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   
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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
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