For each of the items in the following list, identify where it is included on a bank reconciliation:1. EFT payment made by a customer.2.3.4.5.6.7.8.9.10.11.12.Bank debit memorandum for service charges.Outstanding cheques from the current month.Bank error in recording a $1,779 deposit as $1,977.Outstanding cheques from the previous month that are stilloutstanding.Outstanding cheques from the previous month that are nolonger outstanding.Bank error in recording a company cheque made out for$160 as $610.Bank credit memorandum for interest revenue.Company error in recording a deposit of $160 as $1,600.Bank debit memorandum for a customer's NSF cheque.Deposit in transit from the current month.Company error in recording a cheque made out for $630 as$360.

The objective of this question is to identify where each of the listed items would be included on a…

Answered: For each of the items in the following…

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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Which account is the main focus of a bank reconciliation? Why? Explain the importance of monthly bank reconciliations. Provide 2 examples in which a business must make journal entries during a bank reconciliation
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The following data were gathered to use in reconciling the bank account of Reddan Company: $ 17,900 10,300 Balance per bank Balance per company records Bank service charges 40 Deposit in transit Note collected by bank with $170 interest Outstanding checks a. What is the adjusted balance on the bank reconciliation? 3,400 4,900 6,140 b. Journalize any necessary entries for Photo Op. Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.
In the normal operation of business you receive a check from a customer and deposit it into your checking account. With your bank statement you are advised that this check for $775 is NSF. The bank also informs you that due to the amount of activity on your business account the monthly service charge is $75. During a bank reconciliation, you will: a. add both values from balance according to books. b. subtract both values from balance according to books. c. add both values from balance according to bank. d. subtract both values from balance according to bank.
6, 7, A bank reconciliation for October 31 follows. Bank statement balance Add: Deposit in transit Deduct: Outstanding checks Adjusted bank balance View transaction list < 1 2 Note: Enter debits before credits. Date October 31 Bank Reconciliation October 31 Journal entry worksheet Cash $ 6,482 3 291 6,773 79 $ 6,694 Prepare the necessary journal entries based on the bank reconciliation. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Book balance Add: 4 Collection of a note Interest earned Deduct: NSF check Bank service charges Adjusted book balance Record the $400 collection of a note receivable by the bank on our behalf. Saved General Journal $ 400 64 Debit 63 61 $ 6,354 Credit 464 6,818 124 $6,694
PA5-2 Preparing a Bank nes, and The bookkeeper at Martin Company has asked you to prepare a bank reconciliation as of May 31. The bank statement for May 1 and the May T-account for cash showed the transactions listed below. Martin Company's bank reconciliation at the end of April showed a cash balance of $18,600. No deposits were in transit at the end of April, but a deposit was in transit at the end of May. Withdrawals Deposits Other Balance Balance, May 1 May 2 May 5 May 7 Мay 8 May 14 May 17-Interest Earned May 22-NSF cheque Мay 29 May 31-Service charges Balance, May 31 $18,600 26,400 15,600 9,500 19,500 19,020 19,138 18,878 14,478 14,420 14,420 $ 7,800 # 301 $10,800 # 302 6, 100 10,000 # 303 480 $ 118 260 # 304 4,400 58 + Cash (A) - May 1 May 1 May 7 Мay 29 Balance 18,600 7,800 10,000 3,800 10,800 6,100 480 May 02 #301 #302 May 04 May 11 #303 May 30 May 29 4,400 # 394 1,280 # 305 May 31 Balance 17,140 Requlred: 1. Prepare a bank reconciliation for May. < Prev 2 of 2 Next e to…
If a company made a bank deposit on September 30 that did not appear on the bank statement dated September 30, in preparing the September 30 bank reconciliation, the company should: Multiple Choice Add the deposit to the bank statement balance. Skip the bank reconciliation this month. Add the deposit to the book balance of cash. Deduct the deposit from the bank statement balance. Deduct the deposit from the September 30 book balance and add it to the October 1 book balance.
Identify whether each of the following items would on appear on the bank side or the book side of a bank reconciliation. Enter Bank or Book below. Bank service charges Outstanding checks Deposits in transit NSF check Interest on a checking account The company properly wrote a check for $95.80 that the bank incorrectly paid as $9.58. The bank printed checks for the depositor for a fee. Bank debit memorandum Bank credit memorandum The bank collected a $1,000 note for the depositor.
The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $18,250 Balance per company records 12,045 Bank service charges 30 Deposit in transit 3,500 Note collected by bank with $160 interest 4,160 Outstanding checks 5,575 a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Reddan Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry, leave it blank. ? ? ? ? ? ? ? ? ? ? ? ? ? Please don't provide images in answers thank you
The bank reconciliation shows the following adjustments: Outstanding checks: $987 Error by bank recorded customer check twice: $436 Notes receivable collected by bank: $2,500; interest: $145 Deposits in transit: $1,698 Bank charges: $70 PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the adjustments. Using the following accounts: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks prepare the two correcting journal entries: DR CR and DR CR CR PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345).
Based on the he following information,preaper a blank reconciliation to determine the adjusted( corrected) balance; ( input each amount bas a positive value) Bank balance. $680 Checkbook balance. $642 Outstanding checks. $112 Direct deposit. $70 Account fees. $12 ATM withdrawal $80 Deposit in transit. $60 Interest earned. $8 Bank statement. Your checkbook
Please review the attached files. Thank you

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