A cheque in the amount of $425 was returned by the bank marked "NSF". A bank...
A cheque in the amount of $425 was returned by the bank marked
"NSF". A bank service fee of $20 was charged for processing the
returned cheque. Upon notification of the NSF, the company who
initially received the customer’s cheque will most likely
| reverse the customer’s payment on their books to re-establish the accounts receivable for $425. |
| make no changes to the accounting records but advise the customer that the payment was declined and is still outstanding. |
| reverse the customer’s payment on their books to re-establish the accounts receivable for $425 and debit the accounts receivable for the bank service fee of $20. |
| reverse the customer’s payment on their books to re-establish the accounts receivable for $425 and debit bank charges expense for the bank service fee of $20. |
Homework Answers
| Reverse the customer’s payment on their books to re-establish the accounts receivable for $425 and debit the accounts receivable for the bank service fee of $20. |
| Option C is correct |
Add Answer to:
A cheque in the amount of $425 was returned by the bank marked
"NSF". A bank...
when a customer's check marked "NSF" is returned, the amount of the check is: added to...
when a customer's check marked "NSF" is returned, the amount of the check is: added to the balance per bank in a bank reconciliation deducted from the balance per bank reconciliation added to the balance per books in a bank reconciliation deducted from the balance per books in a bank reconciliation
Journal entry worksheet Record the bank service charge for December and NSF check returned by bank...
Journal entry worksheet Record the bank service charge for December and NSF check returned by bank Note: Enter debits before credits. Transaction Debit Credit General Journal Bank service charges Accounts receivable (Jane Jones) 775 Exercise 7.5 Bank Reconciliation (L07-3) Shown is the information needed to prepare a bank reconciliation for Warren Electric at December 31. 1. At December 31, cash per the bank statement was $15,200, cash per the company's records was $17.500. 2. Two debit memoranda accompanied the bank...
1) What is the amount of the outstanding cheques at March 31? 2) Prepare the bank...
1) What is the amount of the outstanding
cheques at March 31?
2) Prepare the bank reconciliation at March 31.
(List items that increase balance as per bank &
books first.)
3) Prepare any journal entries required from the
reconciliation.
Problem 7-7A The bank portion of last month's bank reconciliation for Crane Ltd. at February 28 was as follows: CRANE LTD. Bank Reconciliation February 28 Cash balance per bank Add: Deposits in transit $18,022 3,126 21,148 Less: Outstanding cheques #3451...
Ayayai Corp. deposits all receipts intact and makes all payments by cheque. The following information is...
Ayayai Corp. deposits all receipts intact and makes all payments by cheque. The following information is available from the cash records: Balance per bank Add: Deposits in transit Deduct: Outstanding cheques Balance per books April 30 Bank Reconciliation $7,100 1,500 (2,000) $6,600 Month of May Results Balance on May 31 May deposits May cheques May note collected (not included in May deposits) May bank service charge May NSF cheque from a customer, returned by the bank (recorded by the bank...
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...
Accounting Bank reconcilliation
Pronghorn Spa shows a general ledger balance for the Cash account of $4,066.35 on June 30 and the bank statement as of that date indicates a balance of $4,185.00. When the statement was compared with the cash records, the following facts were determined:1.There were bank service charges for June of $39.00.2.A bank memo stated that Bao Dai’s note for $891.00 and interest of $54.00 had been collected on June 29, and the bank had charged $6.50 for the collection. Any interest revenue has not been...
AP Sally's Sweet Shop's August 31 bank balance was $11,135. The company's cash balance at August 31 was $10,805. Other information follows
Prepare bank reconciliation and adjusting entries. P7.12A (LO 4) AP Sally's Sweet Shop's August 31 bank balance was $11,135. The company's cash balance at August 31 was $10,805. Other information follows: 1.Outstanding cheques were #421 for $165, #485 for $265, #492 for $175, and #494 for $1,165. Cheque #421 was also outstanding on July 31 and was included on July's bank reconciliation. 2.Included with the statement were EFT deposits totalling $1,735 during August in payment of accounts receivable. These deposits have not been recorded...
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...
1. What is the purpose of a Bank Reconciliation Statement? 2.Preparing a bank Reconciliation Statement: •The...
1. What is the purpose of a Bank Reconciliation Statement? 2.Preparing a bank Reconciliation Statement: •The July 31 bank statement for Parkview Company indicated a cash balance of $5,000.17. •The cash ledger account on that date shows a balance of $4,262.83. •Four outstanding checks totaled $717.75. •A $410.90 deposit made after banking hours on July 31 does not appear in the bank statement. •On July 30, the bank returned J.B. Ball’s NSF check for $50.25, received as payment of an...
Identify if the item should be included as a reconciling item in Shamrock's bank reconciliation. Indicate if a journal...
Identify if the item should be included as a reconciling item in Shamrock's bank reconciliation. Indicate if a journal entry will be needed to correct any of the account for Shamrock. cu º Journal Entry? Journa Type of reconciling item treconciling item Deduct from the cash balance per books " Yes Does not affect the bank reconciliation Yes Y Add to the cash balance per books Deduct from the cash balance per bank 1. A deposit of collections on account...
Journal entry worksheet Record the bank service charge for December and NSF check returned by bank Note: Enter debits before credits. Transaction Debit Credit General Journal Bank service charges Accounts receivable (Jane Jones) 775 Exercise 7.5 Bank Reconciliation (L07-3) Shown is the information needed to prepare a bank reconciliation for Warren Electric at December 31. 1. At December 31, cash per the bank statement was $15,200, cash per the company's records was $17.500. 2. Two debit memoranda accompanied the bank...
1) What is the amount of the outstanding
cheques at March 31?
2) Prepare the bank reconciliation at March 31.
(List items that increase balance as per bank &
books first.)
3) Prepare any journal entries required from the
reconciliation.
Problem 7-7A The bank portion of last month's bank reconciliation for Crane Ltd. at February 28 was as follows: CRANE LTD. Bank Reconciliation February 28 Cash balance per bank Add: Deposits in transit $18,022 3,126 21,148 Less: Outstanding cheques #3451...
Ayayai Corp. deposits all receipts intact and makes all payments by cheque. The following information is available from the cash records: Balance per bank Add: Deposits in transit Deduct: Outstanding cheques Balance per books April 30 Bank Reconciliation $7,100 1,500 (2,000) $6,600 Month of May Results Balance on May 31 May deposits May cheques May note collected (not included in May deposits) May bank service charge May NSF cheque from a customer, returned by the bank (recorded by the bank...
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...
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...
Identify if the item should be included as a reconciling item in Shamrock's bank reconciliation. Indicate if a journal entry will be needed to correct any of the account for Shamrock. cu º Journal Entry? Journa Type of reconciling item treconciling item Deduct from the cash balance per books " Yes Does not affect the bank reconciliation Yes Y Add to the cash balance per books Deduct from the cash balance per bank 1. A deposit of collections on account...
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