June 2012
Beginner
548 pages
15h 16m
English
book
Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition
by Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Content preview from Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition
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SOLUTION TO EXERCISE 7-5
(a) 1. A
- 2. D
- 3. D
- 4. C
- 5. B
- 6. A
- 7. D
- 8. C, D
- 9. NR
- 10. NR
TIP: Items 9 and 10 would have been reconciling items of cash balances on the June 30 bank reconciliation (the prior month).
(b) 1. $3,912* ($4,232 + $1,582 + $25 - $1,927 = $3,912)
- 2. $3,027* [X + $18 + $1,020 - $140 - $3 - $8 - $2 = $3,912 (answer to question 1)] X = $3,027
- 3. 2; 3; 4; 7; 8
- 4. 6
Approach to part (b) 2: You can compute the correct cash balance by completing the top half of the bank reconciliation (balance per bank to correct cash balance). The correct cash balance can then be entered on the last line of the bottom half of the reconciliation and used along with certain reconciling items to “work backwards” to compute the $3,027 cash balance per books before adjustment.
Ace Electric Co.
BANK RECONCILIATION
July 31, 20XX
TIP: The required adjusting entries on the depositor's books would be:
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