what is the reconciling DIFFERENCE:
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- The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of the deposit. Should this be of concern? Why, or why not?Upon review of the most recent bank statement, you discover that a check was made out to your supplier for $76 butwas recorded in your Cash and Accounts Payable accountsas $67. Which of the following describes the actions to betaken when preparing your bank reconciliation?Balance per Bank Balance per Booka. Decrease No changeb. Increase Decreasec. No change Decreased. Decrease IncreaseIf a bookkeeper mistakenly records a disbursement as $69 instead of the correct amount of $96, the error should be shown on the bank reconciliation as a: OA. $27 addition to the balance per books. O B. $165 deduction from the balance per books. O C. $27 deduction from the balance per books. O D. $165 addition to the balance per books. Click to select your answer. 11:59pm 99+
- On December 15, you recieved your bank statement showing a balance of $2270.32. Your checkbook shows a balance of $2433.33. Outstanding checks are $225.50 and $356.20. The account earned $77.52. Deposits in transit amount to $805.23, and there is a service charge of $17.00. Calculate the reconciled balance. options are: a. 163.01 b. 2046.79 c. 2372.81 d. 2493.853. Prepare journal entries for items (a-(f) from the bank reconciliation. (If no entry is requlred for a transaction/event, select "No Journal Entry Requlred" In the first account fleld.) View transaction list Journal entry worksheet 3 4 5 6 > 1 2 The bank deducted $250 for an NSF check from a customer deposited on December 22. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journalFor each of the items in the following list, identify where it is included on a bank reconciliation: 1. EFT payment made by a customer. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Bank debit memorandum for service charges. Outstanding cheques from the current month. Bank error in recording a $1,779 deposit as $1,977. Outstanding cheques from the previous month that are still outstanding. Outstanding cheques from the previous month that are no longer outstanding. Bank error in recording a company cheque made out for $160 as $610. Bank credit memorandum for interest revenue. Company error in recording a deposit of $160 as $1,600. Bank debit memorandum for a customer's NSF cheque. Deposit in transit from the current month. Company error in recording a cheque made out for $630 as $360.
- The bank mistakenly recorded the collection of $385 on a customer account as $358 in the bank statement. The cheque was written in the correct amount and was correctly recorded in the company’s accounting system. The journal entry required to correct this error would be: Select one: a. debit Accounts Receivable, $385; credit Cash, $385 b. debit Cash, $27; credit Accounts Receivable, $27 c. debit Cash, $385; credit Accounts Receivable, $385 d. debit Accounts Receivable, $27; credit Cash, $27 e. no journal entry is requiredThe following items may appear on a bank statement: 1. Bank correction of an error from recording a $6,200 deposit as $2,600 2. EFT payment 3. Note collected for company 4. Service charge 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 bal- ance of the company's account: Appears on the Bank Statement as Increases or Decreases the Balance of the Company's Bank Account a Debit or Credit Memo Item No.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
- Using the following information, calculate the adjusted bank balance. • Bank balance: $12,565. • Book balance: $13,744. • Deposits in transit: $2,509. • Outstanding checks: $1,777. • Bank charges: $125. • Bank incorrectly charged the account for $153. The bank will correct the error next month. •Check number 1879 correctly cleared the bank in the amount of $562 but posted in the accounting records as $652. This check was expensed to Utilities Expense.AB Ltd.'s bank statement for July shows a balance of $23,650 at July 31st. Outstanding cheques at July 31st are $7,300 A deposit of $3025 made on July 30th is in transit and had not cleared the bank by July 31st. An automatic payment for $7,300 was erroneously charged by the bank against your account while it belongs to another bank customer (bank error). Required 1: After preparing the bank reconciliation what is the adjusted Bank Statement balance at month end to reflect this information? $ Required 2: After preparing the bank reconciliation what is the correct adjusted Cash balance in AB's books to reflect this information? $If the month-end bank statement shows a balance of R.O.360,000, outstanding checks are R.O.120,00o, a deposit of R.O.40,000 was in transit at month end, and a check for R.O.5,00o was erroneously added by the bank to the account, the correct balance in the bank account at month end is
