Solved

Indicate How Each of the Items Listed Would Be Handled

Question 241

Matching

indicate how each of the items listed would be handled in preparing a bank reconciliation.

Premises:
Outstanding checks.
Bank service charge.
Check for $320 correctly written and paid by the bank but incorrectly entered in the cash payments journal for $230.
Deposit in transit.
Bank returns deposited check marked NSF.
Bank collects notes receivable and interest for depositor.
Bank debit memorandum for check printing fees.
Petty cash custodian has $86 in paid petty cash vouchers that have not been reimbursed.
Bank charged a check against the company which should have been charged to another company.
A check for $236 was correctly paid by the bank but was incorrectly entered in the cash payments journal for $263.
Responses:
Add to cash balance per books
Deduct from cash balance per books
Add to cash balance per bank
Deduct from cash balance per bank
Does not affect the bank reconciliation

Correct Answer:

Outstanding checks.
Bank service charge.
Check for $320 correctly written and paid by the bank but incorrectly entered in the cash payments journal for $230.
Deposit in transit.
Bank returns deposited check marked NSF.
Bank collects notes receivable and interest for depositor.
Bank debit memorandum for check printing fees.
Petty cash custodian has $86 in paid petty cash vouchers that have not been reimbursed.
Bank charged a check against the company which should have been charged to another company.
A check for $236 was correctly paid by the bank but was incorrectly entered in the cash payments journal for $263.
Related Questions

Q218: A debit memorandum issued by the bank

Q221: Medaid is a medical office management franchise.

Q222: Cash equivalents under GAAP
A) may be required

Q239: Match the statements below with the appropriate

Q240: Listed below are items that may be

Q242: Match the cash disbursements procedure described with

Q243: Match the cash receipts procedure described below

Q244: Listed below are seven errors or problems

Q245: Below are descriptions of internal control problems

Q246: Match each description to the following principles

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents