Following is the general format of a four-column bank reconciliation with the various categoriesand presentation numbered (1) through (8):NovemberReceiptsBalanceNovemberBalance10/31Disbursements11/30Per Bank StatementItems to be addedItems to be deducted:Per Books$XXXXXSXXXXX3$XXXXX$XXXXX712SXXXXX6.SXXXXX SXXXXX8SXXXXXIndicate the proper location for the following reconciling items.A customer check received by the company in October was erroneously recorded twice by thebooks. The books were corrected in November by recording a negative receipt. This item willappear as:Select one:O a. 2 and 3O b.3 and 7O c.4 and 8O d. 1 and 4O e. 1 and 7

Bank reconciliation statement is prepared to list out all the transaction due to which the balance…

Following is the general format of a four-column bank reconciliation with the various categories and presentation numbered (1) through (8): November November Receipts Disbursements Balance Balance 10/31 11/30 Per Bank Statement Items to be added: $XXXXX SXXXXX 3 $XXXXX $XXXXX 7 Items to be deducted: Per Books 2. SXXXXX 4 6. 8 SXXXXX SXXXXX SXXXXX Indicate the proper location for the following reconciting items. A customer check received by the company in October was erroneously recorded twice by the books. The books were corrected in November by recording a negative receipt. This item will appear as: Select one: O a. 2 and 3 O b. 3 and 7 O c.4 and 8 O d. 1 and 4 O e. 1 and 7

Following is the general format of a four-column bank reconciliation with the various categories and presentation numbered (1) through (8): November November Receipts Disbursements Balance Balance 10/31 11/30 Per Bank Statement Items to be added: $XXXXX SXXXXX 3 $XXXXX $XXXXX 7 Items to be deducted: Per Books 2. SXXXXX 4 6. 8 SXXXXX SXXXXX SXXXXX Indicate the proper location for the following reconciting items. A customer check received by the company in October was erroneously recorded twice by the books. The books were corrected in November by recording a negative receipt. This item will appear as: Select one: O a. 2 and 3 O b. 3 and 7 O c.4 and 8 O d. 1 and 4 O e. 1 and 7

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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Bank Reconciliation Components ldentify the requested amount in each of the following situations: a. Howell Company's August 31 bank reconciliation shows deposits in transit of $3.400 The general ledger Cash in Bank account shows total cash receipts during September of $92.200. The September bank statement shows total cash deposits (and no credit memos) of $89.000. What amount of deposits in transit should appear in the September 30 bank reconciliation? b Wright Corporation's March 31 bank reconciliation shows deposits in transit of $2.600. The general ledger Cash in Bank account shows total cash receipts during April of S64 100. The April bank statement shows total cash deposits of S67200 (including $3,000. from the collection of a note: the note collection has not yet been recorded by Wright what amount of deposits in transit should appear in the April 30 bank reconciliation? Braddock Company's october 31 bank reconciliation shows outstanding checks of $3600.…
Following is the general format of a four-column bank reconciliation with the various categories and presentation numbered (1) through (8): Per Bank Statement Items to be added: Items to be deducted: Per Books Select one: a. 1 and 3 b. 1 and 4 c. 2 and 4 Balance 10/31 d. 2 and 3 e. 2 and 6 November Receipts SXXXXX 3 Indicate the proper location for the following reconciling items. A 10/31 collection by bank will appear as: November Disbursements SXXXXX 1 2 XXXXX $XXXXX $XXXXX SXXXXX 5 6 Balance 11/30 SXXXXX 7 8 SXXXXX
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Wolfpack Bread Inc. for August 20Y9: Cash balance according to the company's records at August 31, $38,928. Cash balance according to the bank statement at August 31, $37,960. Checks outstanding, $15,080. Deposit in transit, not recorded by bank, $16,120. A check for $312 issued in payment of an account to a supplier was erroneously recorded by Wolfpack Bread Inc. as $123. Bank debit memo for service charges, $162. Record the effects on the accounts and financial statements of the company based upon the information above. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts.
Part 1: 1. Identify and list the deposits in transit at the end of December. 2. Identify and list the outstanding checks at the end of December. Part 2: Prepare a bank reconciliation for December. Part 3: 1. Record the interest of $60 received from the bank. 2. Record the service charges of $130 deducted by the bank. 3. Record the return of the J. Left check of $280 due to insufficient funds 4. Record the checks outstanding at the end of the month. 5. Record the deposit in transit at the end of the month. Part 4: After the reconciliation journal entries are posted, what balance will be reflected in the Cash account in the ledger? If the company also has $280, of petty cash on hand, which is recorded in a different account called Petty Cash on Hand, what total amount of Cash and Cash Equivalents should be reported on the December 31 balance sheet?
Current Attempt in Progress Identify whether each of the following items would be (a) added to the book balance, or (b) deducted from the book balance in a bank reconciliation. 1. 2 3. 4. 5. EFT transfer to a supplier. Bank service charge. Check printing charge. Error recording check # 214 which was written for $260 but recorded for $620. Collection of note and interest by the bank on the company's behalf.
Bank Reconciliation and Adjusting Entries (Appendix 6.1) Instructions Chart of Accounts Labels and Amount Descriptions Bank Reconciliation General Journal X Instructions Odum Corporation’s cash account showed a balance of $17,200 on March 31, 2019. The bank statement balance for the same date indicated a balance of $17,916.55. The following additional information is available concerning Odum’s cash balance on March 31: • Undeposited cash on hand on March 31 amounted to $724.50. • A customer’s NSF check for $180.80 was returned with the bank statement. • A note for $2,000 plus interest of $25 was collected for Odum by the bank during March. The bank notified Odum of this collection on the bank statement. • The bank service charge for March was $15. • A deposit of $950.75 mailed to the bank on March 31 did not appear on the bank statement. The following checks mailed to creditors had not been processed by the bank on March…
A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. Note: Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable. ItemBank BalanceBook BalanceDebit or Credit to Cash AccountShown or Not Shown on Reconciliation1. The company made a month-end accrual for expired insurance coverage. 2. Checks written and mailed to payees on October 2. 3. Night deposit made on September 30 after the bank closed. 4. Checks outstanding on August 31 that cleared the bank in September. 5. Bank service charge for September is not yet recorded by the company. 6. NSF check from a customer is shown on the bank statement but not yet recorded by the company. 7. Bank fees for check printing are not yet recorded by the…
Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31, $24,980. Cash balance according to the bank statement at July 31, $26,470. Checks outstanding, $5,070. Deposit in transit, not recorded by bank, $4,070. A check for $170 in payment of an account was erroneously recorded in the check register as $710. Bank debit memo for service charges, $50. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge. a. July 31 fill in the blank 2 fill in the blank 4 b. July 31 fill in the blank 6 fill in the blank 8
Based on the following bank reconciliation, prepare the journal entries: Ruggero Celini Associates Bank Reconciliation July 31, 20 -- 1 Bank statement balance, July 31 $1,784.00 2 Add deposits in transit $418.50 3 100.50 519.00 4 $2,303.00 5 Deduct outstanding checks: 6 No. 185 $206.50 7 No. 203 317.40 8 No. 210 56.10 580.00 9 Adjusted bank balance $1,723.00 10 11 Book balance, July 31 $1,792.00 12 Add: 13 Error on Check No. 191* $10.00 14 Interest earned 2.00 12.00 15 $1,804.00 16 Deduct: 17 NSF check $66.00 18 Bank service charge 15.00 81.00 19 Adjusted book balance $1,723.00 *Accounts Payable was debited in original entry. Required: Prepare the journal entries.
The following bank reconciliation was prepared as of June 30, 20Y7: Line Item Description Amount Amount Cash balance according to bank statement $15,915 Add: Outstanding Check No. 1067 $565 Outstanding Check No. 1106 450 Outstanding Check No. 1110 1,090 Outstanding Check No. 1113 950 Total additions 3,055 Deduct: Deposit of June 30 not recorded by bank (6,900) Adjusted balance $12,070 Cash balance according to company’s records $8,070 Add: Proceeds of note collected by bank: Face value $6,000 Proceeds of note collected by bank: Interest 300 Service charges 10 Total additions 6,310 Deduct: Check returned because of insufficient funds $900 Error in recording June 17 deposit of $8,150 as $1,850 6,300 Total deductions (7,200) Adjusted balance $7,180 b. Prepare a corrected bank reconciliation.…
INS The following information relating to the bank checking account is available for Wild Bill's Texas Barbeque at May 31. EXERCISE 7-7 Another Short Bank Reconcil- latlon Balance per bank statement at May 31 Outstanding checks Deposit in transit.. Service charge by bank... Interest credited by the bank....... $9,740.15 3,352.70 1,106.30 Balance per depositor's accounting records at May 31 10.00 43.10 INSTRUCTIONS Prepare a bank reconciliation at May 31. 7,460.65
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