Assessment 8 (page 2 of 2)cc

2019. Requireu. luentiny Inemai What I have Learned Activity 3.2 identify Me Identify whether the following independent transaction is a book or a bank reconciling. In addition, determine the amount of the error and state whether the amount will be added or deducted in the preparation of the bank reconciliation (use adjusted method): 1. Eagle Repairs received P1,500 from Jane. The bookkeeper recorded the amount as P500. 2. Nation Bank collected from the customer of Eagle the sum of P5,000 representing payment of the said customer to Eagle. No entry was made in the books of Eagle. 3. The bank teller deducted CK 123 for P3,500 tom the account of Eagie. The said check was issued by Egles Company a different depositor of the bank. 4. The bookkeeper of Eagle recorded Check No. 345 in the Cash Disbursement Journal as P5,205. The correct amount of the check was P5,250. 5. The deposits of Eagle earned interest of P100 for the month. Eagle does not have knowledge of interest earned until it…

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On March 31,2020, XXX Company receive its bank statement. However, the closing balance of the account was unreadable. Attempts to contact the bank after hours did not secure the desired information. The following data are available in preparing a bank reconciliation: February 28,book balance Note collected by bank 1,460,000 100,000 Interest earned on note 10,000 NSF check of customer 130,000 Bank service charge on NSF check 2,000 Other bank services 3,000 Outstanding checks Deposit of February 28 placed in night depository 222,000 95,000 Check issued by YYY Company charged to XXX's Account 20,000 10. What is the cash balance per bank statement?

When completing a bank reconciliation, which of the following is correct (please read carefully)? Multiple Choice О Add the deposits outstanding to the company's ending balance. О Subtract the amount of interest earned from the bank's ending balance. О Add the total bank service fee to the company's ending balance. О Subtract the NSF check from the company's ending balance.

Melissa Jackson, bookkeeper for Kinko Company, cannot prepare a bank reconciliation. From the following facts, can you help her complete the June 30, 2020, reconciliation? The bank statement showed a $2,955.82 balance. Melissa's checkbook showed a $3,301.82 balance. Melissa placed a S510.19 deposit in the bank's night depository on June 30. The deposit did not appear on the bank statement. The bank included two DMs and one CM with the returned checks: $690.65 DM for NSF check. $8.50 DM for service charges, and $400.00 CM (less $10 collection fee) for collecting a $400.00 non-interest-bearing note. Check No. 811 for $110.94 and check No. 912 for $82.50, both written and recorded on June 28, were not with the returned checks. The bookkeeper had correctly written check No. 884. $1,000, for a new cash register, but she recorded the check as $1,069. The May bank reconciliation showed check No. 748 for $210.90 and check No. 710 for $195.80 outstanding on April 30. The June bank statement…

Which option below correctly indicates how an unfavourable balance of the bank account in the general ledger at 31 May 2021 should be dealt with when doing a bank reconciliation? Select one: a. By debiting the bank reconciliation statement as at 31 May 2021 b. By crediting the bank statement for May 2021 c. By crediting the bank reconciliation statement as at 31 May 2021 d. By debiting the bank statement for Please don't provide solution image based thnku

A firm wrote a check for $282 but the bank added $282 to the firm's account for the check. On a bank reconciliation statement this error would be shown as: Question 25 options:   a. a deduction of $282 from the bank statement balance.   b. an addition of $282 to the bank statement balance   c. a deduction of $564 from the bank statement balance.   d. an addition of $564 to the bank statement balance.

Can you explain why B is correct? In detail

Prepare the Bank Reconciliation Statement using Adjusted Balance Method

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PROBLEM NO.1 Information that might be useful in preparing a bank reconciliation is as follows below. The bank statement for the checking account of Monica & Chandler Co. showed a December 31, 2021, balance of P1,463,212. a) Outstanding checks were P132,025. b) The December 31, 2021, cash receipts of P57,500 were not deposited in the bank until January 2, 2022. c) One check written in payment of rent for P24,600 was correctly recorded by the bank but was recorded by M&C Co. as P26,400 disbursement. d) In accordance with prior authorization, the bank withdrew P45,000 directly from the checking account as payment on a mortgage note payable. The interest portion of that payment was P35,000. M&C Co. has made no entry to record the automatic payment. e) Bank service charges of P1,400 was listed on the bank statement. f) A deposit of P87,500 was recorded by the bank on December 13, but it did not belong to M&C Co. The deposit should have been made to the checking account of SUM, Inc. g) The…

Nose Mask Ltd (Nose Mask) is preparing his bank reconciliation at 31st May 2019. His bank statement balance failed to agree with the cash book balance. His bank statement shows a balance of GH₵684 cash at the bank.After investigation the following were revealed;a. The following cheques have not yet been presented at the bank. These are:Cheque No. GH₵ 956784........1,875                             956892........978                             958452.........1,407                             958541.........366                             958668..........261                                              4,887b. Cheque number 958602 was incorrectly recorded in Nose Mask's cash book as GH₵1,140. The cheque was correctly debited on the bank statement on 2nd May as GH₵1,005.c. Bank charges of GH₵1,149 were debited by the bank on 4th May.d. A customer's cheque for GH₵960 was returned by Nose Mask's bank in May as the customer had insufficient funds in his account. Nose Mask has not recorded…

Question: The following errors were found when the controller at Mountain Motel was doing the June 30 bank reconciliation. On June 25, the bank posted a cheque in the amount of $825 to Mountain’s bank account. The cheque had been written by another company, Mountainside Company. For each of these errors, (a) indicate if and how it would be shown on the bank reconciliation, and (b) prepare the journal entry for Mountain if required. Please explain for the answer.

Q2: Use the following information to prepare a bank reconciliation. Then, make journal entries appropriately. a. Balance per bank statement, RO 8000 b. Balance per books, RO 7200 c. Interest earned on checking account, RO 800 d. Outstanding checks, RO1200 e. NSF check from Mr. Ahmad, RO 185 f. Deposits in transit, RO 2600 g. Bank charged us a check we did not write, RO 500 h. Monthly bank charges, RO 15 i. Error on the books regarding check number 251 – recorded as RO 1000 instead of as RO 300. The debit was to Salary Expense. j. Forgot to record a deposit on the books for RO 600 k. Bank acted as our agent to collect note of RO 800

Part ii. Prepare the journal entries resulting from the bank reconciliation

Identify whether the following independent transaction is a book or a bank reconciling. In addition, determine the amount of the error and state whether the amount will be added or deducted in the preparation of the bank reconciliation (use adjusted method).  1. Eagle Repairs received P1,500 from Jane. The bookkeeper recorded the amount as P500.  2. Nation Bank collected from the customer of Eagle the sum of P5,000 representing payment of the said customer to Eagle. No entry was made in the books of Eagle.  3. The bank teller deducted CK 123 for P3,500 from the account of Eagle. The said check was issued by Egles Company a different depositor of the bank.  4. The bookkeeper of Eagle recorded Check No. 345 in the Cash Disbursement Journal as P5,205. The correct amount of the check was P5,250.  5. The deposits of Eagle earned interest of P100 for the month. Eagle does not have knowledge of interest earned until it receives the bank statement.

Linda Blair found the following when carrying out her bank reconciliation: (1) a cheque for $7,523 has not been presented at the bank (ii) a cheque for $560 has been incorrectly recorded as $650 on Linda's bank statement Which of these items will appear in Linda's Bank Reconciliation Statement? O a, both (1) and (ii) O b. () only OC neither (1) nor (i) O d. (i) only

I JUST NEED THE CORRECTED ADJUSTED BALANCE AMOUNT PLS The company’s accounting intern has prepared the end-of-January bank reconciliation from the bank statement, and is worried because the Adjusted Balance amounts do not agree. After reviewing the bank reconciliation, scroll down for the next steps in helping the intern.   Murdstone, Inc. Bank Reconciliation January 31, 2016 1 Cash balance according to bank statement   $23,557.98 2 Deduct deposit of January 31, not recorded by bank   12,125.25 3     $11,432.73 4 Add outstanding checks:     5 No. 124 $62.00   6 No. 125 57.00   7 No. 129 1,250.00 1,369.00 8 Adjusted balance   $12,801.73 9       10 Cash balance according to company’s records   $51,540.88 11 Add check returned because of insufficient funds   23,475.40 12     $75,016.28 13 Deduct: Note and interest collected by bank…

Please help me with this practice question?