The reconciled bank balance is? Problem: The bank statement balance of $7,000 doesnot include a check outstanding of $1,000, a deposit intransit of $275, and another company's $250 checkerroneously charged against your firm's account. Thereconciled bank balance is_ ?

Bank reconciling items:Deposit in Transit - not yet recorded by the bank but already added in the…

Answered: Problem: The bank statement balance of…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 2QY

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Accounting-Bank Reconciliation
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What is Bank Overdraft? 1. A document used by a company's accounts payable department containing the supporting documents for an invoice. 2. A negotiable instrument where payment is guaranteed by the issuing bank. 3. A negotiable instrument similar to a bill of exchange. 4. A line of credit that covers your transactions if your bank account balance drops below zero.
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Suppose you incorrectly recorded a deposit as $450. The bank discovered the correct amount was $480. The bank will send a debit memo to inform you of the error. (True or False)
Problem Solving. 1. The accountant of Dos Company is preparing a bank reconciliation with the following information: bank balance, unadjusted ? ; book balance, unadjusted P80,000; DIT P14,000; outstanding checks P32,000; CM P19,000; and DM P8,000. How much is the adjusted book balance? 2. How much is the unadjusted bank balance of Dos Company?
The bank statement on 31 October 20X7 showed an overdraft of $800. On reconciling the bank statement, it was discovered that a cheque drawn by your company for $80 had not been presented for payment, and that a cheque for $130 from a customer had been dishonoured on 30 October 20X7, but that this had not yet been notified to you by the bank. What is the correct bank balance to be shown in the statement of financial position at 31 October 20X7? A $1,010 overdrawn B $880 overdrawn C $750 overdrawn D $720 overdrawn
The bank statement on 31 October 20X7 showed an overdraft of $800. On reconciling the bank statement, it was discovered that a cheque drawn by your company for $80 had not been presented for payment, and that a cheque for $130 from a customer had been dishonoured on 30 October 20X7, but that this had not yet been notified to you by the bank. What is the correct bank balance to be shown in the statement of financial position at 31 October 20X7?
In a bank reconciliation, to adjust for an incorrect deposit of $1,000 from another company in your account requires: O reducing the bank balance by the amount of the deposit O increasing the bank balance by the amount of the deposit O reducing the book balance by the amount of the deposit O increasing the book balance by the amount of the deposit

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Problem: The bank statement balance of $7,000 does not include a check outstanding of $1,000, a deposit in transit of $275, and another company's $250 check erroneously charged against your firm's account. The reconciled bank balance is_ ?