Reconciling Items a. b. C. d. e. f. g. h. Book Balance Adjusted? Amount Added or Subtracted? The following items were included in Wong Company's January Year 1 bank reconciliation. Required: Determine whether each item will require adjustments to the book balance of Wong's cash account and indicate the amount of any necessary adjustment. Note: Amounts to be deducted should be indicated with a minus sign. a. Service charges of $14 for the month of January were listed on the bank statement. b. The bank charged a $164 check drawn on Wing Restaurant to Wong's account. The check was included in Wong's bank statement. c. A check of $29 was returned to the bank because of insufficient funds and was noted on the bank statement. Wong received the check from a customer and thought that it was good when it was deposited into the account. d. A $908 deposit was recorded by the bank as $980. e. Four checks totaling $328 written during the month of January were not included with the January bank statement. f. A $84 check written to OfficeMax for office supplies was recorded as $48. g. The bank statement indicated that the bank had collected a $194 note for Wong. h. Wong recorded $301 of receipts on January 31, Year 1, which were deposited in the night depository of the bank. These deposits were not included in the bank statement.
Reconciling Items a. b. C. d. e. f. g. h. Book Balance Adjusted? Amount Added or Subtracted? The following items were included in Wong Company's January Year 1 bank reconciliation. Required: Determine whether each item will require adjustments to the book balance of Wong's cash account and indicate the amount of any necessary adjustment. Note: Amounts to be deducted should be indicated with a minus sign. a. Service charges of $14 for the month of January were listed on the bank statement. b. The bank charged a $164 check drawn on Wing Restaurant to Wong's account. The check was included in Wong's bank statement. c. A check of $29 was returned to the bank because of insufficient funds and was noted on the bank statement. Wong received the check from a customer and thought that it was good when it was deposited into the account. d. A $908 deposit was recorded by the bank as $980. e. Four checks totaling $328 written during the month of January were not included with the January bank statement. f. A $84 check written to OfficeMax for office supplies was recorded as $48. g. The bank statement indicated that the bank had collected a $194 note for Wong. h. Wong recorded $301 of receipts on January 31, Year 1, which were deposited in the night depository of the bank. These deposits were not included in the bank statement.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter6: Bank Accounts, Cash Funds, And Internal Controls
Section: Chapter Questions
Problem 3E
Related questions
Question
Transcribed Image Text:Reconciling
Items
a.
b.
C.
d.
e.
f.
g.
h.
Book Balance
Adjusted?
Amount Added
or
Subtracted?
Transcribed Image Text:The following items were included in Wong Company's January Year 1 bank reconciliation.
Required:
Determine whether each item will require adjustments to the book balance of Wong's cash
account and indicate the amount of any necessary adjustment.
Note: Amounts to be deducted should be indicated with a minus sign.
a. Service charges of $14 for the month of January were listed on the bank statement.
b. The bank charged a $164 check drawn on Wing Restaurant to Wong's account. The check was
included in Wong's bank statement.
c. A check of $29 was returned to the bank because of insufficient funds and was noted on the
bank statement. Wong received the check from a customer and thought that it was good when
it was deposited into the account.
d. A $908 deposit was recorded by the bank as $980.
e. Four checks totaling $328 written during the month of January were not included with the
January bank statement.
f. A $84 check written to OfficeMax for office supplies was recorded as $48.
g. The bank statement indicated that the bank had collected a $194 note for Wong.
h. Wong recorded $301 of receipts on January 31, Year 1, which were deposited in the night
depository of the bank. These deposits were not included in the bank statement.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage