For each of the items indicate whether its amount affects the bank or book side of a bank reconciliation

Question

Question

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:

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

✔ Recommended Answer

Answer #1

	Item	Bank or Book	Addition or subtraction	Adjusted entry required or Not
a	Interest on cash balance	Book	Addition	Adjusted entry required
b	Bank service charge	Book	Subtraction	Adjusted entry required
c	Minimum balance bank fee	Book	Subtraction	Adjusted entry required
d	Outstanding checks	Bank	Subtraction	Adjusted entry not required
e	Collection of notes by bank	Book	Addition	Adjusted entry required
f	NSF checks	Book	Subtraction	Adjusted entry required
g	Outstanding deposit	Bank	Addition	Adjusted entry not required

kindly give a positive rating if you are satisfied with the solution. Please ask if you have any query related to the question, Thanks.

Add a comment

Answer 2

Similar Homework Help Questions

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?
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...
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...

all items on the book side of the bank reconciliation require jour All items on the book side of the bank reconcili...

all items on the book side of the bank reconciliation require jour All items on the book side of the bank reconciliation require journal entries. O O True False Click to select your answer. ве O Type here to search
Indicate in which section of the Bank Reconciliation Statement the following reconciling items would appear. ts...

Indicate in which section of the Bank Reconciliation Statement the following reconciling items would appear. ts $XX John Bosley Co., Bank Reconciliation, April 30, 2019 Bank Statement Balance $XX Book Balance of Cash Additions: Additions: Deduction: Deduction: Adjusted Balance per Bank Statement $XX Adjusted Book Balance of Cash $XX An NSF check from a customer.
Cornerstone Exercise 4-17 (Algorithmic) Bank Reconciliation The accountant for Bellows Corp. was preparing a bank reconciliation...

Cornerstone Exercise 4-17 (Algorithmic) Bank Reconciliation The accountant for Bellows Corp. was preparing a bank reconciliation as of April 30. The following items were identified: Bellows' book balance $28,750 Outstanding checks 900 Interest earned on checking account 83 Customer's NSF check returned by the bank 374 In addition, Bellows made an error in recording a customer's check; the amount was recorded in cash receipts as $370, the bank recorded the amount correctly as $730. Required: What amount will Bellows report...

orange corporation uses the following items for its bank reconciliation for the month of April balance...

orange corporation uses the following items for its bank reconciliation for the month of April balance per books april 30 $905 1. Orange Corporation uses the following items for its bank reconciliation for the month of April. Balance per books April 30 $ 905 Balance per bank statement April 30 $11,300 (1) Checks written in April but still outstanding $6,300. (2) Checks written in March but still outstanding $2,800. (3) Deposits of April 30 not yet recorded by bank $4,900....
2) Bank Reconciliation (4 marks) ne the code letters below. indicate how each of the items...

2) Bank Reconciliation (4 marks) ne the code letters below. indicate how each of the items listed would be handled when preparing a reconciliation Enter the opereeriate code letter in the space to the left of cochem Code A Add to books. B Deduct from books. C Add to bank. D Deduct from bank. E Does not affect the bank reconciliation. Items 1. Outstanding cheques Cheque for $320 correctly written and aldhy the bank but incorrectly entered in the general...
Determine whether the following items included in Wong Company's January Year 1 bank reconciliation will require...

Determine whether the following items included in Wong Company's January Year 1 bank reconciliation will require adjustments to the book balance of Wong's cash account and indicate the amount of any necessary adjustment (Deductible amounts should be indicated with minus sign.) a. Service charges of $50 for the month of January were listed on the bank statement. b. The bank charged a $580 check drawn on Wing Restaurant to Wong's account. The check was included in Wong's bank statement. c....

Cornerstone Exercise 4-17 Bank Reconciliation The accountant for Bellows Corp. was preparing a bank reconciliation as...

Cornerstone Exercise 4-17 Bank Reconciliation The accountant for Bellows Corp. was preparing a bank reconciliation as of April 30. The following items were identified Bellows' book balance $28,750 900 Outstanding checks Interest earned on checking account Customer's NSF check returned by the hank 380 In addition, Bellows made an error in recording a customer's check the amount was recorded in cash receipts as $370; the bank recorded the amount correctly as $730 Required: What amount will Bellows report as its...

For each of the items indicate whether its amount affects the bank or book side of a bank reconciliation

Homework Answers

Add Answer to:
For each of the items indicate whether its amount affects the bank or book side of a bank reconciliation

Post as a guest

Earn Coins

QS 7-9 Bank reconciliation LO6 1. Identify whether each of the following items affects the bank...

Chapter 8 Cash, Fraud, and Internal Controls bank or book 3-5 reconciliation uch of the following...

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

all items on the book side of the bank reconciliation require jour All items on the book side of the bank reconcili...

Indicate in which section of the Bank Reconciliation Statement the following reconciling items would appear. ts...

Cornerstone Exercise 4-17 (Algorithmic) Bank Reconciliation The accountant for Bellows Corp. was preparing a bank reconciliation...

orange corporation uses the following items for its bank reconciliation for the month of April balance...

2) Bank Reconciliation (4 marks) ne the code letters below. indicate how each of the items...

Determine whether the following items included in Wong Company's January Year 1 bank reconciliation will require...

Cornerstone Exercise 4-17 Bank Reconciliation The accountant for Bellows Corp. was preparing a bank reconciliation as...

For each of the items indicate whether its amount affects the bank or book side of a bank reconciliation

Homework Answers

Add Answer to: For each of the items indicate whether its amount affects the bank or book side of a bank reconciliation

Post as a guest

Earn Coins

Add Answer to:
For each of the items indicate whether its amount affects the bank or book side of a bank reconciliation