Show Recommended textbook solutions
 Fundamentals of Financial Management, Concise Edition10th EditionEugene F. Brigham, Joel Houston 777 solutions
Century 21 Accounting: General Journal11th EditionClaudia Bienias Gilbertson, Debra Gentene, Mark W Lehman 1,009 solutions
Essentials of Investments9th EditionAlan J. Marcus, Alex Kane, Zvi Bodie 689 solutions Financial Accounting4th EditionDon Herrmann, J. David Spiceland, Wayne Thomas 1,097 solutions For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. For fill-in-the-blank questions, press or click on the blank space provided. If you have difficulty answering the following questions, learn more about this topic by reading our Bank Reconciliation (Explanation). Outstanding checks. Bank service charge. Interest credited to bank account. Interest charged to bank account. Deposit in transit. Bank inadvertently charged your bank account for another company's bank fees. Bank erred by posting another company's credit memo to your company's bank account. Fee charged by bank for returned check. A company wrote a check for $76 and it cleared the bank for $76. However, the company recorded the check in its Cash account as $67. How is the difference of $9 handled on the bank reconciliation? A company had a receipt of $989 and correctly prepared its bank deposit slip for $989. However, the company recorded the receipt in its Cash account as $998. How is the difference of $9 handled on the bank reconciliation? The bank collected a Note Receivable for the company and credited the company's bank account for $1,000. A company deposited a check from a customer into its checking account. A few days later the check was returned with the notation "Account Closed" and the bank deducted the amount on the bank statement. __________
Which of the following items will require a journal entry to the company's books? Which of the following will NOT require a journal entry to the company's books? A company recorded its check #2754 in its accounting records as $98. However, check #2754 was actually written for $89 and it cleared the bank as $89. What adjustment is needed to the Cash balance per books? A company recorded its August 15 receipts on its books as $165. However, the receipts were actually $156. The deposit slip for the bank was prepared correctly as $156. What adjustment is needed to the Cash balance per books? Want more practice questions? Where does interest earned go on bank reconciliation?Interest earned.
Interest income reported on the bank statement has usually not been accrued by the company and, therefore, must be added to the company's book balance on the bank reconciliation.
How it is treated in a bank reconciliation?A bank reconciliation statement summarizes banking and business activity, reconciling an entity's bank account with its financial records. Bank reconciliation statements confirm that payments have been processed and cash collections have been deposited into a bank account.
Which of the following are deducted from the bank balance in a bank reconciliation?Bank Reconciliation Procedure
Deduct any outstanding checks. This will provide the adjusted bank cash balance. Next, use the company's ending cash balance, add any interest earned and notes receivable amount. Deduct any bank service fees, penalties, and NSF checks.
Which statement about a bank reconciliation statement is correct?A bank reconciliation statement is prepared to reconcile the differences between the balance as per cash book (bank column) and balance as per pass book (bank statement by identifying the causes of differences between the two.
|
What is the proper treatment on the bank reconciliation for interest earned on the bank account balance?
zusammenhängende Posts
Urheberrechte © © 2024 WIKIFI Inc.
