Financial Accounting
14th Edition
ISBN: 9781305088436
Author: Carl Warren, Jim Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter 8, Problem 17E
To determine
Identify the reconciling items.
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Students have asked these similar questions
When journal entries for items in the Ledger Balance of Cash section of the bank reconciliation are made, the additions are:
a.credited to the Capital account.
b.debited to the Capital account.
c.debited to the Cash account.
d.credited to the Cash account.
Identify whether each of the following items would be (a) added to the book balance, (b) deducted from the book balance in a bank
reconciliation, (c) added to the bank balance, or (d) deducted from the bank balance.
1.
Deposits in transit
Deducted from the bank balance
Deducted from the book balance
2.
Bank service charge
Added to the book balance
Added to the bank balance
3.
Collection of note and interest by bank on company's behalf
NSF check
5.
Outstanding checks
>
>
4.
The 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 statement
Chapter 8 Solutions
Financial Accounting
Ch. 8 - Prob. 1DQCh. 8 - Why should the employee who handles cash receipts...Ch. 8 - Prob. 3DQCh. 8 - Why should the responsibility for maintaining the...Ch. 8 - Assume that Brooke Miles, accounts payable clerk...Ch. 8 - Prob. 6DQCh. 8 - Prob. 7DQCh. 8 - Prob. 8DQCh. 8 - Prob. 9DQCh. 8 - Prob. 10DQ
Ch. 8 - Prob. 1PEACh. 8 - Prob. 1PEBCh. 8 - Prob. 2PEACh. 8 - Prob. 2PEBCh. 8 - Prob. 3PEACh. 8 - Prob. 3PEBCh. 8 - Prob. 4PEACh. 8 - Prob. 4PEBCh. 8 - Financial data for Otto Company follow: a....Ch. 8 - Prob. 5PEBCh. 8 - Prob. 1ECh. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Pacific Bank provides loans to businesses in the...Ch. 8 - Prob. 5ECh. 8 - An employee of JHT Holdings, Inc., a trucking...Ch. 8 - Prob. 7ECh. 8 - Prob. 8ECh. 8 - Prob. 9ECh. 8 - Prob. 10ECh. 8 - Prob. 11ECh. 8 - Prob. 12ECh. 8 - Prob. 13ECh. 8 - Abbe Co. is a small merchandising company with a...Ch. 8 - Prob. 15ECh. 8 - Prob. 16ECh. 8 - Prob. 17ECh. 8 - Prob. 18ECh. 8 - Prob. 19ECh. 8 - Prob. 20ECh. 8 - Prob. 21ECh. 8 - Prob. 22ECh. 8 - Prob. 23ECh. 8 - Prob. 24ECh. 8 - Mattel, Inc., designs, manufactures, and markets...Ch. 8 - El Dorado Inc. has monthly cash expenses of...Ch. 8 - Prob. 27ECh. 8 - Amicus Therapeutics, Inc., is a biopharmaceutical...Ch. 8 - Prob. 1PACh. 8 - Cactus Restoration Company completed the following...Ch. 8 - Prob. 3PACh. 8 - Prob. 4PACh. 8 - Prob. 5PACh. 8 - Prob. 1PBCh. 8 - Cedar Springs Company completed the following...Ch. 8 - Prob. 3PBCh. 8 - Prob. 4PBCh. 8 - Prob. 5PBCh. 8 - During the preparation of the bank reconciliation...Ch. 8 - Prob. 2CPCh. 8 - Prob. 3CPCh. 8 - Prob. 4CPCh. 8 - Prob. 5CPCh. 8 - TearLab Corp. is a health care company that...
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Which 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_forwardWhen preparing a bank reconciliation statement, outstanding checks would: a. increase the cash balance according to the bank statement. b. deduct the cash balance according to the bank statement. c. increase the cash balance according to the company statement. d. deduct the cash balance according to the company statement.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 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 checksarrow_forwardWhich of the following adjusts the company’s balance of cash in a bank reconciliation? a. Interest earned. b. Checks outstanding. c. Deposits outstanding. d. An error by the bank.arrow_forward8. Which of the following statement is prepared to identify the discrepancies between the cash balance reported on the bank statement and the cash balance reported in a business’s cash account in the general ledger? a. Cash book b. Balance sheet c. Income statement d. Bank reconciliationarrow_forward
- Please help me with this practice question?arrow_forwardIn preparing a bank reconciliation, WHT IS THE PROPER TREATMENT OF A DEPOSIT IN TRANSIT? Subtract from the reported cash in the companys books, or subtract from the reported cash balance in the bank statement, or add to the reported cash balance in the companys books, or add to the reported cash balance in the bank statementarrow_forwardIn a bank reconciliation, a deposit in transit is A. deducted from the bank balance on the bank statement B. added to the bank balance in the general ledger C. added to the bank balance on the bank statement D. deducted from the bank balance in the general ledgerarrow_forward
- Which of the following adjusts the bank’s balance of cash in a bank reconciliation? a. NSF checks. b. Service fees. c. An error by the company. d. Checks outstanding.arrow_forwardWhen the bank reconciliation is being completed, Deposits in Transit would be: Added to the Bank Statement Balance Subtracted from the Bank Statement Balance Added to the Cash General Ledger Balance Subtracted from the Cash General Ledger Balancearrow_forwardSolve this problem with correct solutionarrow_forward
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