| Option C is the answer | |
| When customer pays directly to bank account, it increases bank balance and to match it, bank account balance in company records should be added |
In preparing a bank reconciliation statement for a business with a substantial bank balance, the appropriate...
Question 1 In preparing a bank reconciliation statement for a business with a substantial bank balance, the appropriate treatment for a $8 100 dividend on shares, deposited directly into the bank account, appearing on the bank statement is to: A. add it to the balance as per bank statement. B. deduct it from the balance as per bank statement. c. add it to the balance per company records. D. deduct it from the balance per company records. Question 2 In...
In preparing a bank reconciliation statement for a business with a substantial bank balance, the appropriate treatment for a deposit for $2300 not appearing on the bank statement is to: Select one: a. add it to the balance as per bank statement b. deduct it from the balance as per bank statement c. add it to the balance per company records O d. deduct it from the balance per company records
bank reconciliation
Bank Reconciliation The following information is available to assist you in preparing a bank reconciliation for Burgoon Enterprises on May 31: a. The balance on the May 31 bank statement is $8,432.11. b. Not included on the bank statement is a $1,250 deposit made by Burgoon Enterprises late on May 31. c. A comparison between the canceled checks returned with the bank statement and the company records indicated that the following checks are outstanding at May 31: No....
wme following would be added to the balance per bank on a bank reconciliation? 8. Which of the following would be added to the ba a. Outstanding checks b. Deposits in transit c. Notes collected by the bank d. Service charges 9. A check returned by the bank marked "NSF" means a. no service fee. b. no signature found c. not satisfactorily filled out. d. not sufficient funds. 10. Deposits in transit a. have been recorded on the company's books...
In comparing the canceled checks on the bank statement with the entries in the accounting records, O'Brien Company found that check number 4239 for May's rent was correctly written and drawn for $9,855 but was erroneously entered in the accounting records as $9,585. When preparing the May bank reconciliation, the O'Brien Company should: Select one: A. Deduct $270 from the bank statement balance B. Add $270 to the book balance of cash C. Add $270 to the bank statement balance...
Henri Heinzl is preparing a bank reconciliation for his business, Heinzl Company Indicate whether each of the following items would be added to the bank balance, deducted from the bank balance, added to the Cash account balance in the general ledger (G/L), or deducted from the Cash account balance in the G/L. If any item does not have to be included in the bank reconciliation, select the option "not included in the bank reconciliation. a. A deposit of $2,310 at...
Veronika is preparing her monthly bank reconciliation. The ending cash balance per her company's records is shown as S10131 At the end of the month, the following information was provided by company records and the monthly bank statement: Bank service charges shown on the bank statement Deposits in transit at the end of the month Outstanding cheques at the end of the month S74 S549 S887 What is the cash balance per books after all adjustments have been made Select...
Problem 6-4A Preparing a bank reconciliation and recording adjustments LO P3 The following information applies to the questions displayed below.) The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,722 debit balance, but its July bank statement shows a $27,510 cash balance. b. Check No. 3031 for $1,280, Check No. 3065 for $416, and Check No....
Required information Problem 6-4A Preparing a bank reconciliation and recording adjustments LO P3 (The following information applies to the questions displayed below.) The following information is available to reconcile Branch Company's book balance of cash with its bank statement cash balance as of July 31. a. On July 31, the company's Cash account has a $25,628 debit balance, but its July bank statement shows a $28,688 cash balance. b. Check No. 3031 for $1,790, Check No. 3065 for $671, and...
Stationers R Us Pty Ltd’s bank reconciliation clerk is unable to reconcile the bank balance at 31 January. The balance of the cash at bank account, before any entries for transactions initiated by the bank, was $4,147 in the company records. The clerk’s attempt at the bank reconciliation statement is as follows. $ Cash balance as per bank statement 4,145 Add: Dishonoured cheque from customer 475 Less: Bank charges 29 Less: Outstanding deposits 352 Add: Unpresented cheques 854 Cash balance...