Matching
Listed below are items that may be useful in preparing the March 2014, bank reconciliation for Walker Machine Works.
Insert where the amount would be located or otherwise treated in the bank reconciliation process.
Premises:
Included with the bank statement materials was a check from Bob Simpson for $40 stamped "account closed."
A personal deposit by Annie Walker to her personal account in the amount of $300 for dividends on her General Electric common stock was credited to the company account.
The bank statement included a debit memorandum for $22.00 for two books of blank checks for Walker Machine Works.
The bank statement contains a credit memorandum for $24.75 interest on the average checking account balance.
The daily deposits of March 30 and March 31, for $3,362 and $3,125 respectively, were not included in the bank statement postings.
Two checks totaling $316.86, which were outstanding at the end of February, cleared in March and were returned with the March statement.
The bank statement included a credit memorandum dated March 28, 2014, for $45.00 for the monthly interest on a 6-month, $15,000 certificate of deposit that the company owns.
Four checks, #8712, #8716, #8718, #8719, totaling $5,369.65, did not clear the bank during March.
On March 24, 2014, Walker Machine Works delivered to the bank for collection a $2,500, 3-month note from Don Decker. A credit memorandum dated March 29, 2014, indicated the collection of the note and $90.00 of interest.
The bank statement included a debit memorandum for $25.00 for the collection service on the above note and interest.
Responses:
Add to the cash balance per books
Deduct from the cash balance per books
Add to the cash balance per bank
Deduct from the cash balance per bank
Does not affect the bank reconciliation
Correct Answer:
Premises:
Responses:
Included with the bank statement materials was a check from Bob Simpson for $40 stamped "account closed."
A personal deposit by Annie Walker to her personal account in the amount of $300 for dividends on her General Electric common stock was credited to the company account.
The bank statement included a debit memorandum for $22.00 for two books of blank checks for Walker Machine Works.
The bank statement contains a credit memorandum for $24.75 interest on the average checking account balance.
The daily deposits of March 30 and March 31, for $3,362 and $3,125 respectively, were not included in the bank statement postings.
Two checks totaling $316.86, which were outstanding at the end of February, cleared in March and were returned with the March statement.
The bank statement included a credit memorandum dated March 28, 2014, for $45.00 for the monthly interest on a 6-month, $15,000 certificate of deposit that the company owns.
Four checks, #8712, #8716, #8718, #8719, totaling $5,369.65, did not clear the bank during March.
On March 24, 2014, Walker Machine Works delivered to the bank for collection a $2,500, 3-month note from Don Decker. A credit memorandum dated March 29, 2014, indicated the collection of the note and $90.00 of interest.
The bank statement included a debit memorandum for $25.00 for the collection service on the above note and interest.
Premises:
Included with the bank statement materials was a check from Bob Simpson for $40 stamped "account closed."
A personal deposit by Annie Walker to her personal account in the amount of $300 for dividends on her General Electric common stock was credited to the company account.
The bank statement included a debit memorandum for $22.00 for two books of blank checks for Walker Machine Works.
The bank statement contains a credit memorandum for $24.75 interest on the average checking account balance.
The daily deposits of March 30 and March 31, for $3,362 and $3,125 respectively, were not included in the bank statement postings.
Two checks totaling $316.86, which were outstanding at the end of February, cleared in March and were returned with the March statement.
The bank statement included a credit memorandum dated March 28, 2014, for $45.00 for the monthly interest on a 6-month, $15,000 certificate of deposit that the company owns.
Four checks, #8712, #8716, #8718, #8719, totaling $5,369.65, did not clear the bank during March.
On March 24, 2014, Walker Machine Works delivered to the bank for collection a $2,500, 3-month note from Don Decker. A credit memorandum dated March 29, 2014, indicated the collection of the note and $90.00 of interest.
The bank statement included a debit memorandum for $25.00 for the collection service on the above note and interest.
Responses:
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