Which of the following would you deduct from the bank statement balance to arrive at the...
Which of the following would you deduct from the bank statement balance to arrive at the reconciled cash balance in a bank reconciliation:
Select one:
A. Bank service charges
B. Deposits in transit
C. Outstanding checks
D. “NSF” checks
Homework Answers
|
Answer) option C outstanding checks ( bank service charges and NSF checks are deducted from the cash balance whereas deposit in transit are added to bank statement balance) |
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Which of the following would you deduct from the bank statement
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Beckett Co. received its bank statement for the month ending June 30, 2019, and reconciled the...
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1. On May 2, you receive your bank statement showing a balance of $1,641.18. Your checkbook...
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The balance in Happ Inc.'s general ledger Cash account was $14,190 at September 30, before reconciliation....
The balance in Happ Inc.'s general ledger Cash account was $14,190 at September 30, before reconciliation. The September 30 balance shown in the bank statement was $12,730. Reconciling items included deposits in transit, $1,360; bank service charges, $150; NSF check written by a customer and returned with the bank statement, $610; outstanding checks, $540; and interest credited to the account during September but not recorded on the company's books, $120. Required: Prepare a bank reconciliation as of September 30 for...
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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...
Beckett Co. received its bank statement for the month ending June 30, 2019. and reconciled the statement balance to the June 30, 2019, balance in the Cash account. The reconciled balance was determined to be $6.658. The reconciliation recognized the following items: 1. Deposits in transit were $3,426. 2. Outstanding checks totaled $2.744 3. Bank service charges shown as a deduction on the bank statement were $51. 4. An NSF check from a customer for $664 was included with the...
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...
1. On May 2, you receive your bank statement showing a balance of $1,641.18. Your checkbook shows a balance of $1,427.15. Outstanding checks are $167.31, $245.66, and $302.56. The account earned $62.11. Deposit in transit amount to $555.61, and there is a service charge of $8.00. Calculate the reconciled balance. CHECKBOOK BALANCE STATEMENT BALANCE Add: Interest Earned & Other Credits Add: Deposits in Transit SUBTOTAL SUBTOTAL Deduct: Services Charges & Other Debits Deduct: Outstanding Checks ADJUSTED CHECKBOOK BALANCE ADJUSTED STATEMENT...
The balance in Happ Inc.'s general ledger Cash account was $71,580 at September 30, before reconciliation. The September 30 balance shown in the bank statement was $63,780. Reconciling items included deposits in transit, $6,200; bank service charges, $120; NSF check written by a customer and returned with the bank statement, $2,850; outstanding checks, $1,280; and interest credited to the account during September but not recorded on the company's books, $90. Required: Prepare a bank reconciliation as of September 30 for...
The balance in Happ Inc.'s general ledger Cash account was $14,190 at September 30, before reconciliation. The September 30 balance shown in the bank statement was $12,730. Reconciling items included deposits in transit, $1,360; bank service charges, $150; NSF check written by a customer and returned with the bank statement, $610; outstanding checks, $540; and interest credited to the account during September but not recorded on the company's books, $120. Required: Prepare a bank reconciliation as of September 30 for...
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