If the month-end bank statement shows a balance of R.0 360.000, outstanding checks are R.O 120,000, a deposit of RO40,000 was in transit at month end, and a check for RO5.000 was erroneously added by the bank to the account, the correct balance in the bank account at month end is Select one O a RO 205,000 O BRO435.000 OCRO275.000 O dRO 285.000

If the month-end bank statement shows a balance of R.0 360.000, outstanding checks are R.O 120,000, a deposit of RO40,000 was in transit at month end, and a check for RO5.000 was erroneously added by the bank to the account, the correct balance in the bank account at month end is Select one O a RO 205,000 O BRO435.000 OCRO275.000 O dRO 285.000

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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On December 10, you receive your bank statement showing a balance of $2,981.97. Your checkbook shows a balance of $2,782.86. Outstanding checks are $387.86 and $175.56. The account earned $122.85. Deposits in transit amount to $479.16, and there is a service charge of $8.00. Calculate the reconciled balance. O $199.11 $2,668.01 $2,897.71 O $4,024.55
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
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On May 27, you received your bank statement showing a balance of $1,026.34. Your checkbook shows a balance of $1,056.29. Outstanding checks are $245.50 and $377.20. The account earned $62.59. Deposits in transit amount to $705.24, and there is a service charge of $10.00. Calculate the reconciled balance. $29.95 $943.80 O $1,003.70 O $1,108.88
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
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The following items may appear on a bank statement: Bank correction of an error from recording a $3,200 deposit as $2,300 EFT payment Note collected for company Service charge Using the format shown below, indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company’s account.
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If deposits per the cash ledger are $2,200, deposits per the bank ledger are $1,800, and the bank erroneously recorded a $400 deposit as $40, an adjustment of $360 for deposits in transit will be recorded on the bank reconciliation. O True O False