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Chapter 7: Q17RQ (page 412)

Why is it necessary to record journal entries after the bank reconciliation has been prepared? Which side of the bank reconciliation requires journal entries?

Short Answer

Expert verified

To record the transactions into the accounts.

Step by step solution

01

Step-by-Step SolutionStep 1: Definition of the bank reconciliation statement

Bank reconciliation statement of the activities of the bank account and company鈥檚 book.

02

 Necessary to record journal entries

The journal entries of the bank reconciliation are required to get the transaction into accounts. Before the journal entries, transactions were not transferred in accounts. The book side of the bank reconciliation requires journal entries.

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Most popular questions from this chapter

What are the five components of internal control? Briefly explain each component.

Accounting for petty cash Jackie鈥檚 Dance Studio created a \(220 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows: Petty Cash Ticket No. Item Account Debited Amount

1 Delivery of programs to customers Delivery Expense \) 20 2 Mail package Postage Expense 10 3 Newsletter Printing Expense 25 4 Key to closet Miscellaneous Expense 40 5 Copier paper Office Supplies 70

Requirements

1. Make the general journal entry to create the petty cash fund. Include an explanation.

2. Make the general journal entry to record the petty cash fund replenishment. Cash in the fund totals \(40. Include an explanation.

3. Assume that Jackie鈥檚 Dance Studio decides to decrease the petty cash fund to \)120. Make the general journal entry to record this decrease.

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b. subtracted from the bank balance

c. added to the book balance

d. subtracted from the book balance

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15. Outstanding check

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