Bank Reconciliation Identify each of the following reconciling items as: a, an addition to the cash...
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Bank Reconciliation Identify each of the following reconciling items as: a, an addition to the cash balance according to the bank statement b. a deduction from the cash balance according to the bank statement c. an addition to the cash balance according to the company's records d. a deduction from the cash balance according to the company's records (None of the transactions reported by bank debit and credit memos have been recorded by the company.) Treatment Item 1. Bank service charges, $50. 2. Check of a custorner returned by bank to company because of insufficient funds, $520. 3. Check for $345 incorrectly recorded by the company as $435. 4. Check for $200 incorrectly charged by bank as $2,000. 5. Deposit in transit, $4,250. 6. Outstanding checks, $5,420. 7. Note collected by bank, $5,300. Bank Reconciliation Identify each of the following reconciling items as: a, an addition to the cash balance according to the bank statement b. a deduction from the cash balance according to the bank statement c. an addition to the cash balance according to the company's records d. a deduction from the cash balance according to the company's records (None of the transactions reported by bank debit and credit memos have been recorded by the company.) Treatment Item 1. Bank service charges, $50. 2. Check of a custorner returned by bank to company because of insufficient funds, $520. 3. Check for $345 incorrectly recorded by the company as $435. 4. Check for $200 incorrectly charged by bank as $2,000. 5. Deposit in transit, $4,250. 6. Outstanding checks, $5,420. 7. Note collected by bank, $5,300.
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Business Statistics a decision making approach
ISBN: 978-0133021844
9th edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
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