The U.S. Chamber of Commerce provides a free monthly bank reconciliation template at business.uschamber.com/tools/bankre_m.asp. Paula Hein just received her bank statement notice online. She wants to reconcile her checking account with her bank statement and has chosen to reconcile her accounts manually. Her checkbook shows a balance of $806. Her bank statement reflects a balance of $1,464. Checks outstanding are No. 2146, $47; No. 2148, $60; No. 2152, $217; and No. 2153, $455. Deposits in transit are $132 and $88. There is a $31 service charge and $13 ATM charge in addition to notes collected of $115 and $28. Reconcile Annie's balances. Annie's checkbook balance Add: Subtotal Deduct: Subtotal Reconciled balance BANK RECONCILIATION < Prev Bank balance Add: Subtotal Deduct: Reconciled balance 6 of 7 CII Next >

The U.S. Chamber of Commerce provides a free monthly bank reconciliation template at business.uschamber.com/tools/bankre_m.asp. Paula Hein just received her bank statement notice online. She wants to reconcile her checking account with her bank statement and has chosen to reconcile her accounts manually. Her checkbook shows a balance of $806. Her bank statement reflects a balance of $1,464. Checks outstanding are No. 2146, $47; No. 2148, $60; No. 2152, $217; and No. 2153, $455. Deposits in transit are $132 and $88. There is a $31 service charge and $13 ATM charge in addition to notes collected of $115 and $28. Reconcile Annie's balances. Annie's checkbook balance Add: Subtotal Deduct: Subtotal Reconciled balance BANK RECONCILIATION < Prev Bank balance Add: Subtotal Deduct: Reconciled balance 6 of 7 CII Next >

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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The U.S. Chamber of Commerce provides a free monthly bank reconciliation template at business.uschamber.com/tools/bankre_m.asp. Paula Hein just received her bank statement notice online. She wants to reconcile her checking account with her bank statement and has chosen to reconcile her accounts manually. Her checkbook shows a balance of $698. Her bank statement reflects a balance of $1,348. Checks outstanding are No. 2146, $25; No. 2148, $58; No. 2152, $198; and No. 2153, $464. Deposits in transit are $100 and $50. There is a $15 service charge and $5 ATM charge in addition to notes collected of $50 and $25. Reconcile Annie's balances. BANK RECONCILIATION Annie's checkbook balance Bank balance Add: Add: Subtotal Subtotal Deduct: Deduct: Subtotal Reconciled balance Reconciled balance aw 4 of 15
4- 5 The U.S. Chamber of Commerce provides a free monthly bank reconciliation template at business.uschamber.com/tools/bankre_m.asp. Riley Whitelaw just received her bank statement notice online. She wants to reconcile her checking account with her bank statement and has chosen to reconcile her accounts manually. Her checkbook shows a balance of $698. Her bank statement reflects a balance of $1,348. Checks outstanding are No. 2146, $25; No. 2148, $58; No. 2152, $198; and No. 2153, $464. Deposits in transit are $100 and $50. There is a $15 service charge and $5 ATM charge in addition to notes collected of $50 and $25. Reconcile Riley’s balances. LU 4-2(3)
Using the T-accounts of the First National Bank and theSecond National Bank given in this chapter, describewhat happens when Jane Brown writes a check for $90on her account at the First National Bank to pay herfriend Joe Green, who in turn deposits the check in hisaccount at the Second National Bank
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You are the training director for tellers at a large local bank. As part of a new training program you are developing, you have given your trainees this "sample" check register. It is filled out but some of the balances are incorrect. Check Number Date 4/7 4/14 4/16 1208 4/17 4/21 PLEASE BE SURE TO DEDUCT ANY BANK CHARGES THAT APPLY TO YOUR ACCOUNT. Description of Transaction To: Deposit For: To: Mario's Market Debit Card For: To: ATM Withdrawal For: To: Bargain Properties For: To: Electronic Payroll Deposit For: Amount of payment or withdrawal (-) 48 65 135 00 870 00 ✓ Amount of Deposit or interest (+) 755 80 1,350 00 Balance Forward Bal. Bal. Bal. Bal. 469 30 1,225 10 1,176 45 996 45 181 45 Bal. 1,531 45 You instruct your trainees to find and correct the errors in the balances. If your trainees do so, what should the corrected final balance be (in $)? $
Bank ReconciliationLidia has the following information from her books and her August bank statement. She is hoping that you can reconcile her bank account for her. Then prepare a tabular analysis for any adjustments required to reach the adjusted cash balance per books. Be sure to include dates and explanations for any revenues or expenses. Use the provided templates to complete your work. Book Balance $28,600 Bank Balance $32,545 Deposits in transit $3,400 Outstanding checks $5,000, $1,800 and $975 Bank charges $35 Interest earned $55 Health insurance auto-draft $450
In the normal operation of business, you receive a check from a customer and deposit it into your checking account. With your bank statement, you are advised that this check for $775 is "NSF." The bank also informs you that due to the amount of activity on your business account the monthly service charge is $75. During a bank reconciliation, you will Oa. add both values to balance according to bank Ob. add both values to balance according to books Oc. subtract both values from balance according to books Od. subtract both values from balance according to bank
Using the check register below and the following bank statement, prepare a bank reconciliation for Lee.com. Note: Input all amounts as positive values. Round your answers to 2 decimal places. NUMBER 959 960 960 961 962 962 RECORD ALL CHARGES OR CREDITS THAT AFFECT YOUR ACCOUNT ✓ FEE (IFANY) (-) DATE 2022 8/7 8/15 8/19 8/20 8/24 7/29 Date 8/1 balance 8/18 8/19 8/26 8/30 DESCRIPTION OF TRANSACTION AT&T Staples Deposit West Electric Bank of America Deposit BANK STATEMENT Checks $ 143.50 319.24 15.00 SC PAYMENT/ DEBIT (-) $143.50 Deposits $ 800.00 66.10 451.88 319.24 Balance $ 4,500.75 4,357.25 5,157.25 4,838.01 4,823.01 $ DEPOSIT/ CREDIT (+) $ 800.00 400.30 BALANCE $4,500.75 -143.50 4357.25 -66.10 4291.15 800.00 5091.15 -451.88 4639.27 -319.24 4320.03 400.30 $ 4720.33
Naomi Greenwell fills out a deposit slip for her saving account. She deposits a check for $445.96. She also has $215.44 in cash and $23.17 in coins. What is her total deposit?
The accountant of Sophia Manufacturing Company was tasked to perform monthly bank reconciliation. She downloaded the company’s April 30, 2019 bank statement that showed a balance of P32,400. She also printed the cash ledger from the company’s computerized accounting system. It contains the ending balance of P8,350. She also found the following reconciling items:a. The bank statement showed bank service fee of P800.b. The bank collected P1,500 from a note receivable for Sophia Manufacturing. Also, a collection fee of P250.00 was charged.c. Deposit in transit, P51,000.d. Checks outstanding on April 30, P79,100.e. The accountant found a check issued to Rhys Corp. for P4,500 that cleared the bank but was not in the cash ledger. Requirement:a. Prepare the bank reconciliation statement.b. Journalize the adjusting entries.
You work for Ang Tindahan Company. You were tasked to prepare the deposit slips,withdrawal slip and bank check for today, March 28, 2017. You will use thecompany’s Lucky Bank accounts. Deposit checking account number 000123456789. The deposits are composed of the following:  Cash deposit of 145,670- composed of 100 pieces of 1,000 bills, 80 pieces of 500 bills, 25 pieces of 200 bills, 6 pieces of 100 bills, 1 piece each of 50 and 20 bill.  Check deposit of 567,890 – composed of 3 checks.- BPI- Katipunan branch with check number 00056743 for 233,670.- Union Bank-Ortigas branch with check number 00087654 for 125,688- BDO-Greenhills branch with check number 00056799 for 206,532.You were also tasked to prepare the withdrawal slip and check to be signed by the company president and treasurer. Prepare a withdrawal slip from bank account #000123456792 for the amount of 543,900. This will be used to pay the employee payroll for March 31. Required: Use the deposit slips, withdrawal slips and…
Ben Luna received his bank statement with a $31.52 fee for a bounced check (NSF). He has an $919.20 monthly mortgage payment paid through his bank. There was also a $3.20 teller fee and a check printing fee of $8.40. His ATM card fee was $10.00. There was also a $543.90 deposit in transit. The bank shows a balance of $232.91. The bank paid Ben $2.73 in interest Ben's checkbook shows a balance of $1,575.40. Check No. 234 for $100.75 and check No. 235 for $70.25 were outstanding Prepare Ben's bank reconciliation. (Round your answers to 2 decimal places.) Ben's checkbook balance Add: Subtotal Deduct: Reconciled balance Bank balance Add: Subtotal Deduct: Reconciled balance