Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help with all Hie in starting a Bank Reconciliation, the left side is the The Right Side is the (Bank or Book) side (Bank

image text in transcribed

please help with all

Hie in starting a Bank Reconciliation, the left side is the The Right Side is the (Bank or Book) side (Bank or Book) Side, and 2 Circle the proper side of the Bank Reconciliation (Bank or Book Side) and tell me if they are Additions or Deductions (Circle one) to the respective side of the Reconciliation A. Deposits in Transit - Belongs on the (Book or Bank Side) and is an Addition or Deduction B Cash Collected by the Bank en behalf of the Company - Belongs on the Book or Bank) Side And s an Addition or Deduction, C. Outstanding Checks (also known as Checks In Transit) Belong on the (Book or Bank) Side And is an Addition or Deduction, D. Checks rejected by the Company's Bank, such as a Bounced Check, are found on the Bank Statement And represent your Customer's checks that were determined to have Non-Sufficient Funds (NSE Checks) These belong on the Book or Bank : Side of the Reconciliation and are an Addition or Deduction, E Bank Fees found on your company's Bank Statement as amounts Subtracted from your Bank Balance by your bank for Check Printing Charges or other Bank Fees belong on the (Book or Bank) Side and is An Addition or Deduction. F. Finally, the last step in the Bank Reconciliation is to make adjustments to the company's Books based on the adjustments to the Book or Bank) Side via Adjusting Journal Entries. In doing so, an Addition to the Books Side usually result in an Adjusting Journal Entry with a Debit ar Credit to Cash Gewise, a Deduction to the Book Side in the Reconciliation will result in a Debit or Creditto Cash. #3. In the process of reconciling its Bank Statement for February, Clifford's Men's Clothing, Inc's Accountant Compiles the following information: Cash balance per the company Books on February 28 Deposits in Transit at Month End Outstanding Checks at Month End Bank Service Charges EFT automatically deducted monthly not yet recorded by Clifford's An NSF check returned on a customer Account $4,750 $1,800 $620 $30 $390 $265 The Adjusted Cash Balance per the Books on February 28s A $5,865 B. $4,065 C. $5,245 D. $5,510

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing The Art and Science of Assurance Engagements

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Ingrid B. Splettstoesser

12th Canadian edition

133098230, 978-0132791564, 132791560, 978-0133098235

More Books

Students also viewed these Accounting questions