Question 1

On December 31, 200x, Brown Company's checkbook showed an $8,195.32 balance. Brown's bank statement showed a balance of $8,400.50. Check number 311 for $395.10 and check number 418 for $115.46 were outstanding. A $310.30 deposit was in transit. The bank charged a $10 service charge. The statement showed a $14.92 earned interest income. Complete Brown's bank reconciliation.

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The answer of On December 31, 200x, Brown Company's checkbook...

Question 2

Calculate the balance carried forward:

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The answer of Calculate the balance carried forward:

...

Question 3

On November 1, 200X, Broom Company received a bank statement that showed a $2,950 balance. Broom showed a $4,010 checking account balance. The bank did not return check number 124 for $1,080 and check number 138 for $720. A $3,200 deposit made on October 30 was in transit. The bank charged Broom $12 for check printing and $18 for an NSF check. Broom forgot to record a $30 withdrawal at the ATM. The bank also collected a $400 note for Broom. Prepare bank reconciliation.

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The answer of On November 1, 200X, Broom Company received...

Question 4

Which of the following are debited from a checking account?

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The answer of Which of the following are debited from...

Question 5

John Murray has a beginning checkbook balance of $110. The beginning bank balance is $135, and deposits in transit amounted to $50. Checks outstanding were $80. John also noticed a bank service charge of $5. What should the reconciled balance be?

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The answer of John Murray has a beginning checkbook balance...

Question 6

Calculate the statement balance:

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The answer of Calculate the statement balance:...

Question 7

Calculate the statement balance:

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The answer of Calculate the statement balance:...

Question 8

From the following, prepare a bank reconciliation for the J. Company:
Service charge $10
Checks outstanding $730
NSF $100
Deposits in transit $1,040
Checkbook balance $2,000
Bank balance $1,580

Accepted Answer

The answer of From the following, prepare a bank reconciliation...

Question 9

From the following, prepare a bank reconciliation for Blue Co.:
Service charge $20
Checks outstanding $1,460
NSF $200
Deposits in transit $2,080
Checkbook balance $4,000
Bank balance $3,160

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The answer of From the following, prepare a bank reconciliation...

Question 10

Checks written that do not appear on your bank statement are:

Accepted Answer

Checks that do not appear on your bank statement are not necessarily paid from the previous month, incorrectly written, appearing as a deposit, or credited to savings. They might simply not have been processed or presented to the bank for payment yet.

Question 11

From the following calculate the final balance that was to be carried forward in your check stubs as of the end of October:

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The answer of From the following calculate the final balance...

Question 12

On May 31, 200x, Kane Company's bank statement showed a $9,900.50 bank balance. The bank statement also showed that it collected a $1,200 note for Kane Company. A $1,315.80 deposit made on May 31 was in transit. Check number 314 for $48.50 and check number 485 for $465.12 were outstanding. Kane's bank charges $.15 per processed check. This month Kane wrote 68 checks. Kane has a $9,512.88 checkbook balance. Prepare a reconciled balance.

Accepted Answer

The answer of On May 31, 200x, Kane Company's bank...

Question 13

Concord Pizza's checkbook balance is $782.50. The bank statement has a balance of $2,314.22. Interest earned on the statement was $35.50; with checks outstanding of $504.13 and a monthly service charge of $25.00, the reconciled balance is:

Accepted Answer

The answer of Concord Pizza's checkbook balance is $782.50. The...

Question 14

When you are reconciling a bank statement, it's recommended that you do the following:

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The answer of When you are reconciling a bank statement,...

Question 15

On Dec. 31 the checkbook balance of Rose Co. was $755.09. The bank statement balance was $602.05. Checks outstanding were $249.54. The statement revealed a deposit in transit of $401.95 as well as a bank service charge of $13.05. The company earned interest income of $12.42. Complete a bank reconciliation for Rose Co.

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The answer of On Dec. 31 the checkbook balance of...

Question 16

Calculate the balance carried forward:

Accepted Answer

The answer of Calculate the balance carried forward:
...

Question 17

On Dec. 31 the checkbook balance of Aster Co. was $1,241.05. The bank statement balance was $1,510. Checks outstanding were $3,052.03. The statement revealed a deposit in transit of $2,800.10 as well as a bank service charge of $12.03. The company earned interest income of $29.05. Complete a bank reconciliation for Aster Co.

Accepted Answer

The answer of On Dec. 31 the checkbook balance of...

Question 18

Calculate the statement balance:

Accepted Answer

The answer of Calculate the statement balance:
 ...

Question 19

Sandi's checking account had a balance of $4627.36; her bank statement's balance was $10,275.46. A service fee of $37.00 also appeared on her statement. What was the total of all outstanding checks?

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The answer of Sandi's checking account had a balance of...

Question 20

Compute the reconciled balance:

Accepted Answer

The answer of Compute the reconciled balance:...

Quiz 4: Banking

Calculate the balance carried forward:

Which of the following are debited from a checking account?

John Murray has a beginning checkbook balance of $110. The beginning bank balance is $135, and deposits in transit amounted to $50. Checks outstanding were $80. John also noticed a bank service charge of $5. What should the reconciled balance be?

Calculate the statement balance:

Calculate the statement balance:

From the following, prepare a bank reconciliation for the J. Company: Service charge $10 Checks outstanding $730 NSF $100 Deposits in transit $1,040 Checkbook balance $2,000 Bank balance $1,580

From the following, prepare a bank reconciliation for Blue Co.: Service charge $20 Checks outstanding $1,460 NSF $200 Deposits in transit $2,080 Checkbook balance $4,000 Bank balance $3,160

Checks written that do not appear on your bank statement are:

From the following calculate the final balance that was to be carried forward in your check stubs as of the end of October:

Concord Pizza's checkbook balance is $782.50. The bank statement has a balance of $2,314.22. Interest earned on the statement was $35.50; with checks outstanding of $504.13 and a monthly service charge of $25.00, the reconciled balance is:

When you are reconciling a bank statement, it's recommended that you do the following:

Calculate the balance carried forward:

Calculate the statement balance:

Sandi's checking account had a balance of $4627.36; her bank statement's balance was $10,275.46. A service fee of $37.00 also appeared on her statement. What was the total of all outstanding checks?

Compute the reconciled balance: