A table for a monthly bank reconciliation dated September 30 is given below. For each item...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. Note: Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable. Item 1. The bank received an electronic funds transfer (EFT) and deposited the amount in the company's account on September 30. The company has not yet recorded this EFT 2. The company hired a new treasurer 3. Bank service charge for September is not yet recorded by the company 4. Check written against the company's account and cleared by the bank erroneously not recorded by the company's recordkeeper 5. Deposit made on September 5 and processed by the bank on September 6 6. Deposits mailed to the bank on September 30 had not been recorded by the bank until October 2 7. Night deposit made on September 30 after the bank closed 8. Deposits in transit as of September 30 were not recorded by the bank until October 3 9. Interest was earned by the company on the cash balance it had with the bank. The company has not yet recorded this interest 10 Outstanding checks to suppliers existed at the end of September 11. Bank service charge. 12 The bank collected a note receivable on September 29 The company has not yet recorded the receipt of the cash Debit or Bank Balance Book Balance Credit to Cash Account Shown or Not Shown on Reconciliation A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. Note: Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable. Item 1. The bank received an electronic funds transfer (EFT) and deposited the amount in the company's account on September 30. The company has not yet recorded this EFT 2. The company hired a new treasurer 3. Bank service charge for September is not yet recorded by the company 4. Check written against the company's account and cleared by the bank erroneously not recorded by the company's recordkeeper 5. Deposit made on September 5 and processed by the bank on September 6 6. Deposits mailed to the bank on September 30 had not been recorded by the bank until October 2 7. Night deposit made on September 30 after the bank closed 8. Deposits in transit as of September 30 were not recorded by the bank until October 3 9. Interest was earned by the company on the cash balance it had with the bank. The company has not yet recorded this interest 10 Outstanding checks to suppliers existed at the end of September 11. Bank service charge. 12 The bank collected a note receivable on September 29 The company has not yet recorded the receipt of the cash Debit or Bank Balance Book Balance Credit to Cash Account Shown or Not Shown on Reconciliation
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
The ordinary share capital of W Ltd (which is a trading company) is owned 30% by X Ltd, 25% by Y Ltd and 45% by Z Ltd. All of these companies are UK resident and they prepare accounts to 31 March....
-
J. C., Inc., had a franchise agreement with McDonalds Corp to operate McDonalds restaurants in Lancaster, Ohio. The agreement required J. C. to make monthly payments of certain percentages of the...
-
1. A small car and a heavy pickup truck are both out of gas. The truck has twice the mass of the car. After you push first the car and then the truck for the same amount of time with the same force,...
-
What are your biggest challenges as a leader today? If you are not currently functioning as a leader, what are the biggest challenges that leaders in your organization, religious organization,...
-
1. If you were Palmer at the end of the case, how would you respond? 2. What, if anything, could Palmer have done to avoid losing Olds? 3. What advantages and disadvantages of a matrix type...
-
Q16. When analyzing a project with nonconventional cash flows, which capital budgeting technique Should you use use?
-
A liquified petroleum gas (LPG) terminal has a capacity of 20000 m3. As a result of a leakage, 6000 kg propane is released and evaporated into the atmosphere. (a) How much overpressure may one...
-
How can I figure out... wire from the end at x = 1 4 . 4 m . At time t = 1 2 . 7 m s , pulse 2 is sent along the wire from the end at x = 0 . At what position x do the pulses begin to meet? Number...
-
Can you elaborate on the role of environmental factors, such as pH, temperature, and aggressive chemical species, in influencing corrosion rates and corrosion product formation, and how these factors...
-
Premier Products, Inc. manufactures tennis rackets. Premier Products has grown extensively over the past two years. While the company has been very profitable, President Mark Harrison is concerned...
-
For questions 3 and 4, a local fishing site contains an estimated 40000 fish, with natural growth rate of 6% per year. The annual catch by local fisherman depletes this population by about 3000 fish...
-
Explain what the idea Arora is transitioning from and what idea he is transitioning to. Then, find a word link. Explain what word or phrase Arora is referring to with that word link. The dominant...
-
Payments of $5000 due four months ago and $3000 due two months from now are to be replaced by a payment of $4000 today and a second payment in six months. What must the second payment be in order to...
-
Should U.S. antidumping laws be stated in terms of average total costs or average variable costs?
Study smarter with the SolutionInn App