Cost of ordered checks automatically debited by the bank Customer's NSF check returned by the bank Deposit of P717,718 erroneously encoded by the bank teller as P717,178 eck encashment for another client, erroneously debited by the bank against our account Outstanding checks Interest income Customer's post-dated check erroneously deposited and returned by the bank Bank service fees Customer's payment directly credited to depository bank Deposit in transit

Cost of ordered checks automatically debited by the bank Customer's NSF check returned by the bank Deposit of P717,718 erroneously encoded by the bank teller as P717,178 eck encashment for another client, erroneously debited by the bank against our account Outstanding checks Interest income Customer's post-dated check erroneously deposited and returned by the bank Bank service fees Customer's payment directly credited to depository bank Deposit in transit

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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Items on company bank statement: 1. Bank correction of an error from posting another customers check(disbursement) to the company account 2. EFT deposit 3. Loan proceeds 4. NSF. Using the following format indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company account.
You are trying to explain debit and credit memos that appear on bank statements and whether these will increase or decrease your company's bank account balance. Complete the following table to help your new staff understand. Debit or Credit Increases or Decreases the Company's Item Memo Bank Account Balance EFT payment Bank correction of an error due to posting another customer's check to your account Service charge Note and interest collected for our company NSF check Bank correction of an error recording a $250 deposit as $520 EFT deposit
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Assign the letter to indicate whether the following items would be added from the company's books or the bank statement during the construction of a bank reconciliation. Clear All Charges for some other company's safe deposit box were posted to your account A $1,000 note from one of Added to the bank your customers was statement balance collected by the bank Added the company's Interest revenue earned by books the note above EFT deposit from a customer
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Reconciliation Items per Bank - Deposits in Transit Question; What does it mean when it says to compare individual deposits on the bank statement with: 1) the deposits in transit from the preceding bank reconciliation. AND 2) the current month's deposits recorded in the company's books. Please explain e.g's would be helpful as well.
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In a bank reconciliation, to adjust for an incorrect deposit of $1,000 from another company in your account requires: O reducing the bank balance by the amount of the deposit O increasing the bank balance by the amount of the deposit O reducing the book balance by the amount of the deposit O increasing the book balance by the amount of the deposit
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Based on the following information, what amount would be subtracted from the bank statement side of the bank reconciliation? ATM withdrawal $31; Outstanding checks $135; Interest $4; Deposit in-transit $87.Multiple Choice $139 $166 $87 $135 $31
A check returned by a bank because the issuer’s cash account balance could not cover the check is called a(n) A. canceled check. B. certified check. C. NSF check. D. outstanding check.
In preparing its August 31 bank reconciliation, Apex Corp. has available the following balance per bank and reconciling items: Balance per bank Deposit in transit Erroneous charge (deduction) made by bank Outstanding checks Collection from customer by bank The 8/31 unadjusted cash balance per books is: Select one: a. $19,250 b. $18,550 c. $18,050 d. $19,050 e. $17,850 $ 18,050 3,250 100 2,750 600