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.
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- 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 Oa. add both values to balance according to bank Ob. add both values to balance according to books Oc. subtract both values from balance according to books Od. subtract both values from balance according to bankI need help with questionUsing the check register below and the following bank statement, prepare a bank reconciliation for Lee.com. Note: Input all amounts as positive values. Round your answers to 2 decimal places. NUMBER 959 960 960 961 962 962 RECORD ALL CHARGES OR CREDITS THAT AFFECT YOUR ACCOUNT ✓ FEE (IFANY) (-) DATE 2022 8/7 8/15 8/19 8/20 8/24 7/29 Date 8/1 balance 8/18 8/19 8/26 8/30 DESCRIPTION OF TRANSACTION AT&T Staples Deposit West Electric Bank of America Deposit BANK STATEMENT Checks $ 143.50 319.24 15.00 SC PAYMENT/ DEBIT (-) $143.50 Deposits $ 800.00 66.10 451.88 319.24 Balance $ 4,500.75 4,357.25 5,157.25 4,838.01 4,823.01 $ DEPOSIT/ CREDIT (+) $ 800.00 400.30 BALANCE $4,500.75 -143.50 4357.25 -66.10 4291.15 800.00 5091.15 -451.88 4639.27 -319.24 4320.03 400.30 $ 4720.33
- Please help.me to do part a and b. Thank you for your helpYou are required toa. Calculate the correct closing balance of the bank account in the general ledger of Pepper Traders as at 31 August 2022. In vourcalculation, you should clearly name the item and list the amount that you are adjusting the bank balance with. b. Prepare the bank reconciliation statement as at 31 August 2022.A cheque in the amount of $455 was returned by the bank marked "NSF". A bank service fee of $15 was charged for processing the returned cheque. Upon notification of the NSF, the company who initially received the customer’s cheque will most likely 1. reverse the customer’s payment on their books to re-establish the accounts receivable for $455 and debit the accounts receivable for the bank service fee of $15. 2. reverse the customer’s payment on their books to re-establish the accounts receivable for $455. 3. reverse the customer’s payment on their books to re-establish the accounts receivable for $455 and debit bank charges expense for the bank service fee of $15. 4. make no changes to the accounting records but advise the customer that the payment was declined and is still outstanding.
- The U.S. Chamber of Commerce provides a free monthly bank reconciliation template at business.uschamber.com/tools/bankre_m.asp. Paula Hein just received her bank statement notice online. She wants to reconcile her checking account with her bank statement and has chosen to reconcile her accounts manually. Her checkbook shows a balance of $806. Her bank statement reflects a balance of $1,464. Checks outstanding are No. 2146, $47; No. 2148, $60; No. 2152, $217; and No. 2153, $455. Deposits in transit are $132 and $88. There is a $31 service charge and $13 ATM charge in addition to notes collected of $115 and $28. Reconcile Annie's balances. Annie's checkbook balance Add: Subtotal Deduct: Subtotal Reconciled balance BANK RECONCILIATIONThe U.S. Chamber of Commerce provides a free monthly bank reconciliation template at business.uschamber.com/tools/bankre_m.asp. Paula Hein just received her bank statement notice online. She wants to reconcile her checking account with her bank statement and has chosen to reconcile her accounts manually. Her checkbook shows a balance of $698. Her bank statement reflects a balance of $1,348. Checks outstanding are No. 2146, $25; No. 2148, $58; No. 2152, $198; and No. 2153, $464. Deposits in transit are $100 and $50. There is a $15 service charge and $5 ATM charge in addition to notes collected of $50 and $25. Reconcile Annie's balances. BANK RECONCILIATION Annie's checkbook balance Bank balance Add: Add: Subtotal Subtotal Deduct: Deduct: Subtotal Reconciled balance Reconciled balance aw 4 of 15For 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 still outstanding. Outstanding cheques from the previous month that are no longer 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.
- Assign the letter to indicate whether the following items would be added from the company's books or the bank statement during the construction of a bank reconciliation. Clear All Charges for some other company's safe deposit box were posted to your account A $1,000 note from one of Added to the bank your customers was statement balance collected by the bank Added the company's Interest revenue earned by books the note above EFT deposit from a customerThe accountant of Sophia Manufacturing Company was tasked to perform monthly bank reconciliation. She downloaded the company’s April 30, 2019 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company’s computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items:a. The bank statement showed bank service fee of P800.b. The bank collected P1,500 from a note receivable for Sophia Manufacturing. Also, a collection fee of P250.00 was charged.c. Deposit in transit, P51,000.d. Checks outstanding on April 30, P79,100.e. The accountant found a check issued to Rhys Corp. for P4,500 that cleared the bank but was not in the cash ledger. Requirement:a. Prepare the bank reconciliation statement.b. Journalize the adjusting entries.The accountant of Jonathan Manufacturing Company was tasked to perform monthly bank reconciliation. She downloaded the company’s April 30, 2019 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company’s computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items:a. The bank statement showed bank service fee of P800.b. The bank collected P1,500 from a note receivable for Jonathan Manufacturing. Also, a collection fee of P250.00 was charged.c. Deposit in transit, P51,000.d. Checks outstanding on April 30, P79,100.e. The accountant found a check issued to Rhys Corp. for P4,500 that cleared the bank but was not in the cash ledger. Requirement:a. Prepare the bank reconciliation statement.b. Journalize the adjusting entries.