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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$11,000 Deposits $8.500 Cheques $6,500 Third you look at the bank statement provided by your bank and you see the following: $10,280 $13,000 $10,000 Note collected $700 Bank service charge $ 50 NSF cheque $1,000 Interest received Autowithdrawals Balance July 31 Deposits Cheques $10,000 $6,300 $(5,000) $9,600 $180 $250 Which of the following items have been deducted from the Cash and Bank account when doing the reconciliation? Errors $30 Notes Collected $700 None of the others alternatives are correct NSF Cheque $1,000 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$11,000 Deposits $8.500 Cheques $6,500 Third you look at the bank statement provided by your bank and you see the following: $10,280 $13,000 $10,000 Note collected $700 Bank service charge $ 50 NSF cheque $1,000 Interest received Autowithdrawals Balance July 31 Deposits Cheques $10,000 $6,300 $(5,000) $9,600 $180 $250 Which of the following items have been deducted from the Cash and Bank account when doing the reconciliation? Errors $30 Notes Collected $700 None of the others alternatives are correct NSF Cheque $1,000 Interest $180

FINANCIAL ACCOUNTING
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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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 $10,000 add: Deposits in Transit $6,300 deduct: Outstanding Cheques $(5,000) Balance per Books $9,600 Second you close your update your Cash and bank account with all transactions recorded before AJE and you have: Balance July 31 $11,000 Deposits $8,500 Cheques $6,500 Third you look at the bank statement provided by your bank and you see the following: Balance July 31 Deposits Cheques $10,280 $13,000 $10,000 Note collected $700 Bank service charge $ 50 NSF cheque $1,000 Interest received Autowithdrawals $180 $250 Which of the following items have been deducted from the Cash and Bank account when doing the reconciliation? Errors $30 Notes Collected $700 None of the others alternatives are correct NSF Cheque $1,000 Interest $180
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 $10,000 add: Deposits in Transit $6,300 deduct: Outstanding Cheques $(5,000) Balance per Books $9,600 Second you close your update your Cash and bank account with all transactions recorded before AJE and you have: Balance July 31 $11,000 Deposits $8,500 Cheques $6,500 Third you look at the bank statement provided by your bank and you see the following: Balance July 31 Deposits Cheques $10,280 $13,000 $10,000 Note collected $700 Bank service charge $ 50 NSF cheque $1,000 Interest received Autowithdrawals $180 $250 Which of the following items have been deducted from the Cash and Bank account when doing the reconciliation? Errors $30 Notes Collected $700 None of the others alternatives are correct NSF Cheque $1,000 Interest $180
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