Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
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Question
Chapter 4, Problem 3ATC
a.
To determine
Explain the manner in which the company defines the cash equivalents.
b.
To determine
Indicate the names of the reports in which the management has clearly acknowledged its responsibility for the company’s financial reporting and internal controls and to identify the pages in which they are located.
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Required Information
Problem 6-4A (Algo) Preparing a bank reconciliation and recording entries LO P3
[The following information applies to the questions displayed below.]
The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash
balance as of July 31.
a. On July 31, the company's Cash account has a $25,296 debit balance, but Its July bank statement shows a $27,253
cash balance.
b. Check Number 3031 for $1,350, Check Number 3065 for $451, and Check Number 3069 for $2,118 are outstanding
checks as of July 31.
c. Check Number 3056 for July rent expense was correctly written and drawn for $1,210 but was erroneously entered in
the accounting records as $1,200.
d. The July bank statement shows the bank collected $10,000 cash on a note for Branch. Branch had not recorded this
event before receiving the statement.
e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch
has not yet…
Problem 9.6A (Static) Preparing a bank reconciliation statement and journalizing entries to adjust the cash balance. LO 9-5, 9-6, 9-7
On August 1, 20X1, the accountant for Midwest Imports downloaded the company’s July 31, 20X1, bank statement from the bank’s website. The balance shown on the bank statement was $28,750. The July 31, 20X1, balance in the Cash account in the general ledger was $14,183.
Ann Chen, the accountant for Midwest Imports, noted the following differences between the bank’s records and the company’s Cash account in the general ledger:
An electronic funds transfer for $14,300 from Fabien Ricard, a customer located in France, was received by the bank on July 31.
Check 1422 was correctly written and recorded for $1,200. The bank mistakenly paid the check for $1,240.
The accounting records indicate that Check 1425 was issued for $69 to make a purchase of supplies. However, examination of the check online showed that the actual amount of the check was for $99.
A…
Required Information
Problem 6-4A (Algo) Preparing a bank reconciliation and recording entries LO P3
[The following information applies to the questions displayed below.]
The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash
balance as of July 31.
a. On July 31, the company's Cash account has a $25,296 debit balance, but its July bank statement shows a $27,253
cash balance.
b. Check Number 3031 for $1,350, Check Number 3065 for $451, and Check Number 3069 for $2,118 are outstanding
checks as of July 31.
c. Check Number 3056 for July rent expense was correctly written and drawn for $1,210 but was erroneously entered in
the accounting records as $1,200.
d. The July bank statement shows the bank collected $10,000 cash on a note for Branch. Branch had not recorded this
event before receiving the statement.
e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch
has not yet…
Chapter 4 Solutions
Survey Of Accounting
Ch. 4 - Prob. 1QCh. 4 - Prob. 2QCh. 4 - Prob. 3QCh. 4 - Prob. 4QCh. 4 - Prob. 5QCh. 4 - Prob. 6QCh. 4 - What is meant by separation of duties? Give an...Ch. 4 - 9. What are the attributes of a high-quality...Ch. 4 - 10. What is a fidelity bond? Explain its purpose.Ch. 4 - Prob. 10Q
Ch. 4 - Prob. 11QCh. 4 - Prob. 12QCh. 4 - Prob. 13QCh. 4 - Prob. 14QCh. 4 - Prob. 15QCh. 4 - Prob. 16QCh. 4 - Prob. 17QCh. 4 - Prob. 18QCh. 4 - Prob. 19QCh. 4 - Prob. 20QCh. 4 - Prob. 21QCh. 4 - Prob. 22QCh. 4 - Prob. 23QCh. 4 - Prob. 24QCh. 4 - Prob. 25QCh. 4 - Prob. 26QCh. 4 - Prob. 27QCh. 4 - Prob. 28QCh. 4 - Prob. 29QCh. 4 - Prob. 30QCh. 4 - Prob. 1ECh. 4 - Prob. 2ECh. 4 - Prob. 3ECh. 4 - Prob. 4ECh. 4 - Prob. 5ECh. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Prob. 8ECh. 4 - Prob. 9ECh. 4 - Prob. 10ECh. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Prob. 13ECh. 4 - Prob. 14ECh. 4 - Prob. 15ECh. 4 - Prob. 16ECh. 4 - Prob. 17PCh. 4 - Prob. 18PCh. 4 - Prob. 19PCh. 4 - Prob. 20PCh. 4 - Prob. 21PCh. 4 - Prob. 22PCh. 4 - Fraud triangle Sam Sharp is an accountant with a...Ch. 4 - Prob. 24PCh. 4 - Prob. 25PCh. 4 - Prob. 26PCh. 4 - Prob. 1ATCCh. 4 - Prob. 3ATCCh. 4 - Prob. 4ATCCh. 4 - ATC 6-7 Ethical Dilemma I need just a little extra...
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- Required information Problem 6-4A (Algo) Preparing a bank reconciliation and recording entries LO P3 [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,640 debit balance, but its July bank statement shows a $28,276 cash balance. b. Check Number 3031 for $1,620, Check Number 3065 for $586, and Check Number 3069 for $2,388 are outstanding checks as of July 31. c. Check Number 3056 for July rent expense was correctly written and drawn for $1,230 but was erroneously entered in the accounting records as $1,220. d. The July bank statement shows the bank collected $7,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement. e. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet…arrow_forwardKimmel, Financial Accounting, Se IS Helo I System Announcements CALCMA Exercise 7-12 A new accountant at Teal Mountain Inc. is trying to identify which of the amounts shown below should be reported as the current asset "Cash and cash equivalents" in the year-end balane sthoet d 1. $68 of currency and coin in a locked box used for incidental cash transactions. 2. A$11,000 U.S. Treasury bill, due May 31, 2017. 3. $295 of April-dated checks that Teal Mountain has received from customers but not yet deposited. 4. An $94 check received from a customer in payment of its April account, but postdated to May 1. 5. $4,260 in the company's checking account. 6. $6,040 in its savings account. 7. $68 of prepaid postage in its postage meter. 8. A $38 IOU from the company receptionist. (a) What balance should Teal Mountain report as its "Cash and cash equivalents" balance at April 30, 2017? Cash and cash equivalents balance at April 30, 2017 %24 Click if you would like to Show Work for this question:…arrow_forwardProblem 6-4A (Algo) Preparing a bank reconciliation and recording entries LO P3 [The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. On July 31, the company’s Cash account has a $25,202 debit balance, but its July bank statement shows a $26,741 cash balance. Check Number 3031 for $1,180, Check Number 3065 for $366, and Check Number 3069 for $1,948 are outstanding checks as of July 31. Check Number 3056 for July rent expense was correctly written and drawn for $1,260 but was erroneously entered in the accounting records as $1,250. The July bank statement shows the bank collected $5,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF. The…arrow_forward
- 34-Which of the following is normally recorded in the cash disbursement journal? a. Payment made to monthly expense b. Purchase made on credit c. Sales made for cash d. Cash received from individual customersarrow_forwardProblem 3-9 (IAA) Harris Company provided the following data concerning the cash records for the months of September and October: Book balance Total cash receipts per book Total cash disbursements per book Bank balance Total charges in bank statement Total credits in bank statement September 30 1,900,000 in 2,100,000 cmuntatges 60,000 30,000 vilgter NSF check Collections of accounts receivable not recorded by entity and corrected in subsequent month Overstatement of check in payment of salaries corrected in subsequent month Deposit in transit Outstanding checks Required: a. Prepare a four-column reconciliation showing adjusted balances. 90,000 130,000 had 270,000 dinon onge ni dru 94 October 31 ? b. Prepare adjusting entries on October 31. 1,400,000 2,400,000 2,500,000 1,200,000 40,000 50,000 doost amules por nga e-onelad 120,000 260,000 30,000 sing voilasibe sacomuse Galaxy S21+5Garrow_forwardProblem 6-4A (Algo) Preparing a bank reconciliation and recording entries LO P3 Skip to question [The following information applies to the questions displayed below.]The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. On July 31, the company’s Cash account has a $25,361 debit balance, but its July bank statement shows a $27,223 cash balance. Check Number 3031 for $1,310, Check Number 3065 for $431, and Check Number 3069 for $2,078 are outstanding checks as of July 31. Check Number 3056 for July rent expense was correctly written and drawn for $1,270 but was erroneously entered in the accounting records as $1,260. The July bank statement shows the bank collected $6,500 cash on a note for Branch. Branch had not recorded this event before receiving the statement. The bank statement shows an $805 NSF check. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this…arrow_forward
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