Homework Answers
Oustanding checks are those that have been recorded in the cash book by the issuing party but has not been cleared/recorded by the bank.
This means bank account will have more balance as compare to cashbook balance. So to match the balance in bank statement and cash book, the outstanding checks needs to be deducted from the bank statement.
The correct answer is "Deduction to the balance per bank statement.
Note: Issuing party means the party who issues check.
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Question 15 (2 points) For items 11, 12, 13, 14 and 15, the following information was...
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...
ex 8-18 answers to a, b, and c . DPO U 6. Outstanding checks, $7,950. 7....
ex 8-18 answers to a, b, and c
. DPO U 6. Outstanding checks, $7,950. 7. Note collected by bank, $10,500. EX 8-17 Entries based on bank reconciliation OBJ. 5 Which of the reconciling items listed in Exercise 8-16 require an entry in the company's accounts? Adjusted balance: 32,630 Show Me How EX 8-18 Bank reconciliation OBJ. 5 The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: 1. Cash balance according to...
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 data were accumulated for use in reconciling the bank account of Creative Design Co....
The following data were accumulated for use in reconciling the
bank account of Creative Design Co. for August 20Y6:
Cash balance according to the company's records at August 31,
$22,350.
Cash balance according to the bank statement at August 31,
$23,570.
Checks outstanding, $4,540.
Deposit in transit, not recorded by bank, $3,640.
A check for $590 in payment of an account was erroneously
recorded in the check register as $950.
Bank debit memo for service charges, $40.
a. Prepare a...
3) Answer the following 5 multiple Choice 1) The objectives of internal control are to a....
3) Answer the following 5 multiple Choice 1) The objectives of internal control are to a. provide reasonable assurance that assets are safeguarded and used for ess purposes, financial reports are accurate, and laws and regulations are complied with Ob. provide control over "internal use only" reports and employee internal conduct OC. control the internal organization of the Accounting Department personnel and equipment O d. prevent fraud and promote the social interest of the company 2) A bank reconciliation should...
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.
1. The following information pertains to Cullumber Company. 1. Cash balance per bank, July 31, $7,988....
1. The following information pertains to Cullumber Company. 1. Cash balance per bank, July 31, $7,988. 2. July bank service charge not recorded by the depositor $53. 3. Cash balance per books, July 31, $8,024. 4. Deposits in transit, July 31, $3,360. 5. $2,676 collected for Cullumber Company in July by the bank through electronic funds transfer. The collection has not been recorded by Cullumber Company. 6. Outstanding checks, July 31, $701. Prepare a bank reconciliation at July 31, 2022....
using the data presented in ex8-18 journalize the entry or entries that should be made by...
using the data presented in ex8-18 journalize the
entry or entries that should be made by the company
VJUU WCnetuy recorded by the company as $230. 4. Check for $1,100 incorrectly charged by bank as $110. 5. Deposit in transit, $3,300. 6. Outstanding checks, $7,950. 7. Note collected by bank, $10,500. EX 8-17 Entries based on bank reconciliation OBJ. 5 Which of the reconciling items listed in Exercise 8-16 require an entry in the company's accounts? ✓ Adjusted balance: $32,630...
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.)...
ex 8-18 answers to a, b, and c
. DPO U 6. Outstanding checks, $7,950. 7. Note collected by bank, $10,500. EX 8-17 Entries based on bank reconciliation OBJ. 5 Which of the reconciling items listed in Exercise 8-16 require an entry in the company's accounts? Adjusted balance: 32,630 Show Me How EX 8-18 Bank reconciliation OBJ. 5 The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: 1. Cash balance according to...
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 data were accumulated for use in reconciling the
bank account of Creative Design Co. for August 20Y6:
Cash balance according to the company's records at August 31,
$22,350.
Cash balance according to the bank statement at August 31,
$23,570.
Checks outstanding, $4,540.
Deposit in transit, not recorded by bank, $3,640.
A check for $590 in payment of an account was erroneously
recorded in the check register as $950.
Bank debit memo for service charges, $40.
a. Prepare a...
3) Answer the following 5 multiple Choice 1) The objectives of internal control are to a. provide reasonable assurance that assets are safeguarded and used for ess purposes, financial reports are accurate, and laws and regulations are complied with Ob. provide control over "internal use only" reports and employee internal conduct OC. control the internal organization of the Accounting Department personnel and equipment O d. prevent fraud and promote the social interest of the company 2) A bank reconciliation should...
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.
using the data presented in ex8-18 journalize the
entry or entries that should be made by the company
VJUU WCnetuy recorded by the company as $230. 4. Check for $1,100 incorrectly charged by bank as $110. 5. Deposit in transit, $3,300. 6. Outstanding checks, $7,950. 7. Note collected by bank, $10,500. EX 8-17 Entries based on bank reconciliation OBJ. 5 Which of the reconciling items listed in Exercise 8-16 require an entry in the company's accounts? ✓ Adjusted balance: $32,630...
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