ZuoTi.Pro
Question

Entries Based on Bank Reconciliation Which of the reconciling items listed below require an entry in the companys accounts? bank reconilation help me plz
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1
Item Entry Required
Bank Service charges Yes.
Unrecorded bank charges to be accounted
NSF check returned to the company by the bank Yes.
Represents Non sufficient funds check.
Check incorrectly recorded by the company Yes.
Requires correction in books
Check incorrectly charged by the bank No.
Requires correction from Bank's side.
Deposit in transit No.
Already recorded in Books
Outstanding checks No.
Already recorded in Books
Note collected by bank Yes.
Need to make entry for unrecorded collection of Note.
0 0
Add a comment
Know the answer?
Add Answer to:
bank reconilation help me plz Entries Based on Bank Reconciliation Which of the reconciling items listed...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 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...

  • EX 8-16 Bank reconciliation OBJ. 5 Identify each of the following reconciling items as: (a) an...

    EX 8-16 Bank reconciliation OBJ. 5 Identify each of the following reconciling items as: (a) an addition to the cash balance according to the bank statement, (b) a deduction from the cash balance according to the bank statement, (c) an addition to the cash balance according to the company's records, or (d) 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.)...

  • Identify each of the following reconciling items as: An addition to the cash balance according to...

    Identify each of the following reconciling items as: An addition to the cash balance according to the bank statement. A deduction from the cash balance according to the bank statement. An addition to the cash balance according to the company's records. A deduction from the cash balance according to the company's records. Assume that none of the transactions reported by bank debit and credit memos have been recorded by the company. Write "entry" by items that will require a journal...

  • Robert's Company gathered the following reconciling info. in preparing it's May bank reconciliation: Book balance at...

    Robert's Company gathered the following reconciling info. in preparing it's May bank reconciliation: Book balance at May 31, $4550, Bank balance at May, 31, $6025, Deposits in transit, not recorded by the bank of $425, Deposit of $650 incorrectly recorded by the as $560, Check #342 for $410 was incorrectly recorded by the company as $140, Outstanding checks of $2220, and NSF check of $140 was returned by the bank to the company. The adjusted cash balance according to the...

  • Bank Reconciliation and Entries The cash account for Stone Systems at July 31, 20Y5, indicated a...

    Bank Reconciliation and Entries The cash account for Stone Systems at July 31, 20Y5, indicated a balance of $12,800. The bank statement indicated a balance of $15,970 on July 31, 20Y5. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items: Checks outstanding totaled $5,750. A deposit of $5,990, representing receipts of July 31, had been made too late to appear on the bank statement. The bank had collected $3,110 on...

  • Bank Reconciliation The following data were gathered to use in reconciling the bank account of Lays...

    Bank Reconciliation The following data were gathered to use in reconciling the bank account of Lays Company: Balance per bank $ 25,670 Balance per company records 21,410 Bank service charges 120 Deposit in transit 3,780 NSF check 1,390 Outstanding checks 9,550 a. What is the adjusted balance on the bank reconciliation? $ b. Journalize any necessary entries for Lays Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry, leave it...

  • Sweet Corporation is preparing a bank reconciliation and has identified the following potential reconciling items. (a)...

    Sweet Corporation is preparing a bank reconciliation and has identified the following potential reconciling items. (a) Deposit in transit $7,180. (b) Bank service charges $28. (Use Office Expense account.) (c) Interest credited to Sweet's account $36. (d) Outstanding checks $7,510. (e) NSF check returned $400. Prepare entries necessary to make Sweet's accounting records correct and complete. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when...

  • Bank Reconciliation and Entries The cash account for American Medical Co. at April 30 indicated a...

    Bank Reconciliation and Entries The cash account for American Medical Co. at April 30 indicated a balance of $11,320. The bank statement indicated a balance of $13,120 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: Checks outstanding totaled $4,720. A deposit of $4,920, representing receipts of April 30, had been made too late to appear on the bank statement. The bank collected $2,560 on a $2,430...

  • Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a...

    Bank Reconciliation and Entries The cash account for Brentwood Bike Co. at May 1 indicated a balance of $13,960. During May, the total cash deposited was $70,250 and checks written totaled $65,230. The bank statement indicated a balance of $23,810 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items: A. Checks outstanding totaled $10,610. B. A deposit of $8,640, representing receipts of May 31, had been made...

  • Bank Reconciliation and Entries The cash account for American Medical Co. at April 30 indicated a...

    Bank Reconciliation and Entries The cash account for American Medical Co. at April 30 indicated a balance of $8,960. The bank statement indicated a balance of $10,190 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: A. Checks outstanding totaled $3,670. B. A deposit of $3,820, representing receipts of April 30, had been made too late to appear on the bank statement. C. The bank collected $1,990...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT