Financial Accounting (12th Edition) (What's New in Accounting)
12th Edition
ISBN: 9780134725987
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
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Chapter 4, Problem 10QC
To determine
To find: The correct option, the option which indicates the necessity for a
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A journal entry would need to be made for which of the following adjustments on a bankreconciliation?a. Bank service chargesb. Outstanding checksc. Deposits in transitd. Bank error to be corrected by the bank
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
On a bank reconciliation, which of the following is added to the balance per book?
Interest earned on the bank balance.
EFT payments to vendors.
Deposits in transit.
Outstanding checks.
Chapter 4 Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
Ch. 4 - Prob. 1QCCh. 4 - Prob. 2QCCh. 4 - Prob. 3QCCh. 4 - Prob. 4QCCh. 4 - Prob. 5QCCh. 4 - Prob. 6QCCh. 4 - Prob. 7QCCh. 4 - Why does cash require some specific internal...Ch. 4 - Prob. 9QCCh. 4 - Prob. 10QC
Ch. 4 - Prob. 11QCCh. 4 - Prob. 12QCCh. 4 - Prob. 4.1ECCh. 4 - Prob. 4.1SCh. 4 - Prob. 4.2SCh. 4 - (Learning Objective 2: Describe objectives and...Ch. 4 - Prob. 4.4SCh. 4 - (Learning Objective 2: Explain the objectives and...Ch. 4 - (Learning Objective 3: Evalue internal controls...Ch. 4 - Prob. 4.7SCh. 4 - Prob. 4.8SCh. 4 - Prob. 4.9SCh. 4 - Prob. 4.10SCh. 4 - Prob. 4.11SCh. 4 - Prob. 4.12SCh. 4 - Prob. 4.13SCh. 4 - Prob. 4.14SCh. 4 - Prob. 4.15AECh. 4 - Prob. 4.16AECh. 4 - Prob. 4.17AECh. 4 - Prob. 4.18AECh. 4 - Prob. 4.19AECh. 4 - Prob. 4.20AECh. 4 - Prob. 4.21AECh. 4 - Prob. 4.22BECh. 4 - Prob. 4.23BECh. 4 - Prob. 4.24BECh. 4 - (Learning Objectives 1, 2, 3: Describe fraud and...Ch. 4 - Prob. 4.26BECh. 4 - Prob. 4.27BECh. 4 - Prob. 4.28BECh. 4 - Prob. 4.29QCh. 4 - Prob. 4.30QCh. 4 - Prob. 4.31QCh. 4 - Prob. 4.32QCh. 4 - Prob. 4.33QCh. 4 - Prob. 4.34QCh. 4 - Prob. 4.35QCh. 4 - Prob. 4.36QCh. 4 - Prob. 4.37QCh. 4 - Prob. 4.38QCh. 4 - Prob. 4.39QCh. 4 - Prob. 4.40QCh. 4 - Prob. 4.41APCh. 4 - Prob. 4.42APCh. 4 - Prob. 4.43APCh. 4 - Prob. 4.44APCh. 4 - Prob. 4.45BPCh. 4 - (Learning Objectives 2, 3: Explain the objectives...Ch. 4 - (Learning Objective 3: Evaluate internal controls)...Ch. 4 - Prob. 4.48BPCh. 4 - Prob. 4.49CEPCh. 4 - Prob. 4.50CEPCh. 4 - Prob. 4.51SCCh. 4 - Prob. 4.52DCCh. 4 - Prob. 4.53DCCh. 4 - Prob. 4.54EICCh. 4 - Prob. 1FFCh. 4 - Prob. 1FA
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- What should be done if differences are found between the bank statement and the book account?arrow_forwardPrepare the journal entry required to reconcile the book balance to the bank balance.arrow_forwardIdentify where each of the following transactions would be found on the bank reconciliation. Table 8.1arrow_forward
- Inner Resources Company received the following bank statement. Using the information from PA11 and PA12, prepare the bank reconciliation.arrow_forwardHajun Company received the following bank statement. Using the information from PB9 and PB10, prepare the bank reconciliation.arrow_forwardWhich of the following items must be deducted to the balance per ledger in preparing a bank reconciliation, which ends with adjusted cash balance? Interest on deposits Collections from customers Service charges Erroneous bank debitarrow_forward
- Which of the following is supported with a debit memorandum? a.proceeds of bank loan b.collections already forwarded to the bank for deposit but too late to appear in the bank statement c.matured time deposits transferred by bank to the current account d.notes receivable collected by the bank in favor of the depositor e.charges for penaltyarrow_forwardThe amount of the outstanding checks is included on the bank reconciliation as a(n) Select one: A. addition to the balance per bank statement B. addition to the balance per company's records C. deduction from the balance per company's records D. deduction from the balance per bank statementarrow_forwardWhich of the following is an appropriate reconciling item to the balance per bank in a bank reconciliation? a. Bank service charge b. Chargeback for NSF check c. Deposit in transit d. Bank interestarrow_forward
- The adjusting entries for a bank reconciliation Select the correct response: May include a debit to office expense for bank service charge. May include a credit to accounts receivable for an NSF customer check. Are taken from the "balance per bank" section only. May include a debit to accounts payable for an NSF customer check.arrow_forwardThe journal entries for a bank reconciliation a. are taken from the "balance per bank" section only. b. may include a debit to Office Expense for bank service charges. C. may include a credit to Accounts Receivable for an NSF check. d. may include a debit to Accounts Payable for an NSF check.arrow_forwardFor each of the items indicate whether its amount affects the bank or book side of a bank reconciliation and is an addition or a subtraction in a bank reconciliation and whether a journal entry is required: Items a. Minimum balance bank fee b. Bank collected note receivable on behalf of depositor c. Outstanding check written to supplier d. Bank maintenance fee e. Bank service charges f. Deposits in transit g. Interest on cash balance Bank or Book side Addition or Subtraction Entry required or Notarrow_forward
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