Homework Answers
Reconciliation is complete when the Difference is zero.
So, the correct answer is d.
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You know your reconciliation is complete when: a. The "Ending Balance" is zero. The "Cleared Balance"...
7. When you begin your bank reconciliation, you must first enter: a. The beginning bank balance...
7. When you begin your bank reconciliation, you must first enter: a. The beginning bank balance b. The ending bank balance. c. The beginning book balance. d. The ending book balance.
Egrane, Inc.'s monthly bank statement showed the ending balance of cash of $14,800. The bank reconciliation...
Egrane, Inc.'s monthly bank statement showed the ending balance
of cash of $14,800. The bank reconciliation for the period showed
an adjustment for a deposit in transit of $1,200, outstanding
checks of $1,600, a NSF check of $560, bank service charges of $24
and the EFT from a customer in payment of the customer's account of
$1,200.
What journal entry should be recorded by Egrane for the NSF
check returned?
MC Qu. 5-150 Egrane, Inc.s monthly bank statement.. grane, Inc.'s...
If you select Finish Now on a reconciliation before the difference is zero what will happen...
If you select Finish Now on a reconciliation before the difference is zero what will happen to the difference? Select one: a. Nothing. Its stays there until the next month’s reconciliation is performed. b. QBO automatically makes an adjustment to the account being reconciled for the amount of the difference. c. QBO automatically makes an adjustment to an account called Reconciliation Discrepancies for the amount of the difference. d. QBO saves the difference for you to find later You have...
Veronika is preparing her monthly bank reconciliation. The ending cash balance per her company's records is...
Veronika is preparing her monthly bank reconciliation. The ending cash balance per her company's records is shown as S10131 At the end of the month, the following information was provided by company records and the monthly bank statement: Bank service charges shown on the bank statement Deposits in transit at the end of the month Outstanding cheques at the end of the month S74 S549 S887 What is the cash balance per books after all adjustments have been made Select...
Exercise 4-44 Bank Reconciliation Johnson Corporation's bank statement for October reports an ending balance of $22,381,...
Exercise 4-44 Bank Reconciliation Johnson Corporation's bank statement for October reports an ending balance of $22,381, whereas Johnson's cash account shows a balance of $22,025 on October 31. The following additional information is available: a. A $855 deposit made on October 31 was not recorded by the bank until November b. At the end of October, outstanding checks total $1,222. C. The bank statement shows bank service charges of $125 not yet recorded by the company. d. The company erroneously...
Working Backward: Bank Reconciliation Dexter Company's bank reconciliation shows an adjusted cash balance of $4,968.05. The...
Working Backward: Bank Reconciliation Dexter Company's bank reconciliation shows an adjusted cash balance of $4,968.05. The following items also appear on the reconciliation NSF check $231.79 Deposit in transit 396.06 Interest earned 99.48 Outstanding checks 502.15 Bank service charges 25.00 Required: 1. Determine the balance on the bank statement prior to adjustment. Round your answer to the nearest cent. 2. Determine the balance on the books prior to adjustment. Round your answer to the nearest cent.
The bank reconciliation for Julia's company showed an adjusted cash balance of $6214 as the correct May 31st 20x4 b...
The bank reconciliation for Julia's company showed an adjusted cash balance of $6214 as the correct May 31st 20x4 balance. During May 20x4, the bank statement was received and included the following: Bank service charges $233 Interest on bank loan $225 In addition, during May 20x4 $3668 of outstanding cheques had not yet cleared the bank. What is the unadjusted (i.e. before receiving the bank statement) cash balance at May 31st, 20x4? Select one: a. $10340 Ob. $2088 c. $5756...
E6-27 (Algo) Preparing Bank Reconciliation and Entries and Reporting Cash L06-4 Bentley Company's June 30 bank...
E6-27 (Algo) Preparing Bank Reconciliation and Entries and Reporting Cash L06-4 Bentley Company's June 30 bank statement and June ledger account for cash are summarized below: BANK STATEMENT Checks $15.700 Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 $16,650 Balance $ 7.600 23,300 6,650 6,611 6,611 39 orang June 1 Balance June Deposits pelance Cash(A) 7,600 June Cheeks written 18,100 ana Chucks written 19,50|| Required: 1. Reconcile the bank account. A comparison...
The bank reconciliation for Julia's company showed an adjusted cash balance of $6214 as the correct May 31st 20x4 b...
The bank reconciliation for Julia's company showed an adjusted cash balance of $6214 as the correct May 31st 20x4 balance. During May 20x4, the bank statement was received and included the following: Bank service charges $233 Interest on bank loan $225 In addition, during May 20x4 $3668 of outstanding cheques had not yet cleared the bank. What is the unadjusted (1.e. before receiving the bank statement) cash balance at May 31st, 20x4? Select one: a. $10340 b. $2088 c. $5756...
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...
7. When you begin your bank reconciliation, you must first enter: a. The beginning bank balance b. The ending bank balance. c. The beginning book balance. d. The ending book balance.
Egrane, Inc.'s monthly bank statement showed the ending balance
of cash of $14,800. The bank reconciliation for the period showed
an adjustment for a deposit in transit of $1,200, outstanding
checks of $1,600, a NSF check of $560, bank service charges of $24
and the EFT from a customer in payment of the customer's account of
$1,200.
What journal entry should be recorded by Egrane for the NSF
check returned?
MC Qu. 5-150 Egrane, Inc.s monthly bank statement.. grane, Inc.'s...
Veronika is preparing her monthly bank reconciliation. The ending cash balance per her company's records is shown as S10131 At the end of the month, the following information was provided by company records and the monthly bank statement: Bank service charges shown on the bank statement Deposits in transit at the end of the month Outstanding cheques at the end of the month S74 S549 S887 What is the cash balance per books after all adjustments have been made Select...
Exercise 4-44 Bank Reconciliation Johnson Corporation's bank statement for October reports an ending balance of $22,381, whereas Johnson's cash account shows a balance of $22,025 on October 31. The following additional information is available: a. A $855 deposit made on October 31 was not recorded by the bank until November b. At the end of October, outstanding checks total $1,222. C. The bank statement shows bank service charges of $125 not yet recorded by the company. d. The company erroneously...
Working Backward: Bank Reconciliation Dexter Company's bank reconciliation shows an adjusted cash balance of $4,968.05. The following items also appear on the reconciliation NSF check $231.79 Deposit in transit 396.06 Interest earned 99.48 Outstanding checks 502.15 Bank service charges 25.00 Required: 1. Determine the balance on the bank statement prior to adjustment. Round your answer to the nearest cent. 2. Determine the balance on the books prior to adjustment. Round your answer to the nearest cent.
The bank reconciliation for Julia's company showed an adjusted cash balance of $6214 as the correct May 31st 20x4 balance. During May 20x4, the bank statement was received and included the following: Bank service charges $233 Interest on bank loan $225 In addition, during May 20x4 $3668 of outstanding cheques had not yet cleared the bank. What is the unadjusted (i.e. before receiving the bank statement) cash balance at May 31st, 20x4? Select one: a. $10340 Ob. $2088 c. $5756...
E6-27 (Algo) Preparing Bank Reconciliation and Entries and Reporting Cash L06-4 Bentley Company's June 30 bank statement and June ledger account for cash are summarized below: BANK STATEMENT Checks $15.700 Balance, June 1 Deposits during June Checks cleared during June Bank service charges Balance, June 30 $16,650 Balance $ 7.600 23,300 6,650 6,611 6,611 39 orang June 1 Balance June Deposits pelance Cash(A) 7,600 June Cheeks written 18,100 ana Chucks written 19,50|| Required: 1. Reconcile the bank account. A comparison...
The bank reconciliation for Julia's company showed an adjusted cash balance of $6214 as the correct May 31st 20x4 balance. During May 20x4, the bank statement was received and included the following: Bank service charges $233 Interest on bank loan $225 In addition, during May 20x4 $3668 of outstanding cheques had not yet cleared the bank. What is the unadjusted (1.e. before receiving the bank statement) cash balance at May 31st, 20x4? Select one: a. $10340 b. $2088 c. $5756...
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