A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. Note: Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable. Item Debit or Shown or Not Shown on Reconciliation Bank Balance Book Balance Credit to Cash Account Add NA Not Shown Subtract NA Add Shown Shown 1. Deposits mailed to the bank on September 30 had not been recorded by the bank until October 2 2. Checks outstanding on August 31 that cleared the bank in September 3. A note receivable is collected by the bank for the company, but it is not yet recorded by the company NA 4. NSF check from a customer is shown on the bank statement but not yet recorded by the company. 5. Deposit made on September 5 and processed by the bank on September 6. 6. Checks written by another depositor but mistakenly charged against this company's account 7. Checks written and mailed to payees on October 2. 8. Night deposit made on September 30 after the bank closed. 9. Bank fees for check printing are not yet recorded by the company. 10. Bank service charge. 11. The bank received an electronic funds transfer (EFT) and deposited the amount in the company's account on September 30. The company has not yet recorded this EFT. 12. Interest earned on the September cash balance in the bank is not yet recorded by the company.
A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. Note: Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable. Item Debit or Shown or Not Shown on Reconciliation Bank Balance Book Balance Credit to Cash Account Add NA Not Shown Subtract NA Add Shown Shown 1. Deposits mailed to the bank on September 30 had not been recorded by the bank until October 2 2. Checks outstanding on August 31 that cleared the bank in September 3. A note receivable is collected by the bank for the company, but it is not yet recorded by the company NA 4. NSF check from a customer is shown on the bank statement but not yet recorded by the company. 5. Deposit made on September 5 and processed by the bank on September 6. 6. Checks written by another depositor but mistakenly charged against this company's account 7. Checks written and mailed to payees on October 2. 8. Night deposit made on September 30 after the bank closed. 9. Bank fees for check printing are not yet recorded by the company. 10. Bank service charge. 11. The bank received an electronic funds transfer (EFT) and deposited the amount in the company's account on September 30. The company has not yet recorded this EFT. 12. Interest earned on the September cash balance in the bank is not yet recorded by the company.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item
should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation.
Note: Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable.
Item
Debit or
Shown or Not
Shown on
Reconciliation
Bank Balance
Book Balance Credit to Cash
Account
Add
NA
Not Shown
Subtract
NA
Add
Shown
Shown
1. Deposits mailed to the bank on September 30 had not been recorded by the bank until October 2
2. Checks outstanding on August 31 that cleared the bank in September
3. A note receivable is collected by the bank for the company, but it is not yet recorded by the company NA
4. NSF check from a customer is shown on the bank statement but not yet recorded by the company.
5. Deposit made on September 5 and processed by the bank on September 6.
6. Checks written by another depositor but mistakenly charged against this company's account
7. Checks written and mailed to payees on October 2.
8. Night deposit made on September 30 after the bank closed.
9. Bank fees for check printing are not yet recorded by the company.
10. Bank service charge.
11. The bank received an electronic funds transfer (EFT) and deposited the amount in the company's
account on September 30. The company has not yet recorded this EFT.
12. Interest earned on the September cash balance in the bank is not yet recorded by the company.
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