Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The cash balance per the books of widget company is 91178 on november 2021 the bank statement for widget shows a cash balance of 98008

The cash balance per the books of widget company is 91178 on november 2021 the bank statement for widget shows a cash balance of 98008 on november 30 prepare reconciliation statement

image text in transcribed

image text in transcribed

uhted to $55. Instructions A. Prepare a bank reconciliation for Widget Company at November 30, 2021 B. Prepare journal entries to update the cash balance per books. C. What amount will show on the November 30, 2021 balance sheet for the cash account? D. The company will prepare entries to record some of the items found in the above reconciliation (see part B). Describe any other follow-up actions required regarding the other reconciling items in Widget's bank reconciliation. E. In addition to the bank chequing account that you just reconciled, Widget Company has the following items: $4,600 in its bank savings account; a $150 petty cash fund; $3,860 of postdated cheques from customers; $12,700 in highly liquid short-term investments with maturity dates of less than 90 days; $26,500 of short-term investments with maturity dates of 100 to 365 days, and $4,800 in a bank account restricted for use in repayment of customer deposits on goods and services. How will each of these items be reported on the balance sheet? A. E. ructions Prepare a bank reconciliation for Widget Company at November 30, 2021. Prepare journal entries to update the cash balance per books. What amount will show on the November 30, 2021 balance sheet for the cash account? The company will prepare entries to record some of the items found in the above reconciliation (see part B). Describe any other follow-up actions required regarding the other reconciling items in Widget's bank reconciliation. In addition to the bank chequing account that you just reconciled, Widget Company has the following items: $4,600 in its bank savings account; a $150 petty cash fund; $3,860 of postdated cheques from customers, $12,700 in highly liquid short-term investments with maturity dates of less than 90 days; $26,500 of short-term investments with maturity dates of 100 to 365 days, and $4,800 in a bank account restricted for use in repayment of customer deposits on goods and services. How will each of these items be reported on the balance sheet? uhted to $55. Instructions A. Prepare a bank reconciliation for Widget Company at November 30, 2021 B. Prepare journal entries to update the cash balance per books. C. What amount will show on the November 30, 2021 balance sheet for the cash account? D. The company will prepare entries to record some of the items found in the above reconciliation (see part B). Describe any other follow-up actions required regarding the other reconciling items in Widget's bank reconciliation. E. In addition to the bank chequing account that you just reconciled, Widget Company has the following items: $4,600 in its bank savings account; a $150 petty cash fund; $3,860 of postdated cheques from customers; $12,700 in highly liquid short-term investments with maturity dates of less than 90 days; $26,500 of short-term investments with maturity dates of 100 to 365 days, and $4,800 in a bank account restricted for use in repayment of customer deposits on goods and services. How will each of these items be reported on the balance sheet? A. E. ructions Prepare a bank reconciliation for Widget Company at November 30, 2021. Prepare journal entries to update the cash balance per books. What amount will show on the November 30, 2021 balance sheet for the cash account? The company will prepare entries to record some of the items found in the above reconciliation (see part B). Describe any other follow-up actions required regarding the other reconciling items in Widget's bank reconciliation. In addition to the bank chequing account that you just reconciled, Widget Company has the following items: $4,600 in its bank savings account; a $150 petty cash fund; $3,860 of postdated cheques from customers, $12,700 in highly liquid short-term investments with maturity dates of less than 90 days; $26,500 of short-term investments with maturity dates of 100 to 365 days, and $4,800 in a bank account restricted for use in repayment of customer deposits on goods and services. How will each of these items be reported on the balance sheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Trust And Governance Developing Regulation In Europe

Authors: Reiner Quick, Stuart Turley, Marleen Willekens

1st Edition

0415448905, 9780415448901

More Books

Students also viewed these Accounting questions