Question

Please refer to the following information needed to reconcile the cash balance for Is it Spring...

Please refer to the following information needed to reconcile the cash balance for Is it Spring Yet, Inc. Please indicate which side of the bank reconciliation each item belongs, either the Bank side or the Book side of the bank reconciliation.

Group of answer choices

• The bank balance at February 29,2020 was $65,325

      [ Choose ]            Bank            Book      

• The book balance at February 29,2020 was $68,800.

      [ Choose ]            Bank            Book      

• Is it Spring Yet, Inc received a check from a customer that was written for $500 but was incorrectly recorded as $50 by the book keeper.

      [ Choose ]            Bank            Book      

• Outstanding checks include Check #678 for $140 and #679 for $1,600.

      [ Choose ]            Bank            Book      

• A deposit of $4,500 is in transit.

      [ Choose ]            Bank            Book      

• Check printing and NSF fees were $115.

      [ Choose ]            Bank            Book      

• The bank collected a $350 note from a customer on Is it Spring Yet’s behalf.

      [ Choose ]            Bank            Book      

• A customer's check for $600 was returned for nonsufficient funds.

      [ Choose ]            Bank            Book      

• The bank incorrectly recorded a $400 deposit as a $400 withdrawal.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Cash Balance as per Bank Statement Bank Side
Cash Balance as per Books Book Side
Is it Spring Yet, Inc received a check from a customer that was written for $500 but was incorrectly recorded as $50 by the book keeper Book Side
Outstanding checks include Check #678 for $140 and #679 for $1,600 Bank Side
A deposit of $4,500 is in transit Bank Side
Check printing and NSF fees were $115 Book Side
The bank collected a $350 note from a customer on Is it Spring Yet’s behalf. Book Side
A customer's check for $600 was returned for nonsufficient funds. Book Side
The bank incorrectly recorded a $400 deposit as a $400 withdrawal Bank Side
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The following information is available to reconcile Branch Company’s book balance of cash with its bank...
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017. On July 31, the company’s Cash account has a $27,497 debit balance, but its July bank statement shows a $27,233 cash balance. Check No. 3031 for $1,482 and Check No. 3040 for $558 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is...
The following information is available to reconcile Branch Company’s book balance of cash with its bank...
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. Prepare the bank reconciliation for this company as of July 31. On July 31, the company’s Cash account has a $25,033 debit balance, but its July bank statement shows a $26,994 cash balance. Check No. 3031 for $1,350, Check No. 3065 for $451, and Check No. 3069 for $2,118 are outstanding checks as of July 31. Check...
The following information is available to reconcile Branch Company’s book balance of cash with its bank...
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017. On July 31, the company’s Cash account has a $25,754 debit balance, but its July bank statement shows a $27,263 cash balance. Check No. 3031 for $1,190 and Check No. 3040 for $587 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is...
The following information is available to reconcile Branch Company’s book balance of cash with its bank...
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017.    On July 31, the company’s Cash account has a $25,752 debit balance, but its July bank statement shows a $27,808 cash balance. Check No. 3031 for $1,410 and Check No. 3040 for $697 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031...
[The following information applies to the questions displayed below.] The following information is available to reconcile...
[The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2016. On July 31, the company’s Cash account has a $25,750 debit balance, but its July bank statement shows a $28,463 cash balance. Check No. 3031 for $1,670 and Check No. 3040 for $827 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with...
[The following information applies to the questions displayed below.] The following information is available to reconcile...
[The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017.    On July 31, the company’s Cash account has a $25,860 debit balance, but its July bank statement shows a $26,881 cash balance. Check No. 3031 for $1,000 and Check No. 3040 for $492 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed...
[The following information applies to the questions displayed below.] The following information is available to reconcile...
[The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31.    On July 31, the company’s Cash account has a $25,262 debit balance, but its July bank statement shows a $26,825 cash balance. Check No. 3031 for $1,190, Check No. 3065 for $371, and Check No. 3069 for $1,958 are outstanding checks as of July 31. Check No....
Note the following information related to a company’s cash account : Cash Balance per Bank Cash...
Note the following information related to a company’s cash account : Cash Balance per Bank Cash balancer per bank, 12/31/19 9,610 Check #6832 cleared the bank for $240, but erroneously recorded by company for $268 Outstanding checks 2,417 Deposit by ABC Inc erroneously recorded to the company by the bank 486 NSF check returned by bank 281 Cash balance per books, 12/31/19 7,430 December 2019 interest per bank 30 Check mailed to bank for a deposit that had not reached...
The books of Smith’s Service, Inc. disclosed a cash balance of $68,757 on June 30. The...
The books of Smith’s Service, Inc. disclosed a cash balance of $68,757 on June 30. The bank statement as of June 30 showed a balance of $54,780. Additional information that might be useful in reconciling the two balances follows: (a) Check number 748 for $3,000 was originally recorded on the books as $4,500. (b) A customer's note dated March 25 was discounted on April 12. The note was dishonored on June 29 (maturity date). The bank charged Smith’s account for...
[The following information applies to the questions displayed below.] The following information is available to reconcile...
[The following information applies to the questions displayed below.] The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31. On July 31, the company’s Cash account has a $27,497 debit balance, but its July bank statement shows a $27,233 cash balance. Check No. 3031 for $1,482, Check No. 3065 for $382, and Check No. 3069 for $2,281 are outstanding checks as of July 31. Check No. 3056...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT