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Full file at http://testbankeasy.eu/Solution-Manual-for-College-Accounting,-12th-Edition---Slater

6Banking Procedures and Control of Cash

ANSWERS TO DISCUSSION QUESTIONS AND CRITICAL THINKING/ETHICAL CASE

1. Internal control helps develop control over a company’s assets and monitor its operations.2. Preprinted deposit tickets take less time to fill out and lessen the chance of error or fraud.3. A check with a blank endorsement can be further endorsed by someone but a restrictive

endorsement limits any further negotiation of the check. 4. Payee: person or company to whom check is payable.

Drawer: person or company who orders the bank to pay a sum of money. Drawee: Bank that the drawer has money in.

5. So one doesn’t forget to reduce the checkbook balance. Check stubs aid in updating journals.6. False; usually once a month.7. After a bank reconciliation, the adjusted checkbook balance is equal to the adjusted bank balance.8. Outstanding checks are subtracted from the bank balance because the bank has no idea they have

been written, since they have not been processed. On the checkbook side, the written checks have already reduced the checkbook balance.

9. Disagree; a debit memorandum reduces the account by the amount of the NSF check.10. The balance in the cash account in the ledger should equal the balance of cash in the checkbook.11. Electronic Funds Transfer (EFT) transfers funds among parties electronically without the use of paper

checks.12. Major advantage is convenience; main disadvantage is security.13. Cancelled checks are not returned to the depositor; they are kept for a certain period of time by the

bank.14. Disagree; Petty Cash is an asset.15. The auxiliary petty cash record is a supplementary record that gathers information about expenses

which will be used to prepare a journal entry in the replenishment process.16. Debiting totals of individual expenses updates the ledger to record where cash was used. After

replenishment, the cash is back to a certain level, and the old expenses have been updated in the ledger.

17. The change fund, an asset, aids in making change to customers who pay cash.18. When the account Cash Over and Short has more shortages than overages, its balance is a

miscellaneous expense shown on the income statement.19. The question in this case is whether Sean should report to the bank that his account is increased by

$250. Although the bank is making a mistake, it is not ethical for Sean to keep the money. It is important that he report the mistake back to the bank and not take advantage of the situation.

full file at http://testbankeasy.comSM-200


SOLUTIONS TO CLASSROOM EXERCISES

1. A. 2B. 1

C. 4

D. 3

E. 3F. 4

2. C, D, E, F

3.King Co.

Bank Reconciliation as of November 30, 201XBALANCE PER BANK CHECKBOOK BALANCE

Balance $ 1,938.20 Checkbook Balance $ 1,907.10Add: Add:Deposits in Transit 283.70

2,221.90 1,907.10Deduct: Deduct:Outstanding Checks 389.50 NSF Check 58.90

Bank Service Charge

15.80

Reconciled Balance $ 1,832.40 Reconciled Balance $ 1,832.40



4. A. 1,2,4B. 1,2C 3,4D. 3,4E. 1,2F. 1,2,4

5. Stamps Expense 4.00Floor Wax Expense 5.00Cash Short or Over 8.00

Cash 17.00

6. Petty Cash 10.00Stamp Expense 4.00Stamps Expense 5.00Cash Short or Over 8.00

Cash 27.00


Full file at http://testbankeasy.eu/Solution-Manual-for-College-Accounting,-12th-Edition---SlaterSOLUTIONS TO EXERCISES

SET A

6A-1.Zing Co.

Bank Reconciliation as of March 31, 201XBALANCE PER BANK CHECKBOOK BALANCE

Balance $ 1,400 Checkbook Balance $ 1,851Add: Add:Deposits in Transit 1,000

$ 2,400 $ 1,851Deduct: Deduct:Outstanding Checks 642 NSF Check 38

Bank Service Charge

55

Reconciled Balance $ 1,758 Reconciled Balance $ 1,758

Mar. 31 Service Charge Expense 5 5 00Accounts Receivable 3 8 00

Cash 9 3 00


Full file at http://testbankeasy.eu/Solution-Manual-for-College-Accounting,-12th-Edition---Slater6A-2.

Oct. 1 Petty Cash 1 0 9 00Cash 1 0 9 00

Establishment

31 Donations Expense 2 3 00Postage Expense 1 9 00Office Supplies Expense 2 7 00Miscellaneous Expense 1 7 00

Cash 8 6 00Replenishment

6A-3.

Oct. 31 Donations Expense 2 3 00Postage Expense 1 9 00Office Supplies Expense 2 7 00Miscellaneous Expense 1 7 00Cash Short and Over 6 00


6A-4.

Oct. 31 Donations Expense 2 3 00Postage Expense 1 9 00Office Supplies Expense 2 7 00Miscellaneous Expense 1 7 00 Cash Short and Over 6 00


6A-5.

Beg. Change Fund $ 21+ Cash Register Total +1,190= Cash should have on hand 1,211- Counted Cash 1,149= Cash Shortage $ 62

Cash 1 1 2 8 00Cash Short and Over 6 2 00

Sales 1 1 9 0 00Record daily sales with shortage


Full file at http://testbankeasy.eu/Solution-Manual-for-College-Accounting,-12th-Edition---SlaterSOLUTIONS TO EXERCISES

SET B

6B-1.Zing Co.

Bank Reconciliation as of March 31, 201XBALANCE PER BANK CHECKBOOK BALANCE

Balance $ 1,200 Checkbook Balance $ 1,563Add: Add:Deposits in Transit 900

$ 2,100 $ 1,563Deduct: Deduct:Outstanding Checks 654 NSF Check 72

Bank Service Charge

45

Reconciled Balance $ 1,446 Reconciled Balance $ 1,446

Mar. 31 Service Charge Expense 4 5 00Accounts Receivable 7 2 00

Cash 1 1 7 00


Full file at http://testbankeasy.eu/Solution-Manual-for-College-Accounting,-12th-Edition---Slater6B-2.

Jan. 1 Petty Cash 1 0 7 00Cash 1 0 7 00

Establishment

31 Donations Expense 2 2 00Postage Expense 1 3 00Office Supplies Expense 2 2 00Miscellaneous Expense 1 8 00


6B-3.

Jan. 31 Donations Expense 2 2 00Postage Expense 1 3 00Office Supplies Expense 2 2 00Miscellaneous Expense 1 8 00Cash Short and Over 3 00


6B-4.

Jan. 31 Donations Expense 2 2 00Postage Expense 1 3 00Office Supplies Expense 2 2 00Miscellaneous Expense 1 8 00 Cash Short and Over 3 00


6B-5.

Beg. Change Fund $ 28+ Cash Register Total +1,208= Cash should have on hand 1,236- Counted Cash 1,156= Cash Shortage $ 80

Cash 1 1 2 8 00Cash Short and Over 8 0 00

Sales 1 2 0 8 00Record daily sales with shortage



SOLUTIONS TO A PROBLEMS

PROBLEM 6A-1

STACKS.COMBANK RECONCILIATION AS OF JULY 31, 201X

BALANCE PER BANK CHECKBOOK BALANCE

Balance $7,600 Checkbook Balance $8,767

Add:Add: Proceeds of a Note Less Deposits in Transit 2,400 Bank Charge 1,033

$10,000 $9,800

Deduct: Deduct:Check No. 122 $810 Debit Card Transaction 1,260

130 690 Bank Service Charge 401,500

Reconciled Balance $8,500 Reconciled Balance $8,500

GENERAL JOURNAL

Date 201X Account Titles and Description PR Dr. Cr.

Jul. 31 Cash 1 0 3 3 00Collection Expense 7 00

Notes Receivable 1 0 4 0 00Note Collected at Bank

31 Equipment 1 2 6 0 00Miscellaneous Expense 4 0 00

Cash 1 3 0 0 00To record purchase of Equipment and bank service charges


http://LEE.COM/

Full file at http://testbankeasy.eu/Solution-Manual-for-College-Accounting,-12th-Edition---SlaterPROBLEM 6A-2

JIMMY’S DELIBANK RECONCILIATION AS OF FEBRUARY 28, 201X



Add:Add:Deposits in Transit 1,600

$6,960 $5,730

Deduct: Deduct:Check No. 111 $450 NSF Check 1,000

119 1,400 Bank Service Charge 10 121 390

2,240Reconciled Balance $4,720 Reconciled Balance $4,720

GENERAL JOURNAL


Feb. 28 Accounts Receivable 1 0 0 0 00Service Charge Expense* 1 0 00

Cash 1 0 1 0 00To record NSF from Jim Rice and bank service charge

* Miscellaneous Expense could be used instead.



GENERAL JOURNAL

PAGE

4

Date201X Account Titles and Description PR Dr. Cr.

Apr. 1 Petty Cash 1 2 5 00Cash 1 2 5 00

Establishment, Check 14

15 Accounts Payable 2 4 0 00Cash 2 4 0 00

Paid Real Bell Corp., Check 15


Paid Angell Corp., Check 16

28 Office Equipment 7 2 5 00Cash 7 2 5 00

Bought Equipment from Jay Moon, Check 17

30 Postage Expense 2 6 00Office Supplies Expense 3 2 00Miscellaneous Expense 1 1 00

Cash 6 9 00Replenishment, Check 18


Full file at http://testbankeasy.eu/Solution-Manual-for-College-Accounting,-12th-Edition---SlaterPROBLEM 6A-3 (CONCLUDED)

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GENERAL JOURNAL

PAGE

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29 Postage Expense 5 8 00Delivery Expense 3 1 00Computer Supplies Expense 1 8 00Miscellaneous Expense 1 8 00Cash Short and Over 1 2 00

Cash 1 3 7 00Replenishment, Check 592


Full file at http://testbankeasy.eu/Solution-Manual-for-College-Accounting,-12th-Edition---SlaterPROBLEM 6A-4 (CONCLUDED)

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Oct

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SOLUTIONS TO B PROBLEMS

PROBLEM 6B-1

SLACKS.COMBANK RECONCILIATION AS OF JULY 31, 201X


$9,000Balance $8,200 Checkbook Balance

Add: Add:Deposits in Transit 2,100 Proceeds of a Note Less

Bank Charge 1,085

$10,300 10,085

Deduct: Deduct:Check No. 122 $850 Debit Card Transaction 1,300

130 720 Bank Service Charge 551,570

Reconciled Balance $8,730 Reconciled Balance $8,730

GENERAL JOURNAL


Jul. 31 Cash 1 0 8 5 00Collection Expense 5 00

Notes Receivable 1 0 9 0 00 Note collected by the bank

31 Equipment 1 3 0 0 00Miscellaneous Expense* 5 5 00

Cash 1 3 5 5 00To record purchase of equipment made with debit card and bank service charge

* Service Charge Expense could be used instead.


Full file at http://testbankeasy.eu/Solution-Manual-for-College-Accounting,-12th-Edition---SlaterPROBLEM 6B-2

JIMMY’S DELIBANK RECONCILIATION AS OF FEBRUARY 28, 201X



Add:Add:Deposits in Transit 2,300

$5,740 $4,470

Deduct: Deduct:Check No. 111 $ 950 NSF Check 1,500

119 1,600 Bank Service Charge 60 121 280

2,830Reconciled Balance $2,910 Reconciled Balance $2,910

GENERAL JOURNAL


Feb. 28 Accounts Receivable 1 5 0 0 00Service Charge Expense* 6 0 00

Cash 1 5 6 0 00To record NSF from Bernie Carbo and bank service charge

* Miscellaneous Expense could be used instead.

PROBLEM 6B-3full file at http://testbankeasy.comSM-217


GENERAL JOURNAL

PAGE 2


Apr. 1 Petty Cash 1 2 0 00Cash 1 2 0 00



Paid Upright Corp., Check 15


Paid Federer Corp., Check 16

28 Office Equipment 6 0 0 00Cash 6 0 0 00

Bought Equipment from Josh Loon, Check 17

30 Postage Expense 2 5 00Office Supplies Expense 3 3 00Miscellaneous Expense 1 2 00

Cash 7 0 00Replenishment, Check 18


PROBLEM 6B-3 (CONCLUDED)

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PROBLEM 6B-4

GENERAL JOURNAL

PAGE

2




29 Postage Expense 4 3 00Delivery Expense 3 1 00Computer Supplies Expense 2 5 00Miscellaneous Expense 1 6 00Cash Short and Over 5 00

Cash 1 2 0 00Replenishment, Check 715

PROBLEM 6B-4 (CONCLUDED)

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Oct

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ANNUAL REPORT READING PROBLEM: KELLOGG’S ANNUAL REPORT 2010

Bank Reconciliation occurs once per month.

Computerized, but student answers may vary.

CONTINUING PROBLEM SOLUTION: ON THE JOB: SANCHEZ COMPUTER CENTER

GENERAL JOURNAL

PAGE

3


Oct. 1 Prepaid Rent 1025 1 2 0 0 00Cash 1000 1 2 0 0 00

2 Petty Cash 1010 1 0 0 00Cash 1000 1 0 0 00

4 Cash 1000 3 6 0 0 00Service Revenue 4000 3 6 0 0 00

5 Cash 1000 2 6 0 0 00Accounts Receivable 1020 2 6 0 0 00

7 Freedman, Withdrawals 3010 2 0 0 0 00Cash 1000 2 0 0 0 00



22 Accounts Receivable 1020 4 2 0 0 00Service Revenue 4000 4 2 0 0 00

31 Postage Exp. 5070 2 5 00Supplies expense 5050 4 2 00Misc. Exp. 5100 1 0 00Freedman, Withdrawals 3010 1 5 00

Cash 1000 9 2 00

CASH ACCOUNT NO. 1000

DateExplanation

PostRef. Debit Credit

Balance

Debit Credit9/30 1X Balance forward √ 1 6 4 5 0010/1 J3 1 2 0 0 00 4 4 5 00

2 J3 1 0 0 00 3 4 5 004 J3 3 6 0 0 00 3 9 4 5 005 J3 2 6 0 0 00 6 5 4 5 007 J3 2 0 0 0 00 4 5 4 5 00

16 J3 6 5 00 4 4 8 0 0017 J3 9 5 00 4 3 8 5 0031 J3 9 2 00 4 2 9 3 00

PETTY CASH ACCOUNT NO. 1010

DateExplanation


Balance

Debit Credit10/2 1X J3 1 0 0 00 1 0 0 00

ACCOUNTS RECEIVABLE ACCOUNT NO. 1020

DateExplanation


Balance

Debit Credit9/30 1X balance forward √ 2 6 0 0 0010/5 J3 2 6 0 0 00 – 0 –22 J3 4 2 0 0 00 4 2 0 0 00

PREPAID RENT ACCOUNT NO. 1025

DateExplanation


Balance

Debit Credit9/30 1X balance forward √ 4 0 0 0010/1 J3 1 2 0 0 00 1 6 0 0 00

SUPPLIES ACCOUNT NO. 1030

DateExplanation


Balance

Debit Credit1X balance forward √ 9 0 00

COMPUTER SHOP EQUIPMENT ACCOUNT NO. 1080

DateExplanation


Balance

Debit Credit9/30 1X balance forward √ 2 4 0 0 00

ACCUMULATED DEPRECIATION, COMPUTER SHOP EQUIPMENT ACCOUNT NO. 1081

DateExplanation


Balance

Debit Credit9/30 1X balance forward √ 9 9 00

OFFICE EQUIPMENT ACCOUNT NO. 1090

DateExplanation


Balance

Debit Credit9/30 1X balance forward √ 6 0 0 00

ACCUMULATED DEPRECIATION, OFFICE EQUIPMENT ACCOUNT NO. 1091

DateExplanation


Balance

Debit Credit9/30 1X balance forward √ 2 0 00

ACCOUNTS PAYABLE ACCOUNT NO. 2000

DateExplanation


Balance

Debit Credit9/30 1X balance forward √ 2 1 0 00

10/16 J3 6 5 00 1 4 5 0010/17 J3 9 5 00 5 0 00

T. FREEDMAN, CAPITAL ACCOUNT NO. 3000

DateExplanation


Balance

Debit Credit9/30 1X balance forward √ 7 4 0 6 00

INCOME SUMMARY ACCOUNT NO. 3020

DateExplanation

Post Ref. Debit Credit

Balance

Debit Credit

T. FREEDMAN, WITHDRAWALS ACCOUNT NO. 3010

DateExplanation


Balance

Debit Credit10/7 1X J3 2 0 0 0 00 2 0 0 0 00

10/30 J3 1 5 00 2 0 1 5 00

INCOME SUMMARY ACCOUNT NO. 3020

DateExplanation


Balance

Debit Credit

RENT EXPENSE ACCOUNT NO. 5020

DateExplanation


Balance

Debit Credit

UTILITIES EXPENSE ACCOUNT NO. 5030

DateExplanation


Balance

Debit Credit

PHONE EXPENSE ACCOUNT NO. 5040

DateExplanation


Balance

Debit Credit

SUPPLIES EXPENSE ACCOUNT NO. 5050

DateExplanation


Balance

Debit Credit10/31 1X J3 4 2 00 4 2 00

INSURANCE EXPENSE ACCOUNT NO. 5060

DateExplanation


Balance

Debit Credit

POSTAGE EXPENSE ACCOUNT NO. 5070

DateExplanation


Balance

Debit Credit10/31 1X J3 2 5 00 2 5 00

DEPRECIATION EXPENSE, COMPUTER SHOP EQUIPMENT ACCOUNT NO. 5080

DateExplanation


Balance

Debit Credit

DEPRECIATION EXPENSE, OFFICE EQUIPMENT ACCOUNT NO. 5090

DateExplanation


Balance

Debit Credit

MISCELLANEOUS EXPENSE ACCOUNT NO. 5100

DateExplanation


Balance

Debit Credit10/31 1X J3 1 0 00 1 0 00

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No.

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102

103

104

105

Dat

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1X

2 6 8 12 23 30 30 31 31

Oct

.

BANK RECONCILIATION AS OF SEPTEMBER 30, 201X


Bank Statement Balance $2,905.00 Checkbook Balance $1,645.00

Add: Deposit in Transit 140.00 Add: -0-3,045.00

Deduct:Check # 8106 200.00 Deduct: -0-

8107 1,200.001,400.00

Reconciled Balance $1,645.00 Reconciled Balance $1,645.00

SANCHEZ COMPUTER CENTERTRIAL BALANCE

OCTOBER 31, 201X

Cash 4 2 9 3 00Petty Cash 1 0 0 00Accounts Receivable 4 2 0 0 00Prepaid Rent 1 6 0 0 00Supplies 9 0 00Computer Shop Equipment 2 4 0 0 00Accum. Depr. C.S. Equip. 9 9 00Office Equipment 6 0 0 00Accum. Depr. Office Equip. 2 0 00Accounts Payable 5 0 00T. Freed man, Capital 7 4 0 6 00T. Freed man, Withdrawals 2 0 1 5 00Service Revenue 7 8 0 0 00Postage Exp. 2 5 00Supplies Expense 4 2 00Misc. Exp. 1 0 00

Totals 15 3 7 5 00 15 3 7 5 00

RENT EXPENSE ACCOUNT NO. 5020

DateExplanation


Balance

Debit Credit

UTILITIES EXPENSE ACCOUNT NO. 5030

DateExplanation


Balance

Debit Credit

PHONE EXPENSE ACCOUNT NO. 5040

DateExplanation


Balance

Debit Credit

SUPPLIES EXPENSE ACCOUNT NO. 5050

DateExplanation


Balance

Debit Credit10/31 0X J3 4 2 00 4 2 00

INSURANCE EXPENSE ACCOUNT NO. 5060

DateExplanation


Balance

Debit Credit

POSTAGE EXPENSE ACCOUNT NO. 5070

DateExplanation


Balance

Debit Credit10/31 0X J3 2 5 00 2 5 00

DEPRECIATION EXPENSE, COMPUTER SHOP EQUIPMENT ACCOUNT NO. 5080

DateExplanation


Balance

Debit Credit

DEPRECIATION EXPENSE, OFFICE EQUIPMENT ACCOUNT NO. 5090

DateExplanation


Balance

Debit Credit

MISCELLANEOUS EXPENSE ACCOUNT NO. 5100

DateExplanation


Balance

Debit Credit10/31 0x J3 1 0 00 1 0 00

AU

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No.

101

102

103

104

105

Dat

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1X2 6 8 12 23 30 30 31 31

Oct

.

BANK RECONCILIATION AS OF SEPTEMBER 30, 201X


Bank Statement Balance $2,905.00 Checkbook Balance $1,645.00

Add: Deposit in Transit 140.00 Add: -0-3,045.00

Deduct:Check # 8106 200.00 Deduct: -0-

8107 1,200.001,400.00

Reconciled Balance $1,645.00 Reconciled Balance $1,645.00

SANCHEZ COMPUTER CENTERTRIAL BALANCE

OCTOBER 31, 201X

Cash 4 2 9 3 00Petty Cash 1 0 0 00Accounts Receivable 4 2 0 0 00Prepaid Rent 1 6 0 0 00Supplies 9 0 00Computer Shop Equipment 2 4 0 0 00Accum. Depr. C.S. Equip. 9 9 00Office Equipment 6 0 0 00Accum. Depr. Office Equip. 2 0 00Accounts Payable 5 0 00T. Freed man, Capital 7 4 0 6 00T. Freed man, Withdrawals 2 0 1 5 00Service Revenue 7 8 0 0 00Postage Exp. 2 5 00Supplies Expense 4 2 00Misc. Exp. 1 0 00

Totals 15 3 7 5 00 15 3 7 5 00

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