Student Exam

Prepare a bank reconciliation as of September 30, 2014; then complete the following statement:

The journal entry for the $4,580 note collected by the bank would be:

(Points : 3)

Debit Note Receivable $4,580; Credit Cash $4,580. Debit Accounts Payable $4,580; Credit Cash $4,580. Debit Cash $4,580; Credit Note Receivable $4,580. No journal entry would be made.

Prepare a bank reconciliation as of September 30, 2014; then complete the following statement: The adjusted cash balance per company record books on September 30 would be

(Points : 3)

$24,560. $23,560. $22,550. $21,860.

Increase in bank statement balance of $800. Deduction in company's records balance of $800. Deduction in company's records balance of $1,435. Increase in the bank statement balance of $1,435.

Debit Cash $3,985; Credit Accounts Payable $3,985. Debit Accounts Payable $3,985; Credit Cash $3,985. Debit Checks Outstanding $3,985; Credit Cash $3,985. No journal entry would be made.

Deduction from balance per company's records of $4,580. Addition to the balance per bank statement of $4,580. Deduction from the balance per bank statement. Addition to the balance per company's records.