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Accounting questions I need help with: At the end of the month of July you close the books of your company and received the bank

Accounting questions I need help with:

At the end of the month of July you close the books of your company and received the bank statement. You are ready to start with the Adjusting journal entries and realized that a bank reconciliation must be performed.

First you collect the data from June 30th reconciliation as follows:

Balance per Bank $10,000
add: Deposits in Transit $1,800
deduct: Outstanding Cheques $(2,200)
Balance per Books $9,600

Second you close your update your Cash and bank account with all transactions recorded before AJE and you have:

Balance July 31 $12,000
Deposits $7,300
Cheques $4,800

Third you look at the bank statement provided by your bank and you see the following:

Balance July 31 $12,430
Deposits $6,000
Cheques $4,000
Note collected $1,000
Bank service charge $20
NSF cheque $150
Interest received $200
Autowithdrawals $500

Which of the following items have been deducted from the Cash and Bank account when doing the reconciliation?

Notes Collected $1,000

NSF Cheque $150

Interest $200

None of the others alternatives are correct

Errors $30

2.

At the end of the month of July you close the books of your company and received the bank statement. You are ready to start with the Adjusting journal entries and realized that a bank reconciliation must be performed.

First you collect the data from June 30th reconciliation as follows:

Balance per Bank $10,000
add: Deposits in Transit $6,300
deduct: Outstanding Cheques $(5,000)
Balance per Books $9,600

Second you close your update your Cash and bank account with all transactions recorded before AJE and you have:

Balance July 31 $11,000
Deposits $8,500
Cheques $6,500

Third you look at the bank statement provided by your bank and you see the following:

Balance July 31 $10,280
Deposits $13,000
Cheques $10,000
Note collected $700
Bank service charge $ 50
NSF cheque $1,000
Interest received $180
Autowithdrawals $250

Which of the following adjusting journal entries is required after the bank reconciliation has been prepared?

Dr Cash $1,000 Cr. Accounts Receivables $1,000 (to reflect the NSF cheque)

Dr. Cash $50 Cr. bank fees $50 (to reflect bank fees for the month)

Dr. Phone Expenses $250 Cr. Cash $250 (to reflect the automatic payment of the phone - autowithdraw).

None of the others alternatives are correct

Dr. Interest revenue $180 Cr. Cash $180 (to reflect interest earned on bank balance).

3. At the end of the month of July you close the books of your company and received the bank statement. You are ready to start with the Adjusting journal entries and realized that a bank reconciliation must be performed.

First you collect the data from June 30th reconciliation as follows:

Balance per Bank $10,000
add: Deposits in Transit $1,800
deduct: Outstanding Cheques $(2,200)
Balance per Books $9,600

Second you close your update your Cash and bank account with all transactions recorded before AJE and you have:

Balance July 31 $12,000
Deposits $7,300
Cheques $4,800

Third you look at the bank statement provided by your bank and you see the following:

Balance July 31 $12,430
Deposits $6,000
Cheques $4,000
Note collected $1,000
Bank service charge $20
NSF cheque $150
Interest received $200
Autowithdrawals $500

What is the amount of cheques written and paid in July?

$2,200

$1,800

$4,800

None of the others alternatives are correct

$4,000

4.

At the end of the month of July you close the books of your company and received the bank statement. You are ready to start with the Adjusting journal entries and realized that a bank reconciliation must be performed.

First you collect the data from June 30th reconciliation as follows:

Balance per Bank $10,000
add: Deposits in Transit $6,300
deduct: Outstanding Cheques $(5,000)
Balance per Books $9,600

Second you close your update your Cash and bank account with all transactions recorded before AJE and you have:

Balance July 31 $11,000
Deposits $8,500
Cheques $6,500

Third you look at the bank statement provided by your bank and you see the following:

Balance July 31 $10,280
Deposits $13,000
Cheques $10,000
Note collected $700
Bank service charge $ 50
NSF cheque $1,000
Interest received $180
Autowithdrawals $250

Which of the following items have been deducted from the Cash and Bank account when doing the reconciliation?

Interest $180

Errors $30

Service Charges $50

Notes Collected $700

None of the others alternatives are correct

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