Question

1. The purpose of the bank reconciliation is to make sure that what account is reconciled?...

1. The purpose of the bank reconciliation is to make sure that what account is reconciled?

Accounts Receivable

Cash

Revenue

Owner's Equity

2. The two sides that must be reconciled are the bank and book. Book is referring to

the cash ledger account maintained by the company

The bank's records

3. Outstanding checks have

Been recorded on the books, but not cleared the bank

Not been recorded on the books, but have cleared the bank

4. Outstanding checks must be subtracted on the

Bank Side of the reconciliation

Book Side of the reconciliation

5. Outstanding Deposits

Have been recorded on the books, but not in the bank's records

Have been recorded by the bank, but not by the company's (book's) records

6. Outstanding deposits should be added to

The book side of the bank reconciliation

The bank side of the bank reconciliation

7. Bank service charge should be subtracted

The book side

The bank side

8. Electronic fund transfers (EFT) should be added or subtracted to the

Book side of the bank reconciliation

Bank side of the bank reconciliation

9. Bank errors are recorded as either a decrease or an increase on the

Book side of the bank reconciliation

Bank side of the bank reconciliation

10. Book (company) errors are recorded as either an increase or a decrease on the

Book side of the bank reconciliation

Bank side of the bank reconciliation

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
  1. The purpose of the bank reconciliation is to make sure that what account is reconciled?

Ans: -Cash

  1. The two sides that must be reconciled are the bank and book. Book is referring to

Ans : -The cash ledger account maintained by the company

  1. Outstanding checks have

Ans: -Been recorded on the books, but not cleared the bank

  1. Outstanding checks must be subtracted on the

Ans: -Bank Side of the reconciliation

  1. Outstanding Deposits

Ans: -Have been recorded on the books, but not in the bank record

  1. Outstanding deposits should be added to

Ans: -The bank side of the bank reconciliation

  1. Bank service charge should be subtracted

Ans: -The book side

  1. Electronic fund transfers (EFT) should be added or subtracted to the

Ans: -Book Side of Bank Reconciliation

  1. Bank errors are recorded as either a decrease or an increase on the

Ans: -Bank side of the bank reconciliation

  1. Book (company) errors are recorded as either an increase or a decrease on the

Ans: -Book side of the bank reconciliation

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 cash records of Mercury Company show the following: 1. The June 30 bank reconciliation indicated...
The cash records of Mercury Company show the following: 1. The June 30 bank reconciliation indicated that deposits in transit totaled $790. During July the general ledger account Cash shows deposits of $9,800, but the bank statement indicates that only $8,240 in deposits were received during the month. 2. The June 30 bank reconciliation also reported outstanding checks of $1,200. During the month of July, Mercury Company books show that $11,570 of checks were issued, yet the bank statement showed...
Which of the following bank reconciliation items should not be added to or subtracted from the...
Which of the following bank reconciliation items should not be added to or subtracted from the bank statement balance to determine the reconciled cash balance? Select one: A. Outstanding checks B. Deposits in the mail but not yet received by the bank C. Bank service charges D. None of the above
The bank statement balance for Hot plate inc. as of March 31st is $5,150. Hot plates...
The bank statement balance for Hot plate inc. as of March 31st is $5,150. Hot plates records show that there is $3,300 in deposits in transit and $5,000 in outstanding checks that have not cleared. The book cash balance on March 31st is $3,750. Reviewing the bank statement shows several transactions that perhaps should be recorded. On the bank statements there were service charges of $75; an NSF check in the amount of $250; and interest earned $25. A. Calculate...
Please Finish the following using Canadian Accounting version of Bank reconciliation statement: Neopolitan Ltd Bank Reconciliation...
Please Finish the following using Canadian Accounting version of Bank reconciliation statement: Neopolitan Ltd Bank Reconciliation July 31 Cash Balance Per Bank $10670 Add: Deposits in transit 1968 8702 Less: Outstanding Cheques 2359 Reconciled Cash balancer per bank 6343 Cash Balance Per Books Add: EFT collections on Account 1276 Less: NSF cheque and fee Bank Service Charge 40 Reconciled Cash Balance Per books                                                                USE THE FOLLOWING INFORMATION to complete or correct the above bank reconociliations statement The following information is...
Prepare a bank reconciliation for Party USA based on the following information and then prepare journal...
Prepare a bank reconciliation for Party USA based on the following information and then prepare journal entries to adjust the general ledger cash balance. Party USA           Bank Reconciliation Dec. 31, 2019 Bank Side Book side Bank Balance Dec 31     General Ledger Balance Dec. 31 Add: Add: Less: Less: Adjusted Bank Balance Adjusted Book Balance Bank Balance 10,450 General ledger cash balance 10,563 Total Deposits in December 64,300 total Checks written in December 12,767 Outstanding Checks as of...
Bentley Company’s June 30 bank statement and June ledger account for cash are summarized below: BANK...
Bentley Company’s June 30 bank statement and June ledger account for cash are summarized below: BANK STATEMENT Checks Deposits Balance Balance, June 1 $ 6,500 Deposits during June $ 16,200 22,700 Checks cleared during June $ 16,600 6,100 Bank service charges 40 6,060 Balance, June 30 6,060 Cash (A) June 1 Balance 6,500   June Checks written 19,000 June Deposits 18,100 Required: 1. Reconcile the bank account. A comparison of the checks written with the checks that have cleared the bank...
The cash records of Jasmin Company show the following four situations: 1) The June 30 bank...
The cash records of Jasmin Company show the following four situations: 1) The June 30 bank reconciliation indicated that deposits in transit total $2,110. During July the general ledger account Cash shows deposits of $23,620, but the bank statement indicates that only $23,400 in deposits were received during the month. 2) The June 30 bank reconciliation also reported outstanding checks of $1,250. During the month of July, Jasmin Company books show that $25,800 of checks were issued. The bank statement...
The cash records of Sunland Company show the following. For July: 1. The June 30 bank...
The cash records of Sunland Company show the following. For July: 1. The June 30 bank reconciliation indicated that deposits in transit total $700. During July, the general ledger account Cash shows deposits of $18,870, but the bank statement indicates that only $15,810 in deposits were received during the month. 2. The June 30 bank reconciliation also reported outstanding checks of $910. During the month of July, Sunland Company books show that $17,980 of checks were issued, yet the bank...
The Concept of Bank Reconciliation is to compare the company's book balance (balance shown in the...
The Concept of Bank Reconciliation is to compare the company's book balance (balance shown in the Cash Account) with the Bank Statement balance. Imagine a business carrying $500,000 balance in the books but the bank only shows $300,000. Will the bank pay the business $200,000 difference? Hence, Bank Reconciliation is an Internal Control measure assuring the books is recorded correctly. Do you have a bank account? Think about your own account. Banks generally have a cut-off time of 3PM but...
Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company at June...
Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company at June 30: 1 Balance per Cash account, June 30. $14,111.60 2 Balance per bank statement, June 30. 14,600.50 3 Deposits not reflected on bank statement. 1,450 4 Outstanding checks, June 30. 2,520.90 5 Service charge on bank statement not recorded in books. 22.0 6 Error by bank-Yertel Company check charged on Young Company's bank statement. 1,100 7 Check for advertising expense 500 incorrectly recorded in...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT