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Survey of Accounting (Available Titles Cengagenow)

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Problem 5-2 Name: Section: Score: 0% Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. A red asterisk (*) will appear in the column to the right of an incorrect answer. 1. INTERACTIVE SYSTEMS Bank Reconciliation February 28, 2010 Cash balance according to bank statement Add: Deduct: Adjusted balance Cash balance according to company's records Add: Deduct: Adjusted balance 2. Assets = Liabilities + Stockholders' Equity Notes Accounts Retained Cash + Receivable = Payable + Earnings a. Effects of additions to cash balance: b. Effects of subtractions from cash balance: Instructions
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Problem 5-2 Name: SOLUTION Section: Score: See student sheet for student's score Scoring: ON Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. A red asterisk (*) will appear in the column to the right of an incorrect answer.
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Unformatted text preview: 1. INTERACTIVE SYSTEMS Bank Reconciliation February 28, 2010 Cash balance according to bank statement $13,333 Add: Deposit of February 28, not recorded by bank 4,500 $17,833 Deduct: Outstanding checks $4,118 Bank error in charging check as $145 instead of $415 270 4,388 Adjusted balance $13,445 Cash balance according to company's records $7,635 Add: Proceeds of note col ected by bank, including $200 interest $5,200 Error in recording check 630 5,830 $13,465 Deduct: Bank service charges 20 Adjusted balance $13,445 2. Assets = Liabilities + Stockholders' Equity Notes Accounts Retained Cash + Receivable = Payable + Earnings a. Effects of additions to cash balance: $5,830 $(5,000) $630 $200 b. Effects of subtractions from cash balance: (20) (20) Instructions...
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