• A bank service charge of $10 is deducted by the bank andappears on the November 30 bank statement.1. The following information is available for Hapley Co.• November 30 bank statement shows a $1,895 balance.• The general ledger shows a $1,742 balance at November 30.• A $795 deposit placed in the bank's night depository onNovember 30 does not appear on the November 30 bankHow will the customer's note appear on Hapley's November30 bank reconciliation?a. $320 appears as an addition to the book balance of cash.b. $320 appears as a deduction from the book balance of cash.c. $320 appears as an addition to the bank balance of cash.d. $320 appears as a deduction from the bank balance of cash.e. $335 appears as an addition to the bank balance of cash.statement.• Outstanding checks amount to $638 at November 30.• A customer's $320 note was collected by the bank anddeposited in Hapley's account in November.

Bank reconciliation helps in matching the balances of bank account and cash book.

Answered: • A bank service charge of $10 is…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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If deposits per the cash ledger are $2,200, deposits per the bank ledger are $1,800, and the bank erroneously recorded a $400 deposit as $40, an adjustment of $360 for deposits in transit will be recorded on the bank reconciliation. O True O False
The June 30 bank statement shows a balance of $7,100. The following information as discovered while the bank reconciliation was prepared: A bookkeeper error where a $400 check written to a supplier was incorrectly recorded as $500 Two outstanding checks totaling $840 A bank service charge of $29 A deposit in transit of $330 Bank interest revenue of $20 What is the adjusted bank balance?
For which of the following errors would the appropriate amount be added to the balance per books on a bank reconciliation? Deposit of $770 recorded by the bank as $77. O Check written for $73, but recorded by the company as $37. O A returned $470 check recorded by the bank as $47. Check written for $57, but recorded by the company as $75.
Current Attempt in Progress Identify whether each of the following items would be (a) added to the book balance, or (b) deducted from the book balance in a bank reconciliation. 1. 2 3. 4. 5. EFT transfer to a supplier. Bank service charge. Check printing charge. Error recording check # 214 which was written for $260 but recorded for $620. Collection of note and interest by the bank on the company's behalf.
The following information is available for Ashley Company for the month ending June 30, 2019. Balance as per the bank statement is $11,240. Balance as per books is $10,200. Check #506 for $1,200 and check #510 for $900 were not shown on the June 30 bank statement. A deposit in transit of $3,110 had not been received by the bank when the bank statement was generated. A bank debit memo indicated an NSF check for $85 written by Maddie Wolfe to Ashley Company on June 13. A bank credit memo indicated a note collected by the bank of $2,100 and interest revenue of $55 on June 20. The bank statement indicated service charges of $20. Prepare bank reconciliation for Ashley Company for June 30, 2019.
7. The following information pertains to Mekka Company. a. Cash balance as per bank, July 31, RO 14,526 b. July bank service charges not recorded by the depositor RO 56 c. Cash balance as per books, July 31, RO 14,568 d. Deposit in transit, July 31, RO 3,000 e. Bank collected RO 1800 note for Mekka in July, plus interest RO 72, less fee RO 40. The collection has not been recorded by Mekka, and no interest has been accrued. f. Outstanding checks, July 31, RO 1182. Instruction: Prepare bank reconciliation at July 31
1
For which of the following errors would the appropriate amount be subtracted from the balance per books on a bank reconciliation? Deposit of $200 recorded by the bank as $20. A returned $100 check recorded by the bank as $10. Check written for $63, but recorded by the company as $36. Check written for $59, but recorded by the company as $95.
Please prepare a bank reconciliation and journal entries for the month ended April 30th for Bannon Co. 1) Balance per bank statement $ 9,915 2) Balance per cash general ledger account (books) $ 8,954 3) April 30th deposit of $ 2,600 is not on the bank statement (Deposit in Transit) 4) Check numbers #219 for $ 1000 and # 222 for $ 1,100 written in April do not appear on the April bank statement (Outstanding Checks) 5) Debit memo for a $ 20 service charge appeared on the bank statement 6) The bank incorrectly deducted $ 400 from Bannon's checking account 7) The bank collected a note on behalf of the company in April, a credit memo for net proceeds óf $ 2,000 included the principal of $1,900, interest of $ 150, less a collection fee of $ 50 accompanied the bank statement 8) A check from Apple Co. for $ 150 was returned by the bank marked NSF 9) The bank added $40 of interest earned directly to the checking account balance 10) A Cash Sale in the amount of $ 297 was erroneously journalnized…
Question: The following errors were found when the controller at Mountain Motel was doing the June 30 bank reconciliation. On June 25, the bank posted a cheque in the amount of $825 to Mountain’s bank account. The cheque had been written by another company, Mountainside Company. For each of these errors, (a) indicate if and how it would be shown on the bank reconciliation, and (b) prepare the journal entry for Mountain if required. Please explain for the answer.
The following information pertains to Lance Company. Cash balance per bank, July 31, $ 8,732. July bank service charge not recorded by the depositor $45. Cash balance per books, July 31, $8,768. Deposits in transit, July 31, $3,500. $2,023 collected from a customer for Lance Company in July by the bank through electronic funds transfer. The collection has not been recorded by Lance Company. Outstanding checks, July 31, $1,486. Prepare a bank reconcilliation at july 31, 2025 The following information pertains to Lance Company 1. Cash balance per bank, July 31, $8,732. 2. July bank service charge not recorded by the depositor $45. 3. Cash balance per books, July 31, $8,768. 4. Deposits in transit, July 31, $3,500. 5. 6. $2,023 collected from a customer for Lance Company in July by the bank through electronic funds transfer. The collection has not been recorded by Lance Company. Outstanding checks, July 31, $1,486

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