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For each of the items indicate whether its amount affects the bank or book side of a bank reconciliation and is an addition or a subtraction in a bank reconciliation and whether an adjusting journal entry is required:
For each of the items indicate whether its amount affects the bank or book side of a bank reconciliation and is an addition or a subtraction in a bank reconciliation and whether an adjusting journal entry is required:
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Screen Shot 2020-10-28 at 10.38.15 AM.pngScreen Shot 2020-10-28 at 10.38.03 AM.pngThree grams of musk oil are required for each bottle of Mink Caress, a very popular perfume made by a small company in western Siberia. The cost of the musk oil is $2.10 per gram.
7. Which of the following items that appears on a bank reconciliation requires an adjusting entry? A. Deposit in transit. B. Bank service charges. C. Outstanding checks. D. All of the above. 8. A properly administered bank reconciliation shows how much should be reported on the balance sheet for cash. A. True. B. False. 9. Which of the following is a fund containing a small amount of cash that is used to pay for minor expenditures? A. Payroll fund. B....
For each timing difference listed, identify whether the difference would be reported on the book side of the reconciliation or the bank side of the reconciliation. In addition, identify whether the difference would be an addition or subtraction Is book or bank affected? Is it an addition or subtraction? a. Deposit in transit b. Bank collection c. Debit memorandum from bank d. EFT cash receipt e. Outstanding checks f. $1,000 deposit erroneously recorded by the bank as $100 g. Service charges h. Interest revenue i. $2,500 cash payment for...
QS 7-9 Bank reconciliation LO6 1. Identify whether each of the following items affects the bank or book side of the end cate if the amount represents an addition or a subtraction: a. Deposits in transit. e. Outstanding cheques. b. Interest on average monthly balance. f. Debit memos. c. Credit memos. g. NSF cheques. d. Bank service charges. 2. Which of the previous items require a journal entry?
E5-16 Bank reconciliation Identify each of the following reconciling items as: (a) an addition to the cash balance ac- cording 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 trans- actions reperted by bank debit and credit memos have been recorded by the company.) 1....
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...
How would you do the general journal adjusting entries for this? Bank Reconciliation The bank portion of the bank reconciliation for Hilo Company at November 30 was as follows. It agreed with the cash balance per books. The cash records per books for December showed the following: Cash Receipts Journal Date Amount Hilo Company Bank Reconciliation November 30 Cash balance per bank Add: Deposits in transit $14,367.90 2.530.20 16,898.10 Less: Outstanding checks Ck # Ck Amount 3451 $2,260.40 - 3470...