In a bank reconciliation, to adjust for the bank's deducting $980 for a company check that you wrote and booked for $890 requires A. increasing the book balance by $90 B. reducing the book balance by $90 C. increasing the bank balance by 590 D. reducing the bank balance by $90

In a bank reconciliation, to adjust for the bank's deducting $980 for a company check that you wrote and booked for $890 requires A. increasing the book balance by $90 B. reducing the book balance by $90 C. increasing the bank balance by 590 D. reducing the bank balance by $90

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

Q: Using the following information, prepare a bank reconciliation. Bank balance: $6,788 Book balance:…

A: A bank reconciliation statement is prepared by almost every organization at a particular time. It is…

Q: Please provide Solutions

A: Step 1: Introduction to the Book And Bank ErrorsBook And Bank Errors are some of the most common…

Q: I need help

A: The adjusting entry to record the bank service charge is debit bank service charge, credit cash in…

Q: I need help with question solution

A: Step 1: Introduction to the Bank Reconciliation:Bank reconciliation is a process of checking the…

Q: Blue Company's bank reconciliation for January 31, 2020 does not balance. Cash balance per bank…

A: Bank reconciliation statement is prepared by almost every organization at a particular time. It is a…

Q: The bookkeeper did the following bank reconciliation. Balance per bank Add: Deposit in transit…

A: The bank reconciliation statement is prepared to equate the balances of the cash book and pass book…

Q: If a company recorded a check they wrote as $729 when it should have been recorded as being written…

A: Solution: - Introduction: - Bank reconciliation means every company would match the cash balances on…

Q: . Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank:…

A: Introduction: Journal entries are used to record all company transactions and occurrences in the…

Q: Using the following information, prepare a bank reconciliation. Bank balance: $6,988 Book balance:…

A: Bank reconciliation statement: It is a statement drawn up by the business to verify the cash book…

Q: None

A: Journal Entries for Oriole Camping's Bank Reconciliation ErrorsBased on the information provided,…

Q: The following information relates to the company's May bank reconciliation: Bank statement balance…

A: Bank reconciliation statement is prepared by the management to match the the company's cash balance…

Q: I need help with this problem with correct solution

A: Step 1: Introduction to the Bank Reconciliation:Bank reconciliation is a schedule that prepares by…

Q: Prepare a bank reconciliation using the following information: Company ledger shows a balance of…

A: Introduction: Bank Reconciliation statement: Its a statement prepared by the customer of the bank at…

Q: How would the following be handled on the bank reconciliation? Added? Subtracted? Ledger side or…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: The following bank reconciliation has been prepared by a trainee accountant: £ Overdraft per…

A: Bank reconciliation : We should find the correct balance as per cash book of the company. So we need…

Q: Identify where each of the following transactions would be found on the bank reconciliation.…

A: Bank reconciliation statement: This statement shows the deposits, withdrawals and other charges and…

Q: Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company…

A: Oustanding Checks are $1,638.59 not $14.30. Service charge is deducted from the cash balance of…

Q: The bank portion of the bank reconciliation for Carla Vista Co. at October 31, 2022, is shown below.…

A: Bank reconciliation Statement: This statement is prepared by the account holder on a particular date…

Q: Using the following information, prepare a bank reconciliation. • Bank balance: $6,888 Book balance:…

A: The bank reconciliation is prepared to reconcile the bank balance with the book balance. Any item…

Q: Using the following information, prepare a bank reconciliation. • Bank balance: $4,587 • Book…

A: Introduction: Bank Reconciliation statement: To reconcile the differences between bank book and cash…

Q: Using the following information, prepare the bank reconciliation for Reconciliation Corp for…

A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…

Q: In a bank reconciliation, to adjust for the bank's deducting $980 for a company check that you wrote…

A: Bank Reconciliation Statements: The statement that reconciles the bank balance with the book…

Q: Using the following information, prepare a bank reconciliation. • Bank balance: $4,987 • Book…

A: Bank reconciliation statement is prepared to reconcile the bank and book cash balance. All the items…

Q: From the following information, construct a bank reconciliation for P.J. Co. as of March 31, 2022:…

A: A bank reconciliation statement is prepared by the management at a particular time period. It helps…

Q: Using the following information, prepare a bank reconciliation. Bank balance: $6,888 Book balance:…

A: Bank Reconciliation Statement is prepared check that the bank balance as per the books is equal to…

Q: Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance…

A: The bank reconciliation statement is prepared to match the cash balances of cash book and pass book.…

Q: Pharoah Company is a very profitable small business. It has not, however, given much consideration…

A: A bank reconciliation statement is a financial document that reconciles the bank statement balance…

Q: The bank reconciliation shows the following adjustments: Deposits in transit: $852 • Notes…

A: The journal entry made only for two transactions which shows in step no 2

Q: a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for…

A: Bank reconciliation is the process of comparing a company's internal financial records with the…

Q: The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436. The bank…

A: Bank Reconciliation Statement: It is a statement prepared to reconcile the difference between the…

Q: Joey Co just completed it's bank reconciliation for the year-ended December 31, 20x1. The following…

A: A Bank Reconciliation Statement is a report or statement prepared by a business to match the banking…

Q: Using the following information, prepare a bank reconciliation. • Bank balance: $6,788 • Book…

A: Bank Reconciliation statement is prepared to match the cash balances of cash book and pass book.

Q: If a company made a bank deposit on September 30 that did not appear on the bank statement dated…

A: AT the end of each the bank reconciliation statement is prepared to reconcile the balance of cash…

Q: n attempt to keep clerical and office expenses to a minimum, the company has combined the jobs of…

A: Given information, Balance as per the bank statement = $18890 Cash account balance = $22311

Q: The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable…

Q: Using the reconciling items below, prepare a bank reconciliation for the September 30, 2021 year…

A: A bank reconciliation statement is a summary of banking and business activity that reconciles an…

Q: On its bank reconciliation, how

A: Transposition Error When a bookkeeper mistakenly records two consecutive digits in the wrong order…

Q: The bank reconciliation for Widgets Inc. included the following items: $30 bank service charge; NSF…

A: Bank Reconciliation Statement BRS is a financial document that compares of a company's records of…

Q: In a bank reconciliation, to adjust for the bank's deducting $980 for a company check that you wrote…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: In a bank reconciliation, to adjust for a bank charge for another company's check requires: O…

A: The Bank Reconciliation statement helps in reconciliation of bank balance with its financial…

Question

In a bank reconciliation, to adjust for the bank's deducting $980 for a company check that you wrote and booked for $890 requires A. increasing the book balance by $90 B. reducing the book
balance by $90 C. increasing the bank balance by 590 D. reducing the bank balance by $90

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduce to bank reconciliation statement

VIEW

Step 2: Working for correct option or incorrect option

VIEW

Solution

VIEW

Step by step

Solved in 3 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

Using the following information, prepare a bank reconciliation. Bank balance: $6,788 Book balance: $6,525 Deposits in transit: $1,688 Outstanding checks: $569 and $1,523 Bank charges: $75 Bank incorrectly charged the account $75. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $245 but posted in the accounting records as $254. This check was expensed to Utilities Expense. Bank Reconciliation Bank Statement Balance at (date) $fill in the blank 1 Add: Deposits in Transit Outstanding Checks Less: - Select - Adjusted Bank Balance $fill in the blank 8 Book Balance at (date) $fill in the blank 9 Add: - Select - Less: - Select - Adjusted Book Balance $fill in the blank 14
Using the following information, prepare a bank reconciliation. • Bank balance: $4,687 • Book balance: $5,690 • Deposits in transit: $1,546 • Outstanding checks: $956 • Interest income: $53 • NSF check: $466 Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance
The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 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 [ Select ] ["Bank Service Charges", "Interest Expense", "Interest Income", "Bank Errors", "Cash"] [ Select ] ["$569", "$30", "$300", "$1,020", "$852"] CR [ Select ] ["Interest Expense", "Cash", "Bank Service Charges", "Interest Income", "Bank Errors"] [ Select ] ["$852", "$300", "$569", "$1,030", "$30"] and DR…
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 Use the following information to prepare a bank reconciliation for Young Company at June 30: 1 Balance per Cash account, June 30. $9172.542 Balance per bank statement, June 30. $9490.333 Deposits not reflected on bank statement. $942.504 Outstanding checks, June 30. $1,638.595 Service charge on bank statement not recorded in books. $14.306 Error by bank-Yertel Company check charged on Young Companys bank statement. $7157 Check for advertising expense $325incorrectly recorded in books as $676
ss
Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company at June 30:1. Balance per Cash account, June 30, $15,875.55.2. Balance per bank statement, June 30, $16,425.56.3. Deposits not reflected on bank statement, $1,631.25.4. Outstanding checks, June 30, $2,836.01.5. Service charge on bank statement not recorded in books, $24.75.6. Error by bank—Yertel Company check charged on Young Company’s bank statement, $1,237.50.7. Check for advertising expense, $562.50, incorrectly recorded in books as $1,170.00.
Financial Accounting
The bank reconciliation shows the following adjustments: • Deposits in transit: $882 • Notes receivable collected by bank: $1,040; interest: $35 • Outstanding checks: $580 • Error by bank: $310 • Bank charges: $40 Prepare the correcting journal entries. If an amount box does not require an entry, leave it blank. Accounts Payable Accounts Receivable Bank Service Charges Cash Interest Income II II II II
Using the following information, prepare a bank reconciliation. • Bank balance: $6,988 • Book balance: $6,706 • Deposits in transit: $1,770 • Outstanding checks: $599 and $1,423 • Bank charges: $75 • Bank incorrectly charged the account $75. The bank will correct the error next month. • Check number 2456 correctly cleared the bank in the amount of $137 but posted in the accounting records as $317. This check was expensed to Utilities Expense. Bank Reconciliation Bank Statement Balance at (date) Add: Less: Adjusted Bank Balance Book Balance at (date) Add: Less: Adjusted Book Balance
Using the following information: Bank balance: $3,678 Book balance: $2,547 Deposits in transit: $321 Outstanding checks: $108 and $334 Bank charges: $25 Notes receivable: $1,000; interest: $35 and using the following accounts/items: Bank Errors Bank Service Charges Cash Deposits in Transit Interest Expense Interest Income Notes Receivable Outstanding Checks you are to prepare a bank reconciliation: Bank Balance [ Select ] Book Balance [ Select] Add items: Add items: [ Select ] [ Select ] [ Select] [ Select ] [ Select ] [ Select ] [ Select ] [ Select ] Less items: Less items: [ Select ] [ Select ] [ Select] [ Select ] [ Select ] [ Select ] [ Select] [ Select ] Adjusted Bank Bal. [ Select ] Adjusted Book Bal. [ Select ] PLEASE NOTE: For the above reconciliation, if no dollar amount is needed, please use "$0" or if no item is needed, please use "None" - no quotation marks. You must enter the account and item names exactly as written above and all dollar amounts will be with "$" and commas…