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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 1 year ago

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