Bank Reconciliation Identify each of the following reconciling items as: a, an addition to the cash...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Bank Reconciliation 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 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.) Treatment Item 1. Bank service charges, $50. 2. Check of a custorner returned by bank to company because of insufficient funds, $520. 3. Check for $345 incorrectly recorded by the company as $435. 4. Check for $200 incorrectly charged by bank as $2,000. 5. Deposit in transit, $4,250. 6. Outstanding checks, $5,420. 7. Note collected by bank, $5,300. Bank Reconciliation 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 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.) Treatment Item 1. Bank service charges, $50. 2. Check of a custorner returned by bank to company because of insufficient funds, $520. 3. Check for $345 incorrectly recorded by the company as $435. 4. Check for $200 incorrectly charged by bank as $2,000. 5. Deposit in transit, $4,250. 6. Outstanding checks, $5,420. 7. Note collected by bank, $5,300.
Expert Answer:
Related Book For
Business Statistics a decision making approach
ISBN: 978-0133021844
9th edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
Posted Date:
Students also viewed these accounting questions
-
If book value of equity for $ company is 180000 JD and P shares in book value of equity is 144000 JD and P share in differences between implied value and book value is 6000 JD. Compute amount of NCI....
-
Exhibit 1.16 presents common-size income statements and balance sheets for six firms that operate at various stages in the value chain for the pharmaceutical industry. These common-size statements...
-
Bank failures are caused by banks having insufficient funds to cover withdrawals of deposits. a. Should Congress require banks to hold 100% of deposits as reserves instead of the 10% now required? b....
-
Dare2Dream Donuts Inc. (D2DD) is a CCPC owned by Alec & Isla Smook. As their tax advisor, you are currently completing D2DD's corporate tax return, and have calculated taxable income as follows: $...
-
Solve Equation (7.5) for pi to show that Equation (7.6) is true. Equation 7.5 ln(i / 1 i) = 0 + 1xi Equation 7.6 i = e0 + 1xi / 1 + e0 + 1xi
-
Refer to the data in Exercise 17.4. Determine the sample size for female individuals in Porvoo, Finland, by under each of the following schemes. Data From Exercise 17.4 In a stratified random sample...
-
How do systems that link the enterprise improve organizational performance? Explain how enterprise applications improve organizational performance. Define enterprise systems, supply chain...
-
Financial information for Gallup Inc. is presented below. Instructions Prepare a schedule showing a horizontal analysis for 2014 using 2013 as the baseyear. Current assets Plant assets (net) Current...
-
Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2024, year- end trial balance contained the following income statement items:...
-
5. Changes in the money supply The following graph represents the money market for some hypothetical economy. This economy is similar to the United States in the sense that it has a central bank...
-
What is the current state of rents and vacancies in the office market nationally? what are three major factors affecting rents and vacancies? how are lenders behaving in response to these trends, and...
-
Which parts of Herzbergs motivatorhygiene theory made useful contributions to understanding motivation in organizations?
-
The following audit procedures may be used in tests of controls and substantive tests. Give one example of use as a test of controls and one example of use as a substantive test for each procedure....
-
When applying analytical procedures, an auditor could develop an independent expectation of an account balance to compare to: a. Management's unaudited balance. b. Management's unaudited balance...
-
An auditor frequently makes comparisons. For each of the following comparisons indicate whether the audit test is a (1) test of controls, (2) test of details of transactions, (3) test of details of a...
-
Discuss the international aspects of the need theories.
-
11-4 Proportionate Method??Cost Method LO4This problem is a continuation of the problem in Section 11.5 ofthe chapter. In the chapter, the workpaper was prepared for theyear of the acquisition. I 2...
-
Stephen Schor, an accountant in New York City, advised his client, Andre Romanelli, Inc., to open an account at J. P. Morgan Chase Bank, N.A., to obtain a favorable interest rate on a line of credit....
-
Nielsen Media Research reported that the average American home watched more television in 2007 than in any previous season. From September 2006 to September 2007 (the official start and end of...
-
Frito-Lay is one of the worlds largest makers of snack foods. One of the final steps in making products like Cheetos and Doritos is to package the product in sacks or other containers. Suppose...
-
Suppose the Akron Chamber of Commerce has decided to conduct a survey to estimate the proportion of adults between the ages of 25 and 35 living in the metropolitan area who have a college degree in a...
-
\(43 \times 101\) Use properties of real numbers and mental math to calculate the expression.
-
\(16 \times 999\) Use properties of real numbers and mental math to calculate the expression.
-
Review the information about the factors involved in choosing a career. Choose a career you would be interested in pursuing. Write About It Write a short essay about why you chose this career. Be...
Study smarter with the SolutionInn App