Answered: Bank reconciliation OBJ.5 Identify each…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

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

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

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.

Similar questions