Solve this problem with correct solution Q.- Identify each of the following reconciling items as: (a) anaddition to the cash balance according to the bank statement, (b) adeduction from the cash balance according to the bank statement,(c) an addition to the cash balance according to the company'srecords, or (d) a deduction to the cash balance according to thecompany's records. (None of the transactions reported by bankdebit and credit memos have been recorded by the company.)1. Check of a customer returned by bank to companybecause of insufficient funds, $1,200.2. Deposit in transit, $12,375.3. Outstanding checks, $14,770.4. Note collected by bank, $10,600.

ItemsClassificationTreatment1d.a deduction to the cash balance according to the company's…

Answered: Q.- Identify each of the following…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter7: Accounting For Cash

Section: Chapter Questions

Problem 2CE

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Similar questions

Which of the following items are found on a book side of the bank reconciliation? A. beginning bank balance B. outstanding checks C. interest income D. error made by bank
Which of the following does not explain the differences between the bank statement balance and the customers cash balance? a. Deposit in transit b. Canceled checks c. An NSF check d. Errors e. Interest income
Leann Company received the following bank statement. Using the information from PB11 and PB12, prepare the bank reconciliation.
Hajun Company received the following bank statement. Using the information from PB9 and PB10, prepare the bank reconciliation.
Which of the following are found on the bank side of the bank reconciliation? A. NSF check B. interest income C. wire transfer into clients account D. deposit in transit
Domingo Company received the following bank statement. Using PA9, prepare the bank reconciliation.
When a business borrows money from a bank on a non-interest-bearing note, how are the bank discount and proceeds calculated?
Please help me with this practice question?
In a bank reconciliation, an EFT cash payment isa. deducted from the bank balance.b. added to the bank balance.c. added to the book balance.d. deducted from the book balance.
Which of the following must be deducted from the bank statement balance in preparing a bank reconciliation which ends with an adjusted cash balance? a. Reduction of the loan charged to the account of depositor b. Outstanding checks c. Deposit in transit d. Certified checks
2. Which of the following items must be added to the cash balance per ledger in preparing a bank reconciliation which ends with the adjusted cash balance? a. Note receivable collected by bank in favor of the depositor and credited to the account of the depositor b. NSF customer check c. Service charge d. Erroneous bank debit
Identify whether each of the following items would be (a) added to the book balance, (b) deducted from the book balance in a bank reconciliation, (c) added to the bank balance, or (d) deducted from the bank balance. 1. Deposits in transit Deducted from the bank balance Deducted from the book balance 2. Bank service charge Added to the book balance Added to the bank balance 3. Collection of note and interest by bank on company's behalf NSF check 5. Outstanding checks > > 4.

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