bank credit memorandum for loan by bank to the academy company

TEST 3 (Continued) Answers 19_ The inventory system where both sales and cost of merchandise sold are recorded for each item sold is called the 19. Determining any differences between the month-end bank statement and the company's cash account ledger balance is called a(n) 20. Each ofthe correct answers is assigned a weight of 2N% PROBLEM 1-BANK RECONCILIATION-20% INSTRUCTIONS: Indicate the proper place for each of the following reconciling items by inserting the correct letter from the bank reconciliation form below in the Answers column. $X Cash balance per depositor's records Cash balance per bank statement Deductions Adjusted balance sxx Adjusted balance For 0 0. Bank charge for services rendered 1. Bank credit memorandum for loan by bank to The Academy Company 2. 2. Canceled check omitted from cash payments journal 3. 3. A note was collected by bank on behalf of company 4. Interest on above (3) note 5. Deposit of $1,000 recorded by company but not by bank 6. Outstanding checks of $1,250 7. The bank overcharged company $81 on a check .. 8. Bank debit memorandum for customer's check returned because of 5. 6. 7. insufficient funds 8. 9. Bank charge for printing company checks 10. Check for $45 was entered in journal as $54 ote: Eachofthe correct answers is assigned a weight of 2%. 10. Balance per book Laumens Aerm c Reconcilliation tStanding checrs epost ln ttansi t st -dated checks ATM tronsachon Banic hold cnec