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ACCT 2001 Study Guide - Quiz Guide: Bank Reconciliation, Bank Statement

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turquoisegnu128
15 Oct 2018
School
UConn
Department
Accounting
Course
ACCT 2001
Professor
All

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ACCT 2001 Full Course Notes
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ACCT 2001 Full Course Notes
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Document Summary

Class 12 review exercise (answer these questions and check answers as soon as possible after each class) In preparing a bank reconciliation, a service charge shown on the bank statement should be: Added to the balance per the bank statement. Deducted from the balance per the bank statement. Added to the balance per the depositor"s records. Deducted from the balance per the depositor"s records. The accounting records of waller company showed cash of ,000 at june 30. The balance per the bank statement at june 30 was ,380. The preparation of a bank reconciliation should indicate cash owned by waller at june 30 in the amount of: An nsf check returned by the bank should be entered in the depositor"s accounting records by a debit to: While preparing a bank reconciliation, an accountant discovered that a check returned with the bank statement had been recorded erroneously in the accounting records as .

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Related Questions

43.)Which one of the following is not an objective of a system of internal controls?

A.) Reduce the risks of errors.
B.) All of these are objectives of internal control.
C.) Safeguard company assets.

D.) Enhance the accuracy and reliability of accounting records.

128.) Vaughn Manufacturing had checks outstanding totaling $33000 on its June bank reconciliation. In July, Vaughn Manufacturing issued checks totaling $238100. The July bank statement shows that $161000 in checks cleared the bank in July. A check from one of Vaughn Manufacturing's customers in the amount of $1800 was also returned marked "NSF." The amount of outstanding checks on Vaughn Manufacturing's July bank reconciliation should be?

129.)Metlock, Inc. had checks outstanding totaling $30600 on its May bank reconciliation. In June, Metlock, Inc. issued checks totaling $191500. The June bank statement shows that $142600 in checks cleared the bank in June. A check from one of Metlock, Inc.'s customers in the amount of $1400 was also returned marked "NSF." The amount of outstanding checks on Metlock, Inc.'s June bank reconciliation should be?

151.)A check written by the company for $242 is incorrectly recorded by a company as $224. On the bank reconciliation, the $18 error should be

A.) added to the balance per books.
B.) deducted from the balance per books.
C.) added to the balance per bank.
D.) deducted from the balance per bank.

In preparing its bank reconciliation for the month of April2014, Dimensions, Inc. has available the following information.

Balance per bank statement,4/30/14 $40,920

NSF check returned with 4/30/14 bankstatement 1,350

Deposits in transit,4/30/14 10,500

Outstanding checks,4/30/14 15,600

Bank service charges forApril 60

What should be the adjusted cash balance at April 30, 2014?

The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31, 2017.

On July 31, the company’s Cash account has a $24,754 debit balance, but its July bank statement shows a $27,067 cash balance.

Check No. 3031 for $1,510 and Check No. 3040 for $747 were outstanding on the June 30 bank reconciliation. Check No. 3040 is listed with the July canceled checks, but Check No. 3031 is not. Also, Check No. 3065 for $531 and Check No. 3069 for $2,278, both written in July, are not among the canceled checks on the July 31 statement.

In comparing the canceled checks on the bank statement with the entries in the accounting records, it is found that Check No. 3056 for July rent expense was correctly written and drawn for $1,260 but was erroneously entered in the accounting records as $1,250.

The July bank statement shows the bank collected $6,000 cash on a noninterest-bearing note for Branch, deducted a $30 collection expense, and credited the remainder to its account. Branch had not recorded this event before receiving the statement.

The bank statement shows an $805 charge for a $795 NSF check plus a $10 NSF charge. The check had been received from a customer, Evan Shaw. Branch has not yet recorded this check as NSF.

The July statement shows a $9 bank service charge. It has not yet been recorded in miscellaneous expenses because no previous notification had been received.

Branch’s July 31 daily cash receipts of $7,152 were placed in the bank’s night depository on that date but do not appear on the July 31 bank statement.

Required:

1. Prepare the bank reconciliation for this company as of July 31, 2017.