Question 1

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

Accepted Answer

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

Question 2

David had the following activity with his checking account during the month of July: Starting checkbook balance of $701.13
• July 15 electronic payroll deposit of $1,807.44
• Online payment of $109.17 to Ameren Utilities
• Online payment of $104.00 to Gas Company
• Checks written on July 15 totaling $984.15
• On July 27, he received an electronic payroll deposit of $1,807.43
What was David's checkbook balance as of July 31?

Accepted Answer

($701.13 + $1,807.44+ $1,807.43)- ($109.17 + $104 + $984.15)= $3,118.68

Question 3

On the bank statement, Bill notices a beginning bank balance of $500.25. Bill knew he had written his nephew a check for $25 that had not been returned to him by the bank. What effect does this $25 have on the bank reconciliation process?

Accepted Answer

The answer of On the bank statement, Bill notices a...

Question 4

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 5

Bill Morse had a balance of $422.88 in his check register. The bank notified him that Alice Wrong had insufficient funds to cover her check that Bill deposited. The bank indicated that Bill's bank balance was being reduced. Bill felt that this was unfair since he never "bounces" his own checks. Is he justified? Please explain.

Accepted Answer

It is bank policy to deduct all NSF charges from the depositor's account.

Question 6

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.

Accepted Answer

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

Question 7

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 8

John Small was looking over his bank statement and jotted down the following information:
 $$\begin{array} { l r } 
\text { Beg. checkbook balance } & \$ 202.02 \
\text { Printing charge } & 15.00 \
\text { NSF } & 29.82 \
\text { Outstanding checks } & 60.00 \
\text { Note collected by bank } & 100.00
\end{array}$$ Calculate the ending checkbook balance for John.

Accepted Answer

The answer of John Small was looking over his bank...

Question 9

Abe Frill received a bank statement from the Cloudy Bank indicating a balance of $12,000. Abe's checkbook showed a balance of $11,200. Deposits in transit were $2,000, and checks outstanding totaled $2,900. The bank service charge was $100. Complete the reconciliation.

Accepted Answer

The answer of Abe Frill received a bank statement from...

Question 10

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?

Accepted Answer

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

Question 11

The Losponato Co. had a beginning checkbook balance of $1,982.15. Record the following in the check stubs provided: 200x
A. Oct. 19 check number 155 payable to Bill Co. for $185.66 for supplies
B. $1,200.85 deposit Oct. 21 (record deposit on second check stub)
   C. Oct. 24 check number 156 payable to Fudge Co. for $421.88 for entertainment expenses

Accepted Answer

The answer of The Losponato Co. had a beginning checkbook...

Question 12

John Mills has asked you to compute his checkbook balance from the following:
 $$\begin{array} { l r } 
\text { Note collected by bank } & \$ 1,010.25 \
\text { NSF } & 825.00 \
\text { Checks outstanding } & 2,020.20 \
\text { Service charge } & 42.80 \
\text { Credit card expense charge } & 55.00 \
\text { Beg. checkbook balance } & 4,255.88
\end{array}$$

Accepted Answer

The answer of John Mills has asked you to compute...

Question 13

The beginning balance of the check register was $492.88. During the month, deposits were made for $210 and $499.88. Checks were written for $18.25, $19.82, and $309.82. What is the ending balance of the check register?

Accepted Answer

$492.88 + $210 + $499.88 - $18.25 - $19.82 - $309.82 = $854.87.

Question 14

As the bookkeeper of Moore Co., you are asked to complete a bank reconciliation from the following:
Checkbook balance: $48,621.80
Bank balance: 57,190.52
Deposits in transit: 3,369.08
Note collected: 4,000.00
Outstanding checks: 7,957.80
Bank service charge: 20.00

Accepted Answer

The answer of As the bookkeeper of Moore Co., you...

Question 15

Norm's concrete company had the following activity on its bank statement last month:
$\begin{array} { l l } 
\text { Beginning balance: } & \$ 12,133.14 \
\text { Deposits of: } & \$ 600.00 ; \$ 613.13 ; \$ 1,176.25 \
\text { Total checks written: } & \$ 10,233.76 \
\text { Service fee: } & \$ 40.00 \
\text { Ending balance: } & ?
\end{array}$

Accepted Answer

The answer of Norm's concrete company had the following activity...

Question 16

Jodie has a checkbook balance of $733.17; she wrote a check payable to Finney's Gym for $24.99 on June 1 and another check for $382.77 payable to Ford Credit on June 10. On June 28, her payroll check from Maryville College for $2,210.54 was deposited electronically. What was her balance on June 28?
What is Jodie's balance on June 28?

Accepted Answer

$733.17 - $24.99 - $382.77 + $2,210.54 = $2,535.95

Question 17

Debbie's checkbook balance was $2,715.50. She wrote checks totaling $5,298.13 during the month of May. Deposits made during the month were $250.16 on May 1. On May 15, her payroll check was electronically processed for $2980.66; on May 22, a check from the IRS was electronically processed for $2,550. On May 27, she recorded $534.10 for payments debited to her account for auto insurance and utilities. What is her checkbook balance?

Accepted Answer

$2,715.50 + $$250.16 + $2980.66 + $2550 - $5298.13 - $534.10

Question 18

Andy Finn received a bank statement from Jon Bank indicating a balance of $3,000. Based on Andy's check stubs, the ending checkbook balance was $3,600. Checks outstanding were number 110 for $150, number 115 for $90, and number 118 for $75. Andy noticed a deposit in transit for $900 as well as a bank service charge for $15. Complete the reconciliation for Andy.

Accepted Answer

The answer of Andy Finn received a bank statement from...

Question 19

Using the info provided, determine the statement balance.
$\begin{array} { r r } 
\text { Balance last statement: } & \$ 3,371.12 \
\text { Checks processed: } & 1,214.44 \
\text { Deposits received: } & 60.00 \
\text { Service charge: } & 10.20 \
\text { Statement balance: } & ?
\end{array}$

Accepted Answer

The answer of Using the info provided, determine the statement...

Quiz 4: Banking

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

On the bank statement, Bill notices a beginning bank balance of $500.25. Bill knew he had written his nephew a check for $25 that had not been returned to him by the bank. What effect does this $25 have on the bank reconciliation process?

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

Abe Frill received a bank statement from the Cloudy Bank indicating a balance of $12,000. Abe's checkbook showed a balance of $11,200. Deposits in transit were $2,000, and checks outstanding totaled $2,900. The bank service charge was $100. Complete the reconciliation.

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?

The beginning balance of the check register was $492.88. During the month, deposits were made for $210 and $499.88. Checks were written for $18.25, $19.82, and $309.82. What is the ending balance of the check register?

As the bookkeeper of Moore Co., you are asked to complete a bank reconciliation from the following: Checkbook balance: $48,621.80 Bank balance: 57,190.52 Deposits in transit: 3,369.08 Note collected: 4,000.00 Outstanding checks: 7,957.80 Bank service charge: 20.00

Using the info provided, determine the statement balance. $\begin{array} { r r } \text { Balance last statement: } & \$ 3,371.12 \\\text { Checks processed: } & 1,214.44 \\\text { Deposits received: } & 60.00 \\\text { Service charge: } & 10.20 \\\text { Statement balance: } & ?\end{array}$