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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
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
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…
multiple choice quetion a.When preparing a bank reconciliation statement and the closing bank statement balance is an overdraft, we begin with the balance in the bank statement and then: add unpresented cheques and deduct outstanding receipts. add outstanding receipts and deduct unpresented cheques. add all receipts and deduct all payments. 4.add all payments and deduct all receipts
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Control Features of a Bank Account: Reconciling the Bank Account (Entries from Bank Reco Knowledge Check A bank reconciliation from Ware, Inc. is provided here. Cash balance per bank statement Add: Deposits in transit $18,200 2,100 20,300 Less: Outstanding checks 1,050 Adjusted cash balance per bank 19,250 Cash balance per books 17,000 Add: Electronic funds transfer received $2,650 Interest earned 30 2,680 19,680 Less: NSF check-J. King 400 Bank charges 30 430 Adjusted cash balance per books $19,250 Prepare all necessary journal entries as a result of the bank reconciliation. (List all debit entries before credit entries. Credi titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Nov 30 Cash Debit Credit
Match up the following statements and answers. An answer may be used more than once. Whose liabilities are bank notes held by the general public? Choose... Whose assets are reserves with the central bank? Choose... For households a home mortgage is a Choose... for commercial banks a home mortgage is a Choose... for commercial banks a deposit held by the general public Choose... is a for a corporation a bank loan is a Choose... an example of a household's tangible assets is a Choose... if I borrow money using my house as collateral this is a v Choose... mortgage, an asset of a commercial bank the central bank liability house asset mortgage, a liability of a commercial bank commercial banks
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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