17. Following are reconciling items in an enterprise's bank reconciliation:Deposit in transit.II.I.Company check for P52,500 recorded in the books for P25,500.Check of another company erroneously charged by the bank in the company's account.IV. Deposit of another company erroneously credited by the bank to the company's account.III.V.Bank service chargeVI. No sufficient fund check charged by the bankVII. Company's deposit for P97,500 recorded in the books for P79,500Which of these adjustments would be shown as deduction from the balance per books in order to arrive at the correctcash balance?А. I, V & VIB. V, VI & VIIC. II, V, VI & VIID. II, IV, V, VI & VII

17. Following are reconciling items in an enterprise’s bank reconciliation: I. Deposit in transit. II. Company check for P52,500 recorded in the books for P25,500. III. Check of another company erroneously charged by the bank in the company's account. IV. Deposit of another company erroneously credited by the bank to the company's account. V. Bank service charge VI. No sufficient fund check charged by the bank VII. Company's deposit for P97,500 recorded in the books for P79,500 Which of these adjustments would be shown as deduction from the balance per books in order to arrive at the correct cash balance? А. П, V & VI B. V, VI & VII С. П, V, VI & VII D. II, IV, V, VI & VII

17. Following are reconciling items in an enterprise’s bank reconciliation: I. Deposit in transit. II. Company check for P52,500 recorded in the books for P25,500. III. Check of another company erroneously charged by the bank in the company's account. IV. Deposit of another company erroneously credited by the bank to the company's account. V. Bank service charge VI. No sufficient fund check charged by the bank VII. Company's deposit for P97,500 recorded in the books for P79,500 Which of these adjustments would be shown as deduction from the balance per books in order to arrive at the correct cash balance? А. П, V & VI B. V, VI & VII С. П, V, VI & VII D. II, IV, V, VI & VII

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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In a bank reconciliation, to adjust for a customer's NSF check requires: reducing the bank balance by the amount increasing the bank balance by the amount reducing the book balance by the amount increasing the book balance by the amount
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In the reconciliation of a bank statement, "deposits in transit" should be:a. added to the unadjusted book balanceb. subtracted from the unadjusted bank balancec. added to the unadjusted bank balanced. subtracted from the unadjusted bank balance
Certainly! Here's a detailed information on bank reconciliation presented in table format: Bank Reconciliation Information: Key Components Definition Purpose Frequency Steps in Bank Reconciliation Common Adjustments Importance of Bank Reconciliation Explanation. Bank reconciliation is a process that compares the cash balance in a company's accounting records with the balance in its bank statement. - Identify discrepancies between the company's records and the bank statement. - Ensure accuracy and completeness of financial records. Detect errors, fraud, or unauthorized transactions. Typically performed monthly, but can be more frequent for larger transactions or to catch discrepancies early. 1. Start with the ending balance of the bank statement. 2. Add deposits in transit (deposits made but not yet recorded by the bank). 3. Deduct outstanding checks (checks written but not yet cleared by the bank). 4. Add or deduct bank errors (errors made by the bank in recording transactions). 5.…
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Current Attempt in Progress Identify whether each of the following items would be (a) added to the book balance, or (b) deducted from the book balance in a bank reconciliation. 1. 2 3. 4. 5. EFT transfer to a supplier. Bank service charge. Check printing charge. Error recording check # 214 which was written for $260 but recorded for $620. Collection of note and interest by the bank on the company's behalf.
A Moving to another question will save this response. Question 11 On a bank reconciliation, the amount of NSF checks not yet recorded by the company should be: A. Added to the bank balance of cash. В. Deducted from the bank balance of cash. C. Deducted from the book balance of cash. D. Added to the book balance of cash. Moving to another question will save this response.
Entries based on bank reconciliation Which of the reconciling items listed below require an entry in the company's accounts? (None of the transactions reported by bank debit and credit memos have been recorded by the company.) Item 1. Bank service charges, $50. 2. Check of a customer returned by bank to company because of insufficient funds, $520. 3. Check for $345 incorrectly recorded by the company as $435. 4. Check for $200 incorrectly charged by bank as $2,000. 5. Deposit in transit, $4,250. 6. Outstanding checks, $5,420. 7. Note collected by bank, $5,300. Entry Required
12. Which form of bank reconciliations statement is prepared by most of the companies? a. Reconciles from the book statement balance to the bank balance b. Reconciles both the bank balance and the book balance to a correct cash balance c. None of the options d. Reconciles from the bank statement balance to the book balance
In a bank reconciliation, outstanding checks are recorded by the __________, but not yet by the __________. Multiple Choice vendor; bank bank; vendor bank; company company; bank
Bank Reconciliation The following data were gathered to use in reconciling the bank account of Bradford Company: Balance per bank $ 17,400 Balance per company records 8,195 Bank service charges Deposit in transit Note collected by bank with $130 interest Outstanding checks a. What is the adjusted balance on the bank reconciliation? 45 3,100 4,900 7,450 b. Journalize any necessary entries for Bradford Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.
QUESTION 5 On the bank reconciliation, deposits in transit are: a. an addition to the balance per bank statement b. a deduction to the balance per bank statement c. an addition to the company's records d. a deduction to the company's records