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Indicate What Effect Each Situation Will Have on the Bank

Question 125

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Indicate what effect each situation will have on the bank reconciliation process.Place the number of your choice beside the items listed.

Premises:

Responses:

___ e.Outstanding checks

Deduct from checkbook balance

___ c.NSF check

Deduct from bank balance

___ a.deposit in transit

Add to checkbook balance

___ d.Check written for $95 recorded on the company's ledger as $59

Add to bank balance

___ h.Interest earned on checking account

___ g.Check printing charges

___ f.Check written for $80 recorded as $800

___ b.bank service charge

Premises:

___ e.Outstanding checks

___ c.NSF check

___ a.deposit in transit

___ d.Check written for $95 recorded on the company's ledger as $59

___ h.Interest earned on checking account

___ g.Check printing charges

___ f.Check written for $80 recorded as $800

___ b.bank service charge

Responses:

Deduct from checkbook balance

Deduct from bank balance

Add to checkbook balance

Add to bank balance

Correct Answer:

Premises:

Responses:

___ e.Outstanding checks

___ c.NSF check

___ a.deposit in transit

___ d.Check written for $95 recorded on the company's ledger as $59

___ h.Interest earned on checking account

___ g.Check printing charges

___ f.Check written for $80 recorded as $800

___ b.bank service charge

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