Question

From among the choices below, select the proper treatment for each of the following items when...

From among the choices below, select the proper treatment for each of the following items when reconciling a bank account:

  1. ADD TO BALANCE PER BANK STATEMENT
  2. DEDUCT FROM BALANCE PER BANK STATEMENT
  3. ADD TO BALANCE PER DEPOSITOR’S RECORDS
  4. DEDUCT FROM BALANCE PER DEPOSITOR’S RECORDS

1. OUTSTANDING CHECKS

2. CHECK DRAWN FOR $1000 IS CHARGED AS $100

3. BANK SERVICE CHARGES

4. A CUSTOMER’S CHECK IS RETURNED FOR LACK OF SUFFICIENT FUNDS

5. DEPOSIT IN TRANSIT NOT RECORDED BY BANK

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

aLet me knoiw if u have any concerns thank you

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
From among the choices below, select the proper treatment for each of the following items when...
From among the choices below, select the proper treatment for each of the following items when reconciling a bank account: ADD TO BALANCE PER BANK STATEMENT DEDUCT FROM BALANCE PER BANK STATEMENT ADD TO BALANCE PER DEPOSITOR’S RECORDS DEDUCT FROM BALANCE PER DEPOSITOR’S RECORDS a b c d   1. OUTSTANDING CHECKS a b c d   2. CHECK DRAWN FOR $1000 IS CHARGED AS $100 a b c d   3.  BANK SERVICE CHARGES a b c d    4.  A CUSTOMER’S CHECK IS RETURNED FOR LACK OF SUFFICIENT...
The following information is available to assist you in preparing a bank reconciliation for Racine Rentals...
The following information is available to assist you in preparing a bank reconciliation for Racine Rentals on March 31: The balance on the March 31 bank statement is $6,506.10. Not included on the bank statement is a $423 deposit made by Racine's late on March 31. A comparison between the canceled checks listed on the bank statement and the company records indicated that the following checks are outstanding at March 31: No. 112 $42.92 No. 117 307.00 No. 120 10.58...
Bank Reconciliation A bank reconciliation explains the causes for any differences between a company's cash balance...
Bank Reconciliation A bank reconciliation explains the causes for any differences between a company's cash balance on its bank statement and its cash balance on the books (that is, in the ledger. ) Allez Company's monthly bank statement shows an account balance of $6127.23. The cash balance in its ledger is $5301.05. A thorough bank reconciliation investigation yields the following information: The bank erroneously deducted $346.70 from the company's account when the actual amount of a check written by the...
The following data were accumulated for use in reconciling the bank account of Mathers Co. for...
The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31 $18,170. Cash balance according to the bank statement at July 31, $19,230. Checks outstanding, $3,690. Deposit in transit, not recorded by bank, $2,960. A check for $590 in payment of an account was erroneously recorded in the check register as $950. Bank debit memo for service charges, $30. a. Prepare a bank reconciliation,...
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers...
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31 $28,850. Cash balance according to the bank statement at July 31, $30,060. Checks outstanding, $5,860. Deposit in transit, not recorded by bank, $4,700. A check for $340 in payment of an account was erroneously recorded in the check register as $430. Bank debit memo for service charges, $40. a. Prepare a...
Using the code letters below, indicate how each of the items listed would be handled in...
Using the code letters below, indicate how each of the items listed would be handled in preparing a bank reconciliation for the month of May for Pinar dairy Company. (8 points) Code A Add to cash balance per books B Deduct from cash balance per books C Add to cash balance per bank D Deduct from cash balance per bank E Does not affect the bank reconciliation A Check of $591 was received and deposited in the company’s bank account,...
6a) A check returned by the bank marked "NSF" means a. no service fee. b.   no...
6a) A check returned by the bank marked "NSF" means a. no service fee. b.   no signature found. c. not satisfactorily filled-out. d.   not sufficient funds. 6b) If the month-end bank statement shows a balance of $58,000, outstanding checks are $15,000, a deposit of $7,000 was in transit at month end, and a check for $600 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is a. $49,400. b. $50,600....
Bank Reconciliation and Entries The cash account for Pala Medical Co. at June 30, 20Y1, indicated...
Bank Reconciliation and Entries The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $11,150. The bank statement indicated a balance of $12,900 on June 30, 20Y1. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $4,640. A deposit of $4,840, representing receipts of June 30, had been made too late to appear on the bank statement. The bank collected $2,520 on...
Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance of $12,770....
Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance of $12,770. During May, the total cash deposited was $64,320 and checks written totaled $59,720. The bank statement indicated a balance of $21,800 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: Checks outstanding totaled $9,710. A deposit of $7,910, representing receipts of May 31, had been made too late to appear on the bank...
The cash account for Collegiate Sports Co. on November 1, 20Y9, indicated a balance of $12,320....
The cash account for Collegiate Sports Co. on November 1, 20Y9, indicated a balance of $12,320. During November, the total cash deposited was $68,450 and checks written totaled $63,560. The bank statement indicated a balance of $23,200 on November 30, 20Y9. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: Checks outstanding totaled $10,340. A deposit of $8,420, representing receipts of November 30, had been made too late to appear...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT