Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Given the bank reconciliation of Parkview Company prepared on July 31,2015 , answer the fo11 w.inn mantinn (1)- (2)- (3)- (4)- (5)- 1. What amount
Given the bank reconciliation of Parkview Company prepared on July 31,2015 , answer the fo11 w.inn mantinn (1)- (2)- (3)- (4)- (5)- 1. What amount of cash should be reported in Parkview Company's balance sheet as of July 31? A. $5,000.17 B. $4,262.83 C. $4,787.57 D. $4,693.32 2. The cash balance per bank statement was adjusted by steps (1) and (2) (labelled in orange in the bank reconciliation), and the cash balance per depositor's records was adjusted by steps (3), (4), and (5). Finally, in step (6) we verify that the adjusted cash balances are the same. For which of these steps does Parkview Company need to make journal entries to adjust its accounting records? A. (1), (2) B. (3), (4), (5) C. (1), (2), (3), (4), (5) D. (1), (2), (3), (4), (5), (6) 3. This is a general question that is not specifically related to Parkview Company. In general, what are some reasons that may cause a company's bank statement balance to be larger than the cash balance shown in its accounting records? Choose all the correct answers, there may be more than one. A. There are checks outstanding which have been deducted in the company's records but have not yet cleared the bank. B. Some checks deposited may turn out to have insufficient funds. C. The bank periodically charges the company for service fees. D. The bank periodically makes collections and deposits them into the company's account
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started