Financial & Managerial Accounting
14th Edition
ISBN: 9781337119207
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 7, Problem 7.16EX
To determine
A.
To identify: The reconciling items.
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The following reconciling items are applicable to the bank reconciliation for the Spahn Company. Select whether each of the following items would be added to the book balance, deducted from the book balance, added to the bank balance, or deducted from the bank balance.
a.
Outstanding checks.
Added to the Book BalanceAdded to the Bank BalanceDeducted from the Book BalanceDeducted from the Bank Balance
b.
Bank credit memorandum for collecting a note for the depositor.
Deducted from the Bank BalanceAdded to the Bank BalanceAdded to the Book BalanceDeducted from the Book Balance
c.
Bank debit memorandum for service charge.
Added to the Bank BalanceDeducted from the Book BalanceDeducted from the Bank BalanceAdded to the Book Balance
d.
Deposit in transit.…
On a bank reconciliation, the amount of an unrecorded bank service charge should be:
Multiple Choice
Added to the book balance of cash.
Deducted from the book balance of cash.
Added to the bank balance of cash.
Deducted from the bank balance of cash.
Noted in memorandum form only.
When completing the bank reconciliation, Bank Service Charges
would be:
Subtracted from the Cash General Ledger Balance
Subtracted from the Bank Statement Balance
Added to the Cash General Ledger Balance
Added to the Bank Statement Balance
Chapter 7 Solutions
Financial & Managerial Accounting
Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 10DQ
Ch. 7 - Internal control elements Identify each of the...Ch. 7 - Prob. 7.2BECh. 7 - Prob. 7.3BECh. 7 - Prob. 7.4BECh. 7 - Sarbanes-Oxley internal control report Using...Ch. 7 - Prob. 7.2EXCh. 7 - Prob. 7.3EXCh. 7 - Prob. 7.4EXCh. 7 - Prob. 7.5EXCh. 7 - Prob. 7.6EXCh. 7 - Prob. 7.7EXCh. 7 - Prob. 7.8EXCh. 7 - Prob. 7.9EXCh. 7 - Prob. 7.10EXCh. 7 - Prob. 7.11EXCh. 7 - Entry for cash sales; cash short The actual cash...Ch. 7 - Entry for cash sales; cash over The actual cash...Ch. 7 - Prob. 7.14EXCh. 7 - Prob. 7.15EXCh. 7 - Prob. 7.16EXCh. 7 - Prob. 7.17EXCh. 7 - Prob. 7.18EXCh. 7 - Prob. 7.19EXCh. 7 - Prob. 7.20EXCh. 7 - Prob. 7.21EXCh. 7 - Prob. 7.22EXCh. 7 - Prob. 7.23EXCh. 7 - Prob. 7.24EXCh. 7 - Prob. 7.1APRCh. 7 - Prob. 7.2APRCh. 7 - Prob. 7.3APRCh. 7 - Prob. 7.4APRCh. 7 - Prob. 7.5APRCh. 7 - Prob. 7.1BPRCh. 7 - Prob. 7.2BPRCh. 7 - Prob. 7.3BPRCh. 7 - Prob. 7.4BPRCh. 7 - Prob. 7.5BPRCh. 7 - Continuing Company AnalysisAmazon: Days cash on...Ch. 7 - Apache: Days cash on hand Apache Corporation is an...Ch. 7 - Krispy Kreme and Dunkin: Days cash on hand Krispy...Ch. 7 - Nike, lululemon, and Under Armour: Days cash on...Ch. 7 - Prob. 7.1TIFCh. 7 - Communication Wholesome and Happy Foods is a...
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- Which of the following items are found on a book side of the bank reconciliation? A. beginning bank balance B. outstanding checks C. interest income D. error made by bankarrow_forwardWhich of the following does not explain the differences between the bank statement balance and the customers cash balance? a. Deposit in transit b. Canceled checks c. An NSF check d. Errors e. Interest incomearrow_forwardWhich of the following are found on the bank side of the bank reconciliation? A. NSF check B. interest income C. wire transfer into clients account D. deposit in transitarrow_forward
- Hajun Company received the following bank statement. Using the information from PB9 and PB10, prepare the bank reconciliation.arrow_forwardLeann Company received the following bank statement. Using the information from PB11 and PB12, prepare the bank reconciliation.arrow_forwardDomingo Company received the following bank statement. Using PA9, prepare the bank reconciliation.arrow_forward
- Identify where each of the following transactions would be found on the bank reconciliation. Table 8.3arrow_forwardWhat is the purpose of the bank reconciliation?arrow_forwardThe following reconciling items are applicable to the bank reconciliation for Forde Co.Indicate how each item should be shown on a bank reconciliation. (a) Outstanding checks. Select how the item should be shown on a bank reconciliation Added to cash balance per booksDeducted from cash balance per bankDeducted from cash balance per booksAdded to cash balance per bank (b) Bank debit memorandum for service charge. Select how the item should be shown on a bank reconciliation Added to cash balance per bankDeducted from cash balance per booksDeducted from cash balance per bankAdded to cash balance per books (c) Bank credit memorandum for collecting from customer an electronic funds transfer. Select how the item should be shown on a bank reconciliation Deducted from cash balance per bankDeducted from…arrow_forward
- Accompanying the bank statement was a debit memo for bank service charges. On the bank reconciliation, the item is a(n) Select one: A. deduction from the balance per company's records B. addition to the balance per company's records C. addition to the balance per bank statement D. deduction from the balance per bank statementarrow_forwardIn preparing a bank reconciliation, the amount of deposits in transit is deducted from the balance per bank statement. True Falsearrow_forwardWhich of the following items is subtracted from the “cash balance from bank statement” on a bank reconciliation? interest earned on the bank account outstanding cheques deposits in transit bank service chargesarrow_forward
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