Bank reconciliation OBJ.5 Identify each of the following reconciling items as: (a) an addition to the cash balance according to the bank statement, (b) a deduction from the cash balance according to the bank statement, (c) an addition to the cash balance according to the company's records, or (d) a deduction from the cash balance according to the company's records. (None of the transactions reported by bank debit and credit memos have been recorded by the company.) 1. Bank service charges, $90. Check of a customer returned by bank to company because of insufficient funds, $520. mi Check for $420 incorrectly recorded by the company as $240. Check for $1,440 incorrectly charged by bank as $140. 5. Deposit in transit, $5,310. Outstanding checks, $10,370. Sera nand 7. Note collected by bank, $12,600
Bank reconciliation OBJ.5 Identify each of the following reconciling items as: (a) an addition to the cash balance according to the bank statement, (b) a deduction from the cash balance according to the bank statement, (c) an addition to the cash balance according to the company's records, or (d) a deduction from the cash balance according to the company's records. (None of the transactions reported by bank debit and credit memos have been recorded by the company.) 1. Bank service charges, $90. Check of a customer returned by bank to company because of insufficient funds, $520. mi Check for $420 incorrectly recorded by the company as $240. Check for $1,440 incorrectly charged by bank as $140. 5. Deposit in transit, $5,310. Outstanding checks, $10,370. Sera nand 7. Note collected by bank, $12,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
8-16 Bank reconciliation
OBJ.5
Identify each of the following reconciling items as: (a) an addition to the cash balance
according to the bank statement, (b) a deduction from the cash balance according to the
bank statement, (c) an addition to the cash balance according to the company's records, or
(d) a deduction from the cash balance according to the company's records. (None of the
transactions reported by bank debit and credit memos have been recorded by the company.)
1. Bank service charges, $90.
Check of a customer returned by bank to company because of insufficient funds, $520.
mi
Check for $420 incorrectly recorded by the company as $240.
Check for $1,440 incorrectly charged by bank as $140.
5. Deposit in transit, $5,310.
Outstanding checks, $10,370.
Sera nand
7. Note collected by bank, $12,600.
![for ordering
such occurrences in the future.
OBJ. 5
EX 8-16 Bank reconciliation
Identify each of the following reconciling items as: (a) an addition to the cash balance
according to the bank statement, (b) a deduction from the cash balance according to the
2 bbank statement, (c) an addition to the cash balance according to the company's records, or
219bog b(d) a deduction from the cash balance according to the company's records. (None of the
transactions reported by bank debit and credit memos have been recorded by the company.)
bed 8 g1. Bank service charges, $90.o lamoni ads ylinabl
2. Check of a customer returned by bank to company because of insufficient funds, $520.
3. Check for $420 incorrectly recorded by the company as $240.
4. Check for $1,440 incorrectly charged by bank as $140.
mvent inter-
2soivb5. Deposit in transit, $5,310.
bsgo g Outstanding checks, $10,370.
7. Note collected by bank, $12,600.
gnilbas
systems
toring involved the
etiengehnaldeenaly kept to tight trading
alnidsov sdh oloibal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffaa03fab-f285-443e-95a5-3f4098efa8b2%2F9c5f9222-4924-418c-9838-6004226883dc%2F574pyqp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:for ordering
such occurrences in the future.
OBJ. 5
EX 8-16 Bank reconciliation
Identify each of the following reconciling items as: (a) an addition to the cash balance
according to the bank statement, (b) a deduction from the cash balance according to the
2 bbank statement, (c) an addition to the cash balance according to the company's records, or
219bog b(d) a deduction from the cash balance according to the company's records. (None of the
transactions reported by bank debit and credit memos have been recorded by the company.)
bed 8 g1. Bank service charges, $90.o lamoni ads ylinabl
2. Check of a customer returned by bank to company because of insufficient funds, $520.
3. Check for $420 incorrectly recorded by the company as $240.
4. Check for $1,440 incorrectly charged by bank as $140.
mvent inter-
2soivb5. Deposit in transit, $5,310.
bsgo g Outstanding checks, $10,370.
7. Note collected by bank, $12,600.
gnilbas
systems
toring involved the
etiengehnaldeenaly kept to tight trading
alnidsov sdh oloibal
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