Homework Answers
Dishonored Cheques should be substracted from the general ledger bank balance.
Explanation:
Dishonoured cheques are cheques
received from customer and banked but then returned unpaid
(“dishonoured”). Dishonoured
cheques should not be recorded in the
Bank Statement because the bank
only credits their customer's account when they actually receive
cash.
Add Answer to:
when reconciling the ledger with the bank statement assuming a
positive bank balance a returned dishonored...
When reconciling the bank ledger account and the bank statement, if both are in overdraft, unpresented...
When reconciling the bank ledger account and the bank statement, if both are in overdraft, unpresented cheques will be: Select one: a. deducted from the bank statement balance in the reconciliation. b. added to the bank statement balance in the reconciliation c. added to the general ledger bank balance. d. deducted from the general ledger bank balance.
Problem 6 (7 marks) In early April 2019, Bunny's Factoring received its monthly bank statement showing...
Problem 6 (7 marks) In early April 2019, Bunny's Factoring received its monthly bank statement showing a debit balance of $342 at 31 March 2019. On 31 March 2019, $720 cash received from debtors was not yet deposited at the bank. There were two unpresented cheques: Cheque no. 100 for $132, and no. 105 for $110. One dishonoured cheque for $250 from Hamster Ltd was returned by the bank. Cheque no. 110 issued for payment of rent for $400 appeared...
ADuring a bank reconciliation, a deposit recorded by the bank but not in the company's ledger...
ADuring a bank reconciliation, a deposit recorded by the bank but not in the company's ledger Cash account is... a. added to both the bank balance and the ledger Cash account balance b. added to the ledger Cash account balance only c. added to the bank balance only d. subtracted from the bank balance and added to the ledger Cash account balance
7) If the balance on the bank statement does not equal the balance in the company's...
7) If the balance on the bank statement does not equal the balance in the company's cash account: A) It is perfectly normal for the two balances to be different. B) The bookkeeper made a mistake. C) Both the bank and the bookkeeper made a mistake. D) The bank made a mistake. 8) A bank reconciliation: A) Is a formal financial statement. B) Should be prepared by an employee who handles cash transactions. C) Is done only at the end...
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....
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...
5-5 MASTERY PROBLEM Reconciling a bank statement; journalizing a bank service charge, a dishonored check, and...
5-5 MASTERY PROBLEM Reconciling a bank statement; journalizing a bank service charge, a dishonored check, and petty cash transactions James Astrup owns a business called LawnMow. Selected general ledger accounts are given below. 110 Cash 115 Petty Cash 120 Accts. Rec.-Bruce Kassola 30 Supplies Instructions: 140 Prepaid Insurance 320 James Astrup, Drawing 520 Miscellaneous Expense 530 Rent Expense 535 Repair Expense 540 Supplies Expense 550 Utilities Expense 1. Journalize the following transactions completed during August of the current year. Use...
solve the following question with full expiration on each step General Ledger CASH BOOK 2019 35,000...
solve the following question with full expiration on
each step
General Ledger CASH BOOK 2019 35,000 April 6 Payment customer P 25,000 2019 Rs Rs April 1 Balance b/d 4 Cheque customer X 9 Cheque -customer Y 29 Cheque - customer Z 10,000 12 Payment customer Q 14,000 20 Payment customer R 12,000 29,000 80,000 15,000 20,000 80,000 30 Balance c/d Bank Statement ABC Company Balance Withdrawals Deposits 2019 April Rs Rs 1 Balance b/d 6 Cheque deposit customer X...
The balance in Happ, Inc.’s general ledger Cash account was $14,630 at September 30, before reconciliation....
The balance in Happ, Inc.’s general ledger Cash account was $14,630 at September 30, before reconciliation. The September 30 balance shown in the bank statement was $13,130. Reconciling items included deposits in transit, $1,400; bank service charges, $170; NSF check written by a customer and returned with the bank statement, $650; outstanding checks, $580; and interest credited to the account during September but not recorded on the company’s books, $140. Required: a. Show the reconciling items in a horizontal model...
On February 28 th , THE Company’s general ledger shows a checking account balance of $18,720....
On February 28 th , THE Company’s general ledger shows a checking account balance of $18,720. The company’s cash receipts for the month which haven’t cleared the bank yet are $5,200 and checks written by the company this month which have not cleared the bank total $12,400. While comparing the bank statement with the general ledger THE determined the bank overcharged them $200 for a check the bank cleared. The bank statement also reported service fees of $25, interest THE...
When reconciling the bank ledger account and the bank statement, if both are in overdraft, unpresented cheques will be: Select one: a. deducted from the bank statement balance in the reconciliation. b. added to the bank statement balance in the reconciliation c. added to the general ledger bank balance. d. deducted from the general ledger bank balance.
Problem 6 (7 marks) In early April 2019, Bunny's Factoring received its monthly bank statement showing a debit balance of $342 at 31 March 2019. On 31 March 2019, $720 cash received from debtors was not yet deposited at the bank. There were two unpresented cheques: Cheque no. 100 for $132, and no. 105 for $110. One dishonoured cheque for $250 from Hamster Ltd was returned by the bank. Cheque no. 110 issued for payment of rent for $400 appeared...
ADuring a bank reconciliation, a deposit recorded by the bank but not in the company's ledger Cash account is... a. added to both the bank balance and the ledger Cash account balance b. added to the ledger Cash account balance only c. added to the bank balance only d. subtracted from the bank balance and added to the ledger Cash account balance
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....
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...
5-5 MASTERY PROBLEM Reconciling a bank statement; journalizing a bank service charge, a dishonored check, and petty cash transactions James Astrup owns a business called LawnMow. Selected general ledger accounts are given below. 110 Cash 115 Petty Cash 120 Accts. Rec.-Bruce Kassola 30 Supplies Instructions: 140 Prepaid Insurance 320 James Astrup, Drawing 520 Miscellaneous Expense 530 Rent Expense 535 Repair Expense 540 Supplies Expense 550 Utilities Expense 1. Journalize the following transactions completed during August of the current year. Use...
solve the following question with full expiration on
each step
General Ledger CASH BOOK 2019 35,000 April 6 Payment customer P 25,000 2019 Rs Rs April 1 Balance b/d 4 Cheque customer X 9 Cheque -customer Y 29 Cheque - customer Z 10,000 12 Payment customer Q 14,000 20 Payment customer R 12,000 29,000 80,000 15,000 20,000 80,000 30 Balance c/d Bank Statement ABC Company Balance Withdrawals Deposits 2019 April Rs Rs 1 Balance b/d 6 Cheque deposit customer X...
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