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Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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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
SHOW FORMULAS USING EXCELNO FORMULAS = NO UPVOTE
Introduction to business
Identify whether each of the following items would on appear on the bank side or the book side of a bank reconciliation. Enter Bank or Book below. Bank service charges Outstanding checks Deposits in transit NSF check Interest on a checking account The company properly wrote a check for $95.80 that the bank incorrectly paid as $9.58. The bank printed checks for the depositor for a fee. Bank debit memorandum Bank credit memorandum The bank collected a $1,000 note for the depositor.
Bank Reconciliation The following data were gathered to use in reconciling the bank account of Azalea Company: Balance per bank $ 17,300 Balance per company records 9,455 Bank service charges 35 Deposit in transit 3,700 Note collected by bank with $100 interest 5,350 Outstanding checks 6,230 a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Azalea Company based on the bank reconciliation. f an amount box does not require an entry, leave it blank. Cash Accounts Receivable Miscellaneous Expense Cash
Problem 3 Serato Company keeps all Its cash In a checking acount. An examination of the entity's accounting records and bank statement for the month ended December 31, 2020 revealed a bank statement balance of P8.469.000 and a book balance of P8,524,000. A deposit of P950,000 placed in the bank's night depository on December 29 does not appear on the bank Statement. Checks outstanding on December 31 amount to P270, 000. The bank statement snows that on December 25, the bank collected a note for Serato Company and credited the proceeds of P935,000 to the entity's account. The proceeds included P35,000 interest, all or Wich Serato Company earned during the current period, Serato Company has not yet recorded the said collection. Serato Company discovered that check number 1000759 written in December for P183,000 in payment of an account had been recorded in the entity's records as P138,000. Included with the December 31 bank statement was an NSF check for P250,000 that Serato Company had…
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Following is a bank reconciliation for Zocar Enterprises for June 30, Year 2: Balance as of 6/30/Year 2 Deposit in transit Outstanding checks Note collected by bank Bank service charge NSF check Adjusted cash balance as of 6/30/Year 2 Complete this question by entering your answers in the tabs below. Required A Bank Cash Account Stateme $24,790 $21,69 Required C 1,905 (35) (1,150) As part of the normal process for handling an NSF check, the accounting clerk has notified the customer that their account did not contain sufficient funds to pay the balance owed to the company. The customer was told that they will need to provide an alternative form of payment to cover the outstanding balance. < Required A $25,510 Required a. Prepare the adjustment that the clerk would have made to record the NSF check. c. Assume the clerk had stolen $1,150 cash, and recorded an entry for a nonexistent NSF check to reduce the cash balance so that it would match the bank balance. Select the internal control…
An adjusting entry is required for: Select one© a. Deposit în transit.O b. Outstanding checksO c. Bank errorsO d. Collection of a note by the bank
Checking accounts are a common form of deposits for banks. Assume that Surety Storage has a checking account at Ada Savings Bank. What type of account (asset, liability, owner’s equity, revenue, expense, drawing) does the account balance of $11,375 represent from the viewpoint of (a) Surety Storage and (b) Ada Savings Bank?
Based on the following information, what amount would be subtracted from the bank statement side of the bank reconciliation? ATM withdrawal $31; Outstanding checks $135; Interest $4; Deposit in-transit $87.Multiple Choice $139 $166 $87 $135 $31
Bank Raconciliation The folowing data were accumudated for use in raconciling the bark account of Mathers Ca. for Juy: 1. Cash balance according to the company's records at July 31, $32,110. 2. Cash balance according to the bank statament at uly 31, $31,350. 3. Checks outstanding, $2,870. 4. Diposit in transik, not recorded by bank, $4,150. S. A check for $170 in payment of an accout was orroneously recorded in the check regite as $710. 6. Bank debit memo for service charges, $20. a Propare a bank reconcilation, uing the format shown in Exhibit 14. Hathers Co. Bark Raconciliation Cash balance according to bark satement Add deposit in transit, not recorded by bank Deduct outstanding chacks Adustad batance Cash balance acording to company's ncords Add error in recording check as $710 instead of $170 Daduct bank service charge Aduilad balane DEVZE Petack YCheck My Wuk . Sup twO u cre for th cRmpa MTUn ad he uher lor he bark bance n Delamne he wf b. If the balarka stdprepur x ott're Must…

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The carreacy bank hold in their vaults plus their deposits at the Federal Reserve. A Bank Reseves Bank Bank property Fore closures B. liens C- d. Bank