Homework Answers
| The company 's journal entry for this reconciling item would include nothing, because the deposit has already been recorded. |
| Deposit in transit occurs due to timing differences when the amount has already been recorded in books but the deposit is yet to be credited from Bank's side. |
| Option B is correct |
Add Answer to:
See all photos + Add to If a bank reconciliation included a deposit in transit of...
See all photos + Add to Egrane, Inc.'s monthly bank statement showed the ending balance of cash of $18,700. The ban...
See all photos + Add to Egrane, Inc.'s monthly bank statement showed the ending balance of cash of $18,700. The bank reconciliation for the period showed an adjustment for a deposit in transit of $1,600, outstanding checks of $2,200, a NSF check of $900, bank service charges of $40 and the EFT from a customer in payment of the customer's account of $1,700. What was the cash balance on the Egrane's books (before the adjustments for items on the bank...
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...
See all photos + Add to The cashier for Bell Buoy rang up sales totaling $5,106,...
See all photos + Add to The cashier for Bell Buoy rang up sales totaling $5,106, but had $5,125 to deposit, which journal entry would be recorded Multiple Choice O A debit to Sales for $5,125, a debit to Cash Overage for $19, and a credit to Cash for $5,106. O O A debit to Cash for $5,106, a debit to Cash Shortage for $19, and a credit to Sales Revenue for $5,125. O A debit to Cash for $5,106,...
tOs 0)-phg Add to See all photos Egrane, Inc.'s monthly bank statement showed the ending balance...
tOs 0)-phg Add to See all photos Egrane, Inc.'s monthly bank statement showed the ending balance of cash of $19,200. The bank reconciliation for the period showed an adjustment for a deposit in transit of $1,850, outstanding checks of $2,700, a NSF check of $1,400, bank service charges of $65 and the EFT from a customer in payment of the customer's account of $2,200. What is the up-to-date ending Cash balance? Multiple Choice $21,885 $17,615 $20,050
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...
Rollerball USA Bank Reconciliation April 30, 2018 —————————- Bank: Balance, April 30 - $700 Add: Deposit in transit- 1...
Rollerball
USA
Bank Reconciliation
April 30, 2018
—————————-
Bank:
Balance, April 30 - $700
Add: Deposit in transit- 1805
=2505
less: outstanding checks -(614)
adjusted bank balance- 1891
Books:
Balance, April 30- 1925
Add: EFT collection- rent - 300
=2225
Less:
Correction of book error- 225
NSF Checks- 90
Charge for printed checks- 10
service charge- 9
=(334)
Adjusted book balance- 1891
Use the above bank statement information to fill in the cells.
Do entries for 1- record the EFT...
bank reconilation help me plz Entries Based on Bank Reconciliation Which of the reconciling items listed...
bank reconilation help me plz
Entries Based on Bank Reconciliation Which of the reconciling items listed below require an entry in the company's accounts? (None of the transactions reported by bank debit and credit memos have been recorded by the company.) Item Entry Required 1. Bank service charges. 2. NSF check returned to company by the bank. 3. Check incorrectly recorded by company. 4. Check incorrectly charged by bank. 5. Deposit in transit 6. Outstanding checks. 7. Note collected by...
See all photos + Add to Q ♡ Urban Bloom, Inc.'s books show an ending cash balance of $17,500 before preparing the b...
See all photos + Add to Q ♡ Urban Bloom, Inc.'s books show an ending cash balance of $17,500 before preparing the bank reconciliation. Glven the bank reconciliation shows outstanding checks of $4,500, deposits in transit of $3,500, NSF check of $250, and interest earned on the bank account of $160, the company's up-to-date ending cash balance equals: Multiple Choice 0 $17,410 0 0 C
bank reconciliation the following dada were accumulated for use in reconciliation gonna in the bank account...
bank reconciliation the following dada were accumulated for
use in reconciliation gonna in the bank account of Creative Design
Co. for August 20Y6
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: 1. Cash balance according to the company's records at August 31, $42,920. 2. Cash balance according to the bank statement at August 31, $56,300. 3. Checks outstanding, $25,390. 4. Deposit in transit not recorded by bank,...
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers...
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: Cash balance according to the company's records at July 31 $22,020. Cash balance according to the bank statement at July 31, $22,940. Checks outstanding, $4,470. Deposit in transit, not recorded by bank, $3,590. A check for $340 in payment of an account was erroneously recorded in the check register as $430. Bank debit memo for service charges, $50. a. Prepare a...
See all photos + Add to Egrane, Inc.'s monthly bank statement showed the ending balance of cash of $18,700. The bank reconciliation for the period showed an adjustment for a deposit in transit of $1,600, outstanding checks of $2,200, a NSF check of $900, bank service charges of $40 and the EFT from a customer in payment of the customer's account of $1,700. What was the cash balance on the Egrane's books (before the adjustments for items on the bank...
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...
See all photos + Add to The cashier for Bell Buoy rang up sales totaling $5,106, but had $5,125 to deposit, which journal entry would be recorded Multiple Choice O A debit to Sales for $5,125, a debit to Cash Overage for $19, and a credit to Cash for $5,106. O O A debit to Cash for $5,106, a debit to Cash Shortage for $19, and a credit to Sales Revenue for $5,125. O A debit to Cash for $5,106,...
tOs 0)-phg Add to See all photos Egrane, Inc.'s monthly bank statement showed the ending balance of cash of $19,200. The bank reconciliation for the period showed an adjustment for a deposit in transit of $1,850, outstanding checks of $2,700, a NSF check of $1,400, bank service charges of $65 and the EFT from a customer in payment of the customer's account of $2,200. What is the up-to-date ending Cash balance? Multiple Choice $21,885 $17,615 $20,050
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...
Rollerball
USA
Bank Reconciliation
April 30, 2018
—————————-
Bank:
Balance, April 30 - $700
Add: Deposit in transit- 1805
=2505
less: outstanding checks -(614)
adjusted bank balance- 1891
Books:
Balance, April 30- 1925
Add: EFT collection- rent - 300
=2225
Less:
Correction of book error- 225
NSF Checks- 90
Charge for printed checks- 10
service charge- 9
=(334)
Adjusted book balance- 1891
Use the above bank statement information to fill in the cells.
Do entries for 1- record the EFT...
bank reconilation help me plz
Entries Based on Bank Reconciliation Which of the reconciling items listed below require an entry in the company's accounts? (None of the transactions reported by bank debit and credit memos have been recorded by the company.) Item Entry Required 1. Bank service charges. 2. NSF check returned to company by the bank. 3. Check incorrectly recorded by company. 4. Check incorrectly charged by bank. 5. Deposit in transit 6. Outstanding checks. 7. Note collected by...
See all photos + Add to Q ♡ Urban Bloom, Inc.'s books show an ending cash balance of $17,500 before preparing the bank reconciliation. Glven the bank reconciliation shows outstanding checks of $4,500, deposits in transit of $3,500, NSF check of $250, and interest earned on the bank account of $160, the company's up-to-date ending cash balance equals: Multiple Choice 0 $17,410 0 0 C
bank reconciliation the following dada were accumulated for
use in reconciliation gonna in the bank account of Creative Design
Co. for August 20Y6
Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: 1. Cash balance according to the company's records at August 31, $42,920. 2. Cash balance according to the bank statement at August 31, $56,300. 3. Checks outstanding, $25,390. 4. Deposit in transit not recorded by bank,...
Most questions answered within 3 hours.
-
If the vapor pressure of carvone is approximately 9.4 torr at 99
°C, approximately how much...
asked 3 minutes ago -
A juice bottling company is carrying out a test at 10%
significance that the mean population...
asked 15 minutes ago -
What is the reflectivity (in percent) needed to keep water at a
temperature near its freezing...
asked 17 minutes ago -
Suppose that the average surface temperature of Earth is 300K.
Assume this is uniform over its...
asked 18 minutes ago -
Draw the condensed structural formula for alkenes and alkynes or
the line-angle structural formula for cycloalkenes...
asked 18 minutes ago -
M. Laing has suggested a new arrangement of the periodic table
(J.Chem.Ed.1989, 66,
746). Answer the following...
asked 39 minutes ago -
Café Michigan's manager, Gary Stark, suspects that demand for
mocha latte coffees depends on the price...
asked 38 minutes ago -
A US merchant purchases wine from a vineyard outside of Paris.
The wine is transported to...
asked 45 minutes ago -
we have (TTN)*
We have to use just one 2-bit counter with 1-bit global
history?
and...
asked 45 minutes ago -
Firms that fail to compete with lower prices and/or better
products will go bankrupt. Does this...
asked 46 minutes ago -
Question 1 Current and Resistance
Part A: A current of -14.5 nanoamperes is how many electrons...
asked 47 minutes ago -
The population standard deviation for the height of college
basketball players is 3.4 inches. If we...
asked 59 minutes ago