Question

In: Finance

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 still in transit.


Answer 1
Choose...
Bank charges $70 for printing checks.

Answer 2
Choose...
The bank statement includes a credit memorandum of $80 as an interest earned on the saving account.

Answer 3
Choose...
The bank collected a note receivable for the company for $10,000 plus $150 interest revenue.

Answer 4
Choose...
A check of $700 from Gloria to Aljunaidi was incorrectly charged by the bank to Pinar company.

Answer 5
Choose...
A Check of $519 was received and deposited in the company’s bank account, but was incorrectly entered in the cash receipts journal as a receipt on account for $591.


Answer 6
Choose...
A $1,000 check returned from a customer as NSF.

Answer 7
Choose...
A total of $10,000check is still outstanding by the end of May.

Thank's

Abdul-Rahim Taysir

Solutions

Expert Solution

Answer 1

A

Since the money is in transit it is already to balance as per books and to reconcile it should be added to balance as per bank.

Answer 2

D

As the charges have already been given effect in balance as per bank it should be deducted from balance as per book to reconcile.

Answer 3

C

The interest given by bank should be added to balance as per book to reconcile.

Answer 4

C

The bill collected has been given affect in bank, it should be added to balance as per book to reconcile.

Answer 5

A

the balance should be added to bank balance as it is wrongly reduced.

Answer 6

C

Since in books the balance is less it should be added to balance as per books to reconcile

Answer 7

D

as the balance is reduced in bank due to cheque return it should be reduced in books also to reconcile.

Answer 8

A

Since the cheques are outstanding and not yet credited by bank it should be added to balance as per bank to reconcile.

jeff jeffy answered 2 years ago
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