The following reconciling items are applicable to the bank reconciliation for Ellington Company. Indicate which itemswill require a journal entry.a.b.C.d.e.f.Outstanding cheques.Bank debit memorandum for service charge.EFT payment made by a customer.Deposits in transit.Company error in recording a cheque made ut for $880 as $808.A bank error in clearing a cheque against Ellington Company's bank account,when the cheque was written by Wellington Company.100

The objective of this question is to identify which of the given items in a bank reconciliation…

Answered: The following reconciling items are…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

Which of the following items will not appear on the Books side of the reconciliation? A a non-sufficient funds check of $75 was returned to the bank and deduct it from the bank balance. Be a deposit was in transit in not yet deposited in the bank. See the bank charge a service fee of $20 on the bank statement. D the bank collected in notes receivable of $1000 for the business
Reconciliation Items per Bank - Deposits in Transit Question; What does it mean when it says to compare individual deposits on the bank statement with: 1) the deposits in transit from the preceding bank reconciliation. AND 2) the current month's deposits recorded in the company's books. Please explain e.g's would be helpful as well.
The bank mistakenly recorded the collection of $385 on a customer account as $358 in the bank statement. The cheque was written in the correct amount and was correctly recorded in the company’s accounting system. The journal entry required to correct this error would be: Select one: a. debit Accounts Receivable, $385; credit Cash, $385 b. debit Cash, $27; credit Accounts Receivable, $27 c. debit Cash, $385; credit Accounts Receivable, $385 d. debit Accounts Receivable, $27; credit Cash, $27 e. no journal entry is required
For which of the following errors would the appropriate amount be added to the balance per books on a bank reconciliation? Deposit of $770 recorded by the bank as $77. O Check written for $73, but recorded by the company as $37. O A returned $470 check recorded by the bank as $47. Check written for $57, but recorded by the company as $75.
Current Attempt in Progress Identify whether each of the following items would be (a) added to the book balance, or (b) deducted from the book balance in a bank reconciliation. 1. 2 3. 4. 5. EFT transfer to a supplier. Bank service charge. Check printing charge. Error recording check # 214 which was written for $260 but recorded for $620. Collection of note and interest by the bank on the company's behalf.
Problem Solving. Required: 1. Prepare a properly classified bank reconciliation statement for each of the problems given below.2. Prepare the necessary adjusting journal entries on the company’s book for book reconciling items.
Entries based on bank reconciliation Which of the reconciling items listed below require an entry in the company's accounts? (None of the transactions reported by bank debit and credit memos have been recorded by the company.) Item 1. Bank service charges, $50. 2. Check of a customer returned by bank to company because of insufficient funds, $520. 3. Check for $345 incorrectly recorded by the company as $435. 4. Check for $200 incorrectly charged by bank as $2,000. 5. Deposit in transit, $4,250. 6. Outstanding checks, $5,420. 7. Note collected by bank, $5,300. Entry Required
Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company at June 30:1. Balance per Cash account, June 30, $15,875.55.2. Balance per bank statement, June 30, $16,425.56.3. Deposits not reflected on bank statement, $1,631.25.4. Outstanding checks, June 30, $2,836.01.5. Service charge on bank statement not recorded in books, $24.75.6. Error by bank—Yertel Company check charged on Young Company’s bank statement, $1,237.50.7. Check for advertising expense, $562.50, incorrectly recorded in books as $1,170.00.
In a bank reconciliation, outstanding checks are recorded by the __________, but not yet by the __________. Multiple Choice vendor; bank bank; vendor bank; company company; bank
Bank Reconciliation The following data were gathered to use in reconciling the bank account of Bradford Company: Balance per bank $ 17,400 Balance per company records 8,195 Bank service charges Deposit in transit Note collected by bank with $130 interest Outstanding checks a. What is the adjusted balance on the bank reconciliation? 45 3,100 4,900 7,450 b. Journalize any necessary entries for Bradford Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.
If a check correctly written and paid by the bank for $512 is incorrectly recorded in the company's books for $443, how should this error be treated on the bank reconciliation?
Question: The following errors were found when the controller at Mountain Motel was doing the June 30 bank reconciliation. On June 25, the bank posted a cheque in the amount of $825 to Mountain’s bank account. The cheque had been written by another company, Mountainside Company. For each of these errors, (a) indicate if and how it would be shown on the bank reconciliation, and (b) prepare the journal entry for Mountain if required. Please explain for the answer.

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