PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
6th Edition
ISBN: 9781337117005
Author: Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher: Cengage Learning
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Question
Chapter 4, Problem 6FPE
Summary Introduction
To determine: The checking account reconciliation of person C.
A checking account is an assortment of deposit accounts held by a bank or credit association that enables a customer to deposit as well as withdraw funds on a typical premise.
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For the following question, reconcile the bank statement and check register. Would they need to make an adjustment or does everything reconcile?
Sylvia’s checkbook balance on July 31 is $389.32. The information on her bank statement is given below. The outstanding checks, unrecorded deposits, and unrecorded ATM transactions are listed here also. From this information will her account reconcile?
Bank statement: $434.30; Interest: $0.79; Service charge: $2.75
Outstanding checks: #911: $53.29; #912: $31.16; #913: $20.04; #920: $11.42; #923: $24.50; #925: $16.90; #930: $33.30; #932: $8.70; #933: $10.55. Unrecorded deposits ATM: 7/30: $183.52; 7/31: $69.40. Unrecorded ATM withdrawals: 7/30: $40.00; 7/31: $50.00
Bank Statement Reconcile Amount:
Check Register Reconcile Amount:
On November 3, Micah Asuncion received from the bank her bank statement for the month of October. She compared her checkbook to the bank statement and discovered the following: Prepare a bank reconciliation.
CHECKBOOK Balance P333,203.50 Balance P369,725.56
Deposits: Deposits:
10/3 P59,600.00 10/3 P59,600.00
10/10 P53,740.00 10/10 P53,700.00
10/26 P27,610.00 10/16 P46,030.00
10/31 P30,260.00 10/26 P27,610.00
Check Issued and Recorded: Checks Cancelled:
No.3 P14,435.00 No.5 P38,206.00
No.5 P38,026.00 No.16 P17,300.00
No.16…
You are the training director for tellers at a large local bank. As part of a new training program you are developing, you have given your trainees this "sample" check register. It is filled out but some of the balances
are incorrect.
Check
Number
Date
4/7
4/14
4/16
1208 4/17
4/21
PLEASE BE SURE TO DEDUCT ANY BANK CHARGES THAT APPLY TO YOUR ACCOUNT.
Description of Transaction
To: Deposit
For:
To: Mario's Market Debit Card
For:
To: ATM Withdrawal
For:
To: Bargain Properties
For:
To: Electronic Payroll Deposit
For:
Amount of
payment or
withdrawal (-)
48 65
135 00
870
00
✓
Amount of
Deposit or
interest (+)
755 80
1,350 00
Balance Forward
Bal.
Bal.
Bal.
Bal.
469 30
1,225 10
1,176 45
996 45
181 45
Bal. 1,531 45
You instruct your trainees to find and correct the errors in the balances. If your trainees do so, what should the corrected final balance be (in $)?
$
Chapter 4 Solutions
PFIN (with PFIN Online, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
Ch. 4 - Prob. 1LOCh. 4 - Describe todays financial services marketplace,...Ch. 4 - Prob. 3LOCh. 4 - Prob. 4LOCh. 4 - Prob. 5LOCh. 4 - Develop a cash management strategy that...Ch. 4 - Adapting to a low-interest-rate environment. A...Ch. 4 - Prob. 2FPECh. 4 - Choosing a new bank. Youre getting married and...Ch. 4 - Prob. 4FPE
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