A review of the bank statement and accounting records of the Blake Company revealed the following...
A review of the bank statement and accounting records of the Blake Company revealed the following items:
Item No. Description
1) Three outstanding checks
2) A debit memo showing a bank service charge
3) A deposit in transit
4) An NSF check written by one of Blake’s customers
5) A certified check written by Blake
6) A credit memo reflecting interest revenue earned by Blake
Which of the item(s) would be subtracted from the company's unadjusted book balance to determine the true cash balance?
a. Item numbers 2 and 4.
b. Item numbers 2, 4, and 5.
c. Item numbers 1 and 4.
d. Item numbers 1, 2, 4, and 5.
Homework Answers
Answer is A. Item 2 and 4.
Explanation: Service charges levied by bank shall be deducted from the unadjusted book balance. Also NSF check returned by bank shall also be deducted from the unadjusted book balance to get to the adjusted reconciled balance as per books.
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