Chapter 8 Homework Assignment

PE.08-02A

PE.08-02B

EX.08-16

EX.08-18.ALGO

EX.08-20.BLANKSHEET.ALGO

EX.08-21.ALGO

EX.08-24.BLANKSHEET.ALGO

PR.08-03.BLANKSHEET.ALGO

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Bank Reconciliation

An accounting clerk for Chesner Co. prepared the following bank reconciliation:

Chesner Co.
Bank Reconciliation
August 31
Cash balance according to company's records			$5,820
Add: Outstanding checks	$2,790
Error by Chesner Co. in recording Check
No. 1056 as $710 instead of $170	540
Note for $9,100 collected by bank, including interest	9,460		12,790
			$18,610
Deduct: Deposit in transit on August 31	$5,920
Bank service charges	30		5,950
Cash balance according to bank statement			$12,660

a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the illustrative problem.

Chesner Co.
Bank Reconciliation
August 31
Cash balance according to bank statement		$
Add deposit in transit on August 31
Adjusted balance		$
Cash balance according to company's records		$
	$
Adjusted balance		$

b. If a balance sheet were prepared for Muskegon Co. on May 31, 2016, what amount should be reported for cash? $

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b. Recall that the company's cash account balance is updated for any items in the company section of the bank reconciliation.

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