Homework Answers
Answer : B = Subtract 180 from bank book.
Generally bank book record payment by the company i.e check payments.
If check amount wrongly recorded it should add and correct amount should be deducted.
Here correct amount is higher so net amount will be substructed from bank book
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If a company record$350 instead of $530, what should be done? A. Add 180 to bank...
23. When performing the bank reconciliation, how should the company treat check 11542 A. add $800...
23. When performing the bank reconciliation, how should the company treat check 11542 A. add $800 to the company cash account B. subtract $800 from company cash account C. add $800 to bank statement balance D. subtract $800 from bank statement balance 24. $ _The total amount needed to reconcile the company cash account was: 25. $ Chapter 4 What is the company's cash balance after the reconciliation? Page 4-3 The Company's cash ledger reports the following for the month...
If a check correctly written and paid by the bank for $413 is incorrectly recorded in...
If a check correctly written and paid by the bank for $413 is incorrectly recorded in the company's books for $431, how should this error be treated on the bank reconciliation? Multiple Choice Subtract $18 from the bank's balance. Add $18 to the book balance. Add $18 to the bank's balance. Subtract $18 from the bank's balance and add $45 to the book's balance. Subtract $18 from the book balance. During the month of July, Clanton Industries issued a check...
Bank Balance Options: Add, NA, Subtract 1st Book Balance Options: Add, NA, Subtract 2nd Book Balance...
Bank Balance Options: Add, NA, Subtract
1st Book Balance Options: Add, NA, Subtract
2nd Book Balance Option: DR, CR, NA
Exercise 8-11 Bank reconciliation and adjusting entries LO P3 A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. (Select the answers in the...
22. $ 2.000 of the cash receipts, what amount should be added to the bank balance...
22. $ 2.000 of the cash receipts, what amount should be added to the bank balance during reconciling the bank account? 23. When performine the bank reconciliation, how should the company treat check 11547 A. add $9,000 to the company cash account B. Subtract $9,000 from company cash account C. add $9,000 to bank statement balance D. subtract $9,000 from bank statement balance * 24. $ 21,230 The total amount needed to reconcile the company cash account was: 4 25....
BE4-8 Indicate whether the firm should add or subtract each item below from its balance of...
BE4-8 Indicate whether the firm should add or subtract each item below from its balance of cash or the bank's balance of cash in preparing a bank reconciliation. The first answer is provided as an example. If an item is not a reconciling item, state “No entry.” Bank Balance Subtract Company Balance No entry Reconciliation Items 1. Checks outstanding 2. NSF checks 3. Deposit recorded twice by company 4. Interest earned 5. Deposits outstanding 6. Bank service fees
MyCarcton E * a Subtract $268 from the bank balance O b Subtract $258 from the...
MyCarcton E * a Subtract $268 from the bank balance O b Subtract $258 from the book balance o c. Add $258 bo the bock balance o d Add $258 to the bank balance Check Question 7 Nol complete A company purchased shares costing $73539 during the year. These shares are classified as FVTOC the end of the year, the company received $4964 in dividends from these shares. At year-end, the fais valuc of the shares is $147052. What is...
In comparing the canceled checks on the bank statement with the entries in the accounting records,...
In comparing the canceled checks on the bank statement with the entries in the accounting records, O'Brien Company found that check number 4239 for May's rent was correctly written and drawn for $9,855 but was erroneously entered in the accounting records as $9,585. When preparing the May bank reconciliation, the O'Brien Company should: Select one: A. Deduct $270 from the bank statement balance B. Add $270 to the book balance of cash C. Add $270 to the bank statement balance...
Item Bank Balance Book Balance Sho Sh Rec 4 1. NSF check from a customer is...
Item Bank Balance Book Balance Sho Sh Rec 4 1. NSF check from a customer is shown on the bank statement but not yet recorded by the company 2. Checks written by another depositor but mistakenly charged against this companya€ s account. 3. Outstanding checks to suppliers existed at the end of September Check written against the company's account and cleared by the bank; erroneously not recorded by the company's recordkeeper 5. Bank service charge for September is not yet...
The bank statement of a business shows an overdraft of $10 000 at 31 March. In...
The bank statement of a business shows an overdraft of $10 000 at 31 March. In reconciling the account at that date indicate the treatment you would give to Cheque No. 461 for $30 that was drawn on 25 March but had not yet been presented for payment. Select one: O a. Record in the cash payments journal O b. Record in the cash receipts journal O c. Subtract from the bank statement balance in the bank reconciliation O d....
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...
23. When performing the bank reconciliation, how should the company treat check 11542 A. add $800 to the company cash account B. subtract $800 from company cash account C. add $800 to bank statement balance D. subtract $800 from bank statement balance 24. $ _The total amount needed to reconcile the company cash account was: 25. $ Chapter 4 What is the company's cash balance after the reconciliation? Page 4-3 The Company's cash ledger reports the following for the month...
If a check correctly written and paid by the bank for $413 is incorrectly recorded in the company's books for $431, how should this error be treated on the bank reconciliation? Multiple Choice Subtract $18 from the bank's balance. Add $18 to the book balance. Add $18 to the bank's balance. Subtract $18 from the bank's balance and add $45 to the book's balance. Subtract $18 from the book balance. During the month of July, Clanton Industries issued a check...
Bank Balance Options: Add, NA, Subtract
1st Book Balance Options: Add, NA, Subtract
2nd Book Balance Option: DR, CR, NA
Exercise 8-11 Bank reconciliation and adjusting entries LO P3 A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. (Select the answers in the...
22. $ 2.000 of the cash receipts, what amount should be added to the bank balance during reconciling the bank account? 23. When performine the bank reconciliation, how should the company treat check 11547 A. add $9,000 to the company cash account B. Subtract $9,000 from company cash account C. add $9,000 to bank statement balance D. subtract $9,000 from bank statement balance * 24. $ 21,230 The total amount needed to reconcile the company cash account was: 4 25....
BE4-8 Indicate whether the firm should add or subtract each item below from its balance of cash or the bank's balance of cash in preparing a bank reconciliation. The first answer is provided as an example. If an item is not a reconciling item, state “No entry.” Bank Balance Subtract Company Balance No entry Reconciliation Items 1. Checks outstanding 2. NSF checks 3. Deposit recorded twice by company 4. Interest earned 5. Deposits outstanding 6. Bank service fees
MyCarcton E * a Subtract $268 from the bank balance O b Subtract $258 from the book balance o c. Add $258 bo the bock balance o d Add $258 to the bank balance Check Question 7 Nol complete A company purchased shares costing $73539 during the year. These shares are classified as FVTOC the end of the year, the company received $4964 in dividends from these shares. At year-end, the fais valuc of the shares is $147052. What is...
Item Bank Balance Book Balance Sho Sh Rec 4 1. NSF check from a customer is shown on the bank statement but not yet recorded by the company 2. Checks written by another depositor but mistakenly charged against this companya€ s account. 3. Outstanding checks to suppliers existed at the end of September Check written against the company's account and cleared by the bank; erroneously not recorded by the company's recordkeeper 5. Bank service charge for September is not yet...
The bank statement of a business shows an overdraft of $10 000 at 31 March. In reconciling the account at that date indicate the treatment you would give to Cheque No. 461 for $30 that was drawn on 25 March but had not yet been presented for payment. Select one: O a. Record in the cash payments journal O b. Record in the cash receipts journal O c. Subtract from the bank statement balance in the bank reconciliation O d....
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...
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