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.

Answer 8

Solutions

Expert Solution

Bank reconciliation is the process of identifying difference in cash balance as per company records and bank records and making necessary correction to adjust them.

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

Answer 1 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.

Answer 2 D Deduct from cash balance per Book

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

Answer 3 B Deduct from cash balance per Banks

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

Answer 4 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.

Answer 5C Add to cash balance per Book

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

Answer 6 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.

Answer 7A Add to cash balance per Banks

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

Answer 8 D Deduct from cash balance per Book

ekkarill92 answered 1 year ago

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