for the month of December showed total credit of P104,000 and total charges of P51,000. The company’s books for December showed total receipts of P183,900, disbursements of P101,800 and a balance of P121,400. Bank debit memos for December were: No. 14334 for service…
Haverman Company maintains a checking account at the Commerce Bank. At July 31, selected data from the ledger balance and the bank statement are shown below.           Per Books Per Bank Balance, July 1 $17,600 $16,800 July receipts 81,400   July credits   82,470 July disbursements 77,150   July debits   74,756 Balance, July 31 $21,850 $24,514         Analysis of the bank data reveals that the credits consist of $79,000 of July deposits and a credit memorandum of $3,470 for the collection of a $3,400 note plus interest revenue of $70. The July debits per bank consist of checks cleared $74,700 and a debit memorandum of $56 for printer additional company checks. You also discover the following errors involving July checks: (1) A check for $230 to a creditor on an account that cleared the bank in July was journalized and posted as $320. (2) A salary check to an…
On October 1, Jessica Clay received her bank statement showing a balance of $374.52.Her checkbook records indicate a balance of $338.97. There was a service charge for themonth of $4.40 on the statement. The outstanding checks were for $47.10, $110.15, $19.80,and $64.10. The deposits in transit totaled $125.50. There was a $75.70 debit for automaticpayment of her telephone bill. Use the following form to reconcile Jessica's checking account.Debits Checks OutstandingAmount AmountSvc. Chg.Total TotalCHECKBOOK BALANCE STATEMENT BALANCEAdd: Interest & Other Credits Add: Deposits in TransitSUB TOTAL SUB TOTALDeduct: Service Charges & Other Debits Deduct: Outstanding ChecksADJUSTED CHECK BOOK BALANCE ADJUSTED STATEMENT BALANCE

Chapter 5 Solutions

Excel Applications for Accounting Principles

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