Homework Answers
| Reconciling statement | Bank balance adjusted? | added or deducted? | Explanation |
| Bank service charges | NO | Adjusted in books | |
| Outstanding cheques | YES | - | bank has not deducted |
| Deposit in transit | YES | + | bank has not added |
| Debit memo | NO | Adjusted in books | |
| Credit memo | NO | Adjusted in books | |
| Certified checks | NO | No adjustment | |
| Petty cash voucher | NO | No adjustment | |
| NSF check from customer | NO | Adjusted in books | |
| Interest revenue | NO | Adjusted in books |
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Saved 3 Required Identify which of the following items are added to or subtracted from the...
Identify which of the following items are added to or subtracted from the unadjusted bank balance...
Identify which of the following items are added to or subtracted
from the unadjusted bank balance to arrive at the true
cash balance. Distinguish the additions from the subtractions by
selecting a + beside the items that are added to the unadjusted
bank balance and a – beside those that are subtracted from it. The
first item is recorded as an example. (If the item is not
added to or subtracted from the adjusted book balance, leave the
cell blank.)...
Saved 2 Required Identify which of the following items are added to or subtracted from the...
Saved 2 Required Identify which of the following items are added to or subtracted from the unadjusted book balance to arrive at the true cash balance. Distinguish the additions from the subtractions by selecting a + beside the items that are added to the unadjusted book balance and a - beside those that are subtracted from it. The first item is recorded as an example. (If the item is not added to or subtracted from the adjusted book balance, leave...
A review of the bank statement and accounting records of the Blake Company revealed the following...
A review of the bank statement and accounting records of the Blake Company revealed the following items: Item No. Description 1) Three outstanding checks 2) A debit memo showing a bank service charge 3) A deposit in transit 4) An NSF check written by one of Blake’s customers 5) A certified check written by Blake 6) A credit memo reflecting interest revenue earned by Blake Which of the item(s) would be subtracted from the company's unadjusted book balance to determine...
Bank Reconciliation: Identify whether the item should be added or subtracted from the bank balance or...
Bank Reconciliation: Identify whether the item should be added or subtracted from the bank balance or the company balance. Use the number (1-4) for your response. For instance, if the amount should be added to bank statement balance you would input 1. 1. Added to bank statement balance 2. Subtracted from bank statement balance 3. Added to company cash balance 4. Subtracted from company cash balance 5 6 7 8 Item Bank deducted too much out of the checking account...
Outstanding checks haven't been presented to the bank for payment but have been subtracted in the...
Outstanding checks haven't been presented to the bank for payment but have been subtracted in the checkbook. have been subtracted on the bank records but not the checkbook records. have been returned to the business for nonpayment. haven't been presented to the bank for payment and haven't been subtracted from the checkbook. Question 2 (5 points) Using the following information, calculate the adjusted cash balance at the end of April. $2.000 Bank statement ending cash balance General ledger cash balance...
Indicate in which section of the Bank Reconciliation Statement the following reconciling items would appear. ts...
Indicate in which section of the Bank Reconciliation Statement the following reconciling items would appear. ts $XX John Bosley Co., Bank Reconciliation, April 30, 2019 Bank Statement Balance $XX Book Balance of Cash Additions: Additions: Deduction: Deduction: Adjusted Balance per Bank Statement $XX Adjusted Book Balance of Cash $XX An NSF check from a customer.
During a bank reconciliation process, outstanding checks and deposits in transit are subtracted from the bank...
During a bank reconciliation process, outstanding checks and deposits in transit are subtracted from the bank statement balance outstanding checks are added and deposits in transit are subtracted from the bank statement balance outstanding checks are subtracted and deposits in transit are added to the bank statement balance outstanding checks and deposits in transit are added to the bank statement balance Sales to customers who use bank credit cards such as MasterCard and Visa are usually recorded by a debit...
1. Which one which one of the following items would NOT be considered cash a. Coins...
1. Which one which one of the following items would NOT be considered cash a. Coins b. Money orders e. Currency d. Postdated checks 2. A bank statement: a shows the activities that increased or decreased the depositor's account balance b. is a credit reference letter written by the depositor's bank. is a bill from the bank for services rendered. d lets a depositor know the financial position of the bank as of a certain date. 3. A NSF check...
The following reconciling items are applicable to the bank reconciliation for Forde Co. Indicate how each...
The following reconciling items are applicable to the bank reconciliation for Forde Co. Indicate how each item should be shown on a bank reconciliation. (a) Outstanding checks. Bank debit memorandum for service charge. (b) Bank credit memorandum for collecting an electronic funds transfer. (c) Deposit in transit. (d) At July 31, Blossom Company has this bank information: cash balance per bank $7.000, outstanding checks $650, deposits in transit $1,200 and a bank service charge $10. Determine the adjusted cash balance...
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...
Identify which of the following items are added to or subtracted
from the unadjusted bank balance to arrive at the true
cash balance. Distinguish the additions from the subtractions by
selecting a + beside the items that are added to the unadjusted
bank balance and a – beside those that are subtracted from it. The
first item is recorded as an example. (If the item is not
added to or subtracted from the adjusted book balance, leave the
cell blank.)...
Saved 2 Required Identify which of the following items are added to or subtracted from the unadjusted book balance to arrive at the true cash balance. Distinguish the additions from the subtractions by selecting a + beside the items that are added to the unadjusted book balance and a - beside those that are subtracted from it. The first item is recorded as an example. (If the item is not added to or subtracted from the adjusted book balance, leave...
Bank Reconciliation: Identify whether the item should be added or subtracted from the bank balance or the company balance. Use the number (1-4) for your response. For instance, if the amount should be added to bank statement balance you would input 1. 1. Added to bank statement balance 2. Subtracted from bank statement balance 3. Added to company cash balance 4. Subtracted from company cash balance 5 6 7 8 Item Bank deducted too much out of the checking account...
Outstanding checks haven't been presented to the bank for payment but have been subtracted in the checkbook. have been subtracted on the bank records but not the checkbook records. have been returned to the business for nonpayment. haven't been presented to the bank for payment and haven't been subtracted from the checkbook. Question 2 (5 points) Using the following information, calculate the adjusted cash balance at the end of April. $2.000 Bank statement ending cash balance General ledger cash balance...
Indicate in which section of the Bank Reconciliation Statement the following reconciling items would appear. ts $XX John Bosley Co., Bank Reconciliation, April 30, 2019 Bank Statement Balance $XX Book Balance of Cash Additions: Additions: Deduction: Deduction: Adjusted Balance per Bank Statement $XX Adjusted Book Balance of Cash $XX An NSF check from a customer.
1. Which one which one of the following items would NOT be considered cash a. Coins b. Money orders e. Currency d. Postdated checks 2. A bank statement: a shows the activities that increased or decreased the depositor's account balance b. is a credit reference letter written by the depositor's bank. is a bill from the bank for services rendered. d lets a depositor know the financial position of the bank as of a certain date. 3. A NSF check...
The following reconciling items are applicable to the bank reconciliation for Forde Co. Indicate how each item should be shown on a bank reconciliation. (a) Outstanding checks. Bank debit memorandum for service charge. (b) Bank credit memorandum for collecting an electronic funds transfer. (c) Deposit in transit. (d) At July 31, Blossom Company has this bank information: cash balance per bank $7.000, outstanding checks $650, deposits in transit $1,200 and a bank service charge $10. Determine the adjusted cash balance...
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