Bundle: Accounting, 27th + Working Papers, Chapters 1-17
27th Edition
ISBN: 9781337759892
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 8, Problem 8.2BPE
To determine
To determine: Whether items appear as debit/credit memo on the bank statement and whether items increase/decrease the balance of the company’s account.
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Items on Company's Bank Statement
The following items may appear on a bank statement:
1. Bank correction of an error from recording a $6,200 deposit as $2,600
2. EFT payment
3. Note collected for company
4. Service charge
Indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company's account:
Item
Appears on the BankStatement as a Debitor Credit Memo
Increases or Decreasesthe Balance of theCompany's Bank Account
1. Bank correction of an error from recording a $6,200 deposit as $2,600
2. EFT payment
3. Note collected for company
4. Service charge
Chapter 8 Solutions
Bundle: Accounting, 27th + Working Papers, Chapters 1-17
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 - Prob. 5DQCh. 8 - Prob. 6DQCh. 8 - The balance of Cash is likely to differ from the...Ch. 8 - Prob. 8DQCh. 8 - Prob. 9DQCh. 8 - (a) How are cash equivalents reported in the...
Ch. 8 - Internal control elements Identify each of the...Ch. 8 - Prob. 8.1BPECh. 8 - Prob. 8.2APECh. 8 - Prob. 8.2BPECh. 8 - Prob. 8.3APECh. 8 - Prob. 8.3BPECh. 8 - Prob. 8.4APECh. 8 - Prob. 8.4BPECh. 8 - Prob. 8.5APECh. 8 - Prob. 8.5BPECh. 8 - Sarbanes-Oxley internal control report Using...Ch. 8 - Prob. 8.2EXCh. 8 - Prob. 8.3EXCh. 8 - Prob. 8.4EXCh. 8 - Prob. 8.5EXCh. 8 - Prob. 8.6EXCh. 8 - Prob. 8.7EXCh. 8 - Prob. 8.8EXCh. 8 - Prob. 8.9EXCh. 8 - Prob. 8.10EXCh. 8 - Prob. 8.11EXCh. 8 - Entry for cash sales; cash short The actual cash...Ch. 8 - Entry for cash sales; cash over The actual cash...Ch. 8 - Internal control of cash payments Abbe Co. is a...Ch. 8 - Prob. 8.15EXCh. 8 - Prob. 8.16EXCh. 8 - Prob. 8.17EXCh. 8 - Prob. 8.18EXCh. 8 - Prob. 8.19EXCh. 8 - Prob. 8.20EXCh. 8 - Prob. 8.21EXCh. 8 - Prob. 8.22EXCh. 8 - Prob. 8.23EXCh. 8 - Prob. 8.24EXCh. 8 - Prob. 8.25EXCh. 8 - Cash to monthly cash expenses ratio El Dorado Inc....Ch. 8 - Prob. 8.27EXCh. 8 - Prob. 8.28EXCh. 8 - Prob. 8.1APRCh. 8 - Prob. 8.2APRCh. 8 - Prob. 8.3APRCh. 8 - Prob. 8.4APRCh. 8 - Prob. 8.5APRCh. 8 - Prob. 8.1BPRCh. 8 - Prob. 8.2BPRCh. 8 - Prob. 8.3BPRCh. 8 - Prob. 4BPRCh. 8 - Prob. 5BPRCh. 8 - Ethics in Action Tehra Dactyl is an accountant for...Ch. 8 - Ethics in Action During the preparation of the...Ch. 8 - Prob. 8.5CPCh. 8 - Prob. 8.6CPCh. 8 - Prob. 8.7CPCh. 8 - Prob. 8.8CPCh. 8 - Prob. 8.9CP
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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_forwardUsing the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance: $5,577 Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $56 NSF check: $456arrow_forwardLeann Company received the following bank statement. Using the information from PB11 and PB12, prepare the bank reconciliation.arrow_forward
- The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Prepare the correcting journal entry.arrow_forwardDomingo Company received the following bank statement. Using PA9, prepare the bank reconciliation.arrow_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
- Using the following information, prepare a bank reconciliation. Bank balance: $12,565. Book balance: $13,744. Deposits in transit: $2,509. Outstanding checks: $1,777. Bank charges: $125. Bank incorrectly charged the account for $412. The bank will correct the error next month. Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.arrow_forwardWhen a business borrows money from a bank on a non-interest-bearing note, how are the bank discount and proceeds calculated?arrow_forwardIdentify where each of the following transactions would be found on the bank reconciliation. Table 8.3arrow_forward
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