Homework Help is Here – Start Your Trial Now!
Business
Accounting
At the end of the month of July you close the books of your company and received the bank statement. You are ready to start with the Adjusting journal entries and realized that a bank reconciliation must be performed. First you collect the data from June 30th reconciliation as follows: Balance per Bank add: Deposits in Transit deduct: Outstanding Cheques Balance per Books Second you close your update your Cash and bank account with all transactions recorded before AJE and you have: Balance July 31 Deposits Cheques. Balance July 31 Deposits Cheques Third you look at the bank statement provided by your bank and you see the following: Note collected. Bank service charge NSF cheque Interest received. $11,000 $ 8,500 $ 6,500 Autowithdrawals $10,280 $13,000 $10,000 $ $ $10,000 $ 6,300 $(5,000) $ 9,600 700 50 $ 1,000 $ 180 $ 250

At the end of the month of July you close the books of your company and received the bank statement. You are ready to start with the Adjusting journal entries and realized that a bank reconciliation must be performed. First you collect the data from June 30th reconciliation as follows: Balance per Bank add: Deposits in Transit deduct: Outstanding Cheques Balance per Books Second you close your update your Cash and bank account with all transactions recorded before AJE and you have: Balance July 31 Deposits Cheques. Balance July 31 Deposits Cheques Third you look at the bank statement provided by your bank and you see the following: Note collected. Bank service charge NSF cheque Interest received. $11,000 $ 8,500 $ 6,500 Autowithdrawals $10,280 $13,000 $10,000 $ $ $10,000 $ 6,300 $(5,000) $ 9,600 700 50 $ 1,000 $ 180 $ 250

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

gp.4

 

Multiple Choice None of the other alternatives are correct Errors $30 Notes Collected $700 Service Charges $50 Interest $180
Transcribed Image Text:Multiple Choice None of the other alternatives are correct Errors $30 Notes Collected $700 Service Charges $50 Interest $180
At the end of the month of July you close the books of your company and received the bank statement. You are ready to start with the Adjusting journal entries and realized that a bank reconciliation must be performed. First you collect the data from June 30th reconciliation as follows: Balance per Bank add: Deposits in Transit deduct: Outstanding Cheques Balance per Books Second you close your update your Cash and bank account with all transactions recorded before AJE and you have: Balance July 31 Deposits Cheques Balance July 31 Deposits Cheques Third you look at the bank statement provided by your bank and you see the following: Note collected. Bank service charge NSF cheque Interest received $11,000 $ 8,500 $ 6,500 Autowithdrawals $10,280 $13,000 $10,000 $ $ $10,000 $ 6,300 $(5,000) $ 9,600 700 50 $ 1,000 $ 180 $ 250 Which of the following items have been deducted from the Cash and Bank account when doing the reconciliation?
Transcribed Image Text:At the end of the month of July you close the books of your company and received the bank statement. You are ready to start with the Adjusting journal entries and realized that a bank reconciliation must be performed. First you collect the data from June 30th reconciliation as follows: Balance per Bank add: Deposits in Transit deduct: Outstanding Cheques Balance per Books Second you close your update your Cash and bank account with all transactions recorded before AJE and you have: Balance July 31 Deposits Cheques Balance July 31 Deposits Cheques Third you look at the bank statement provided by your bank and you see the following: Note collected. Bank service charge NSF cheque Interest received $11,000 $ 8,500 $ 6,500 Autowithdrawals $10,280 $13,000 $10,000 $ $ $10,000 $ 6,300 $(5,000) $ 9,600 700 50 $ 1,000 $ 180 $ 250 Which of the following items have been deducted from the Cash and Bank account when doing the reconciliation?
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bank reconciliation statement
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
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS