For each timing difference listed, identify whether the difference would be reported on the book side of the reconciliation or the bank side of the reconciliation
For each timing difference listed, identify whether the difference would be reported on the book side of the reconciliation or the bank side of the reconciliation. In addition, identify whether the difference would be an addition or subtraction Is book or bank affected? Is it an addition or subtraction?
a. Deposit in transit
b. Bank collection
c. Debit memorandum from bank
d. EFT cash receipt
e. Outstanding checks
f. $1,000 deposit erroneously recorded by the bank as $100
g. Service charges
h. Interest revenue
i. $2,500 cash payment for rent expense erroneously recorded by the business as $250
j. Credit memorandum from bank
Homework Answers
|
Timing Difference |
Book/Bank Affected |
Addition/ Subtraction |
|
|
a |
Deposits in transit |
Bank |
Added |
|
b |
Bank collection |
Book |
Added |
|
c |
Debit Memorandum from bank |
Book |
Subtracted |
|
d |
EFT cash receipt |
Book |
Added |
|
e |
Outstanding Checks |
Bank |
Subtracted |
|
f |
$1000 deposited erroneously recorded By bank as $100 |
Bank |
Add |
|
g |
Service charges |
Book |
Subtracted |
|
h |
Interest Revenue |
Book |
Added |
|
i |
$ 2500 cash payment for rent expense Erroneously recorded by the business As $ 250 |
Book |
Subtract |
|
j |
Credit memorandum from bank |
Book |
Added |
Add Answer to:
For each timing difference listed, identify whether the difference would be reported on the book side of the reconciliation or the bank side of the reconciliation
For each of the items indicate whether its amount affects the bank or book side of a bank reconciliation
For each of the items indicate whether its amount affects the bank or book side of a bank reconciliation and is an addition or a subtraction in a bank reconciliation and whether an adjusting journal entry is required:
Chapter 8 Cash, Fraud, and Internal Controls bank or book 3-5 reconciliation uch of the following...
Chapter 8 Cash, Fraud, and Internal Controls bank or book 3-5 reconciliation uch of the following items a through g. indicate whether its amount (1) affects the bank of a bank reconciliation. (2) represents an addition or a subtraction in a bank reconciliation and quires an adjusting journal entry. Add or Subtract Adj. Entry or Not Bank or Book Side a. Interest on cash balance ...... b. Bank service charges........... c. Minimum balance charge... d. Outstanding checks e. Credit memo...
QS 7-9 Bank reconciliation LO6 1. Identify whether each of the following items affects the bank...
QS 7-9 Bank reconciliation LO6 1. Identify whether each of the following items affects the bank or book side of the end cate if the amount represents an addition or a subtraction: a. Deposits in transit. e. Outstanding cheques. b. Interest on average monthly balance. f. Debit memos. c. Credit memos. g. NSF cheques. d. Bank service charges. 2. Which of the previous items require a journal entry?
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative...
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: 1. Cash balance according to the company's records at August 31, $20,870. 2. Cash balance according to the bank statement at August 31, $37,600. 3. Checks outstanding, $23,375 4. Deposit in transit not recorded by bank, $7,500 5. A check for $100 in payment of an account was erroneously recorded in the check register as $1,000. 6. Bank debit...
bank reconciliation the following dada were accumulated for use in reconciliation gonna in the bank account...
bank reconciliation the following dada were accumulated for
use in reconciliation gonna in the bank account of Creative Design
Co. for August 20Y6
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: 1. Cash balance according to the company's records at August 31, $42,920. 2. Cash balance according to the bank statement at August 31, $56,300. 3. Checks outstanding, $25,390. 4. Deposit in transit not recorded by bank,...
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Kaycee...
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Kaycee Sisters Inc. for August 20Y9: Cash balance according to the company’s records at August 31, $14,190. Cash balance according to the bank statement at August 31, $18,330. Checks outstanding, $5,710. Deposit in transit, not recorded by bank, $2,150. A check for $180 in payment of an account was erroneously recorded by Kaycee Sisters Inc. as $810. Bank debit memo for service charges, $50. Prepare...
eBook Calculator Bank Reconciliation Identify each of the following reconciling items as: a. an addition to...
Bank ReconciliationIdentify each of the following reconciling items as:a. an addition to the cash balance according to the bank statementb. a deduction from the cash balance according to the bank statementc. an addition to the cash balance according to the company's recordsd. a deduction from the cash balance according to the company's records(None of the transactions reported by bank debit and credit memos have been recorded by the company.)Item1. Bank service charges, $ 30.2. Check of a customer returned by...
Jim White operates a roller skating center. He has just received the monthly bank statement at...
Jim White operates a roller skating center. He has just received the monthly bank statement at January 31 from Citizen National Bank, and the statement shows an ending balance of $730. Listed on the statement are an EFT rent collection of $320, a service charge of $8, two NSF checks totaling $105, and a $9 charge for printed checks. In reviewing his cash records, White identifies outstanding checks totaling $604 and a January 31 deposit in transit of $1,770. During...
Exercise 4-44 (Algorithmic) Bank Reconciliation Johnson Corporation's bank statement for October reports an ending balance of...
Exercise 4-44 (Algorithmic) Bank Reconciliation Johnson Corporation's bank statement for October reports an ending balance of $21,676, whereas Johnson's cash account shows a balance of $21,220 on October 31. The following additional information is available: A $755 deposit made on October 31 was not recorded by the bank until November. At the end of October, outstanding checks total $1,222. The bank statement shows bank service charges of $125 not yet recorded by the company. The company erroneously recorded as $973...
bank reconciliation Bank Reconciliation The following information is available to assist you in preparing a bank...
bank reconciliation
Bank Reconciliation The following information is available to assist you in preparing a bank reconciliation for Burgoon Enterprises on May 31: a. The balance on the May 31 bank statement is $8,432.11. b. Not included on the bank statement is a $1,250 deposit made by Burgoon Enterprises late on May 31. c. A comparison between the canceled checks returned with the bank statement and the company records indicated that the following checks are outstanding at May 31: No....
Chapter 8 Cash, Fraud, and Internal Controls bank or book 3-5 reconciliation uch of the following items a through g. indicate whether its amount (1) affects the bank of a bank reconciliation. (2) represents an addition or a subtraction in a bank reconciliation and quires an adjusting journal entry. Add or Subtract Adj. Entry or Not Bank or Book Side a. Interest on cash balance ...... b. Bank service charges........... c. Minimum balance charge... d. Outstanding checks e. Credit memo...
QS 7-9 Bank reconciliation LO6 1. Identify whether each of the following items affects the bank or book side of the end cate if the amount represents an addition or a subtraction: a. Deposits in transit. e. Outstanding cheques. b. Interest on average monthly balance. f. Debit memos. c. Credit memos. g. NSF cheques. d. Bank service charges. 2. Which of the previous items require a journal entry?
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: 1. Cash balance according to the company's records at August 31, $20,870. 2. Cash balance according to the bank statement at August 31, $37,600. 3. Checks outstanding, $23,375 4. Deposit in transit not recorded by bank, $7,500 5. A check for $100 in payment of an account was erroneously recorded in the check register as $1,000. 6. Bank debit...
bank reconciliation the following dada were accumulated for
use in reconciliation gonna in the bank account of Creative Design
Co. for August 20Y6
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: 1. Cash balance according to the company's records at August 31, $42,920. 2. Cash balance according to the bank statement at August 31, $56,300. 3. Checks outstanding, $25,390. 4. Deposit in transit not recorded by bank,...
Jim White operates a roller skating center. He has just received the monthly bank statement at January 31 from Citizen National Bank, and the statement shows an ending balance of $730. Listed on the statement are an EFT rent collection of $320, a service charge of $8, two NSF checks totaling $105, and a $9 charge for printed checks. In reviewing his cash records, White identifies outstanding checks totaling $604 and a January 31 deposit in transit of $1,770. During...
bank reconciliation
Bank Reconciliation The following information is available to assist you in preparing a bank reconciliation for Burgoon Enterprises on May 31: a. The balance on the May 31 bank statement is $8,432.11. b. Not included on the bank statement is a $1,250 deposit made by Burgoon Enterprises late on May 31. c. A comparison between the canceled checks returned with the bank statement and the company records indicated that the following checks are outstanding at May 31: No....
Most questions answered within 3 hours.
-
Use the following set of observed frequencies to test the
independence of the two variables. Variable...
asked 10 minutes ago -
Two kg of ice at -15 °C are placed in a 2 kg bath of water...
asked 10 minutes ago -
Describe the following with suitable
examples.
1- Security Policy Heterogeneity
2-Security Model Heterogeneity
3-Security Mechanism Heterogeneity...
asked 11 minutes ago -
Please Identify the Term "Determinism" in Psychology
asked 9 minutes ago -
The table below represents the number of republicans, democrats
and independent voting on a specific issue....
asked 15 minutes ago -
List and compare different forms of passive transport and active
transport.
asked 23 minutes ago -
In Netherland Dwarf rabbits, dwarf size is determined by allele
N, and normal-size by allele n....
asked 29 minutes ago -
During Heaton Company’s first two years of operations, it
reported absorption costing net operating income as...
asked 43 minutes ago -
Consider testing the
hypotheses:
H0: p = 0.56
H1: p > 0.56
where p is
the...
asked 46 minutes ago -
In a two-factor analysis of variance a main effect is defined as
____.
a. the unique...
asked 54 minutes ago -
A bank's loan officer rates applicants for credit. The ratings
are normally distributed with a mean...
asked 54 minutes ago -
Fill in the following information for Adipic Acid: molecular
weight, g or ml, mole, melting point,...
asked 1 hour ago