Question

In: Accounting

Using the code letters below, indicate how each of the items listed would be handled in...

Using the code letters below, indicate how each of the items listed would be handled in preparing a bank reconciliation for the month of March for Unipal company. (8 points)

Code A Add to cash balance per Banks B Deduct from cash balance per Banks C Add to cash balance per Book D Deduct from cash balance per Book E Does not affect the bank reconciliation

A check for $127 written to the company by J. Chandler was returned NSF Answer 1 Check for $420 account Payable, was correctly written and paid by the bank but incorrectly entered in the cash payments journal for $ 240. Answer 2 The bank statement shows an outstanding check of $,6000 at the end of the period. Answer 3 The bank Charges Unipal company $50 for printing company checks.

Answer 4 A $ 6,000 of notes receivables was collected by the bank, less collection fee of $20. No interest had been accrued. Answer 5 Deposits in transit totalled $5,700 at the end of the period. Answer 6 A $3000 deposit to the company account was mistakenly added to the owner's personal account by the bank. Answer 7 The bank statement contains a Debit memorandum for $24 service charges for the account.

Solutions

Expert Solution

A check for $127 written to the company by J. Chandler was returned NSF

Company’s cash balance is increased when check was received, but the Bank’s balance was not increased. Since the check is returned , Cash account in Company’s book should be credited, to correct the initial entry:

Answer1: D Deduct from cash balance per Book

Check for $420 account Payable, was correctly written and paid by the bank but incorrectly entered in the cash payments journal for $ 240.

Company’s book has error and need to be corrected

Answer2: C Add to cash balance per Book

The bank statement shows an outstanding check of $,6000 at the end of the period

Check has been recorded in the Company’s book , but the amount has not been paid by the bank.

The bank book need to be corrected.

Answer 3: B Deduct from cash balance per Banks

The bank Charges Unipal company $50 for printing company checks.

The cost is not entered in the Company’s books. It need to be accounted in company’s books

Answer4: D Deduct from cash balance per Book

A $ 6,000 of notes receivables was collected by the bank, less collection fee of $20. No interest had been accrued

Bank books has recorded the receipt

It needs to be recorded in the company’s books

Answer5: C Add to cash balance per Book

Deposits in transit totalled $5,700 at the end of the period.

These deposits are not reflected in Bank Statement

Needs to be added in Bank Statement

Answer6: A Add to cash balance per Banks

A $3000 deposit to the company account was mistakenly added to the owner's personal account by the bank

Answer7: A Add to cash balance per Banks

The bank statement contains a Debit memorandum for $24 service charges for the account.

This charges to be reflected in the company’s records

Answer8: D Deduct from cash balance per Book

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Using the code letters below, indicate how each of the items listed would be handled in...
Using the code letters below, indicate how each of the items listed would be handled in preparing a bank reconciliation for the month of May for Pinar dairy Company. (8 points) Code A Add to cash balance per Banks B Deduct from cash balance per Banks C Add to cash balance per Book D Deduct from cash balance per Book E Does not affect the bank reconciliation Deposits of May 30 and 31 not yet recorded by bank $9,000 and...
Using the code letters below, indicate how each of the items listed would be handled in...
Using the code letters below, indicate how each of the items listed would be handled in preparing a bank reconciliation for the month of March for Unipal company. (8 points)    Code A Add to cash balance per Banks B Deduct from cash balance per Banks C Add to cash balance per Book D Deduct from cash balance per Book E Does not affect the bank reconciliation A check for $127 written to the company by J. Chandler was returned...
For each of the items listed below, indicate “yes” if the statement is true and “no”...
For each of the items listed below, indicate “yes” if the statement is true and “no” if it is not true. If you indicate “no” (ie the statement is NOT true) you must describe the hazard and associated risk, and indicate the action required. FILL OUT THE TABLE BELOW! The Question is above :) Item Yes ✓ No ✗ Description of hazard Associated risk Action required (more than one item may be chosen) The workplace is clean and tidy ☐...
For each of the items listed below, indicate in what section of the income statement or...
For each of the items listed below, indicate in what section of the income statement or retained earnings statement these items should be classified. Use the following letter code for your selections: Reported as an Ordinary or unusual gain (loss) item on the income statement as part of Income from Continunigng operations. The item is classified as a Change in Accounting Estimate and is reported as part of continuing operations on the income statement The item is classified as Discontinued...
Indicate the way each of the items listed below should be reported in a balance sheet...
Indicate the way each of the items listed below should be reported in a balance sheet at December 31, 2021. asset current liability disclosure note only long term liability not reported Reporting method commercial paper noncommitted line of credit customer advances estimated quality assurance warranty cost accounts payable Long Term bonds that will be callable by the creditor in the upcoming year unless an existing violation is not corrected Note due March 3 2022 Interest accrued on note December 31,...
For each scenario listed below, indicate how you would handle the situation. Scenario 1: a car...
For each scenario listed below, indicate how you would handle the situation. Scenario 1: a car 16-year-old Hispanic driver was in a car accident and is unconscious. You read in her personal information; her mother is a stay at home mom. Her father works at local busy accounting firm. Both of their phone numbers are listed. Who do you call first and why? Scenario 2: You are in a consult discussing a serious medical condition with a couple. The woman...
For each transaction listed below, indicate where it would be presented on the statement of cash...
For each transaction listed below, indicate where it would be presented on the statement of cash flows. Enter your answer by clicking in the drop-down box next to the transaction. Answer choices may be used once, more than once, or not at all. Be careful with matching questions because carmen randomizes the matches. Thus, if you print out the quiz to work on it and then enter your answers later in the week, it is very likely the order of...
Identify the financial statements in which you would find each of the items listed below. Some...
Identify the financial statements in which you would find each of the items listed below. Some items may appear on more than one statement. Indicate all financial statements that apply to each item. The possible choices are: B : Balance Sheet   SE : Statement of Stockholders’ Equity I : Income Statement CF : Statement of Cash Flows     Financial Statement Item Financial Statement a. Cost of goods sold b. Trademarks c. Inventories d. Retained earnings e. Unearned revenue f. Cash...
For each item listed below, indicate whether it involves a: a. permanent difference.
For each item listed below, indicate whether it involves a:a. permanent difference.b. temporary difference that will result in future deductible amounts (giving rise to deferred tax assets).c. temporary difference that will result in future taxable amounts (giving rise to deferred tax liabilities).____ 1. Rent is collected in advance from a tenant. Rent is taxable when received.____ 2. Warranty costs are accrued at the time of sale for accounting purposes, but are not deductible until paid for income tax purposes.____ 3....
Given the idea of a “market for crime,” for each of the innovations listed below indicate...
Given the idea of a “market for crime,” for each of the innovations listed below indicate whether it shifts the victim response schedule or the offender response schedule, or both, and how it changes equilibrium crime and precautions: a. Higher probability of arrest. b. Cheaper, more effective burglar alarms. c. More publicity about threats of crime or terrorism. d. A reduction in moral scruples against community crime. e. More dead-end streets and more confusing street patterns. f. More potential criminals...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT