In a bank reconciliation, to adjust for the bank's deducting $980 for a company check that you wrote and booked for $890 requires: reducing the bank balance by $90 O reducing the book balance by $90 O increasing the bank balance by $90 increasing the book balance by $90
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- Using the following information, prepare a bank reconciliation. Bank balance: $6,988 Book balance: $6,626 Deposits in transit: $1,600 Outstanding checks: $599 and $1,423 Bank charges: $75 Bank incorrectly charged the account $75. The bank will correct the error next month. Check number 2456 correctly cleared the bank in the amount of $234 but posted in the accounting records as $324. This check was expensed to Utilities Expense.The bank reconciliation shows the following adjustments: Deposits in transit: $852 Notes receivable collected by bank: $1,000; interest: $20 Outstanding checks: $569 Error by bank: $300 Bank charges: $30 Prepare the correcting journal entry.Using the following information, prepare a bank reconciliation. Bank balance: $4,587 Book balance: $5,577 Deposits in transit: $1,546 Outstanding checks: $956 Interest income: $56 NSF check: $456
- In a bank reconciliation, to adjust for the bank's deducting $980 for a company check that you wrote and booked for $890 requires A. increasing the book balance by $90 B. reducing the book balance by $90 C. increasing the bank balance by 590 D. reducing the bank balance by $90Upon review of the most recent bank statement, you discover that a check was made out to your supplier for $76 butwas recorded in your Cash and Accounts Payable accountsas $67. Which of the following describes the actions to betaken when preparing your bank reconciliation?Balance per Bank Balance per Booka. Decrease No changeb. Increase Decreasec. No change Decreased. Decrease IncreaseIn a bank reconciliation, to adjust for an incorrect deposit of $1,000 from another company in your account requires: O reducing the bank balance by the amount of the deposit O increasing the bank balance by the amount of the deposit O reducing the book balance by the amount of the deposit O increasing the book balance by the amount of the deposit
- Using the check register below and the following bank statement, prepare a bank reconciliation for Lee.com. Note: Input all amounts as positive values. Round your answers to 2 decimal places. NUMBER 959 960 960 961 962 962 RECORD ALL CHARGES OR CREDITS THAT AFFECT YOUR ACCOUNT ✓ FEE (IFANY) (-) DATE 2022 8/7 8/15 8/19 8/20 8/24 7/29 Date 8/1 balance 8/18 8/19 8/26 8/30 DESCRIPTION OF TRANSACTION AT&T Staples Deposit West Electric Bank of America Deposit BANK STATEMENT Checks $ 143.50 319.24 15.00 SC PAYMENT/ DEBIT (-) $143.50 Deposits $ 800.00 66.10 451.88 319.24 Balance $ 4,500.75 4,357.25 5,157.25 4,838.01 4,823.01 $ DEPOSIT/ CREDIT (+) $ 800.00 400.30 BALANCE $4,500.75 -143.50 4357.25 -66.10 4291.15 800.00 5091.15 -451.88 4639.27 -319.24 4320.03 400.30 $ 4720.33Assume you are doing a Bank Reconciliation. The bank balance at end of a month is $0 and the Book balance for same date is $150. Based on the the following two partial transactions, find what is the reconciling DIFFERENCE: (a) Bank made an error of $200 by clearing a cheque in the amount of $600 instead of the correct amount of $400. (b) Book also made an error of recording an entry incorrectly, i.e. it recorded a deposit of $50 incorrectly as $125. Please solve this questionA bank reconciliation must be performed. First you collect the data from June 30th reconciliation as follows: Balance per Bank $ 10,000 add: Deposits in Transit $ 1,800 deduct: Outstanding Cheques $ (2,200 Balance per Books $ 9,600 Second you close your update your Cash and bank account with all transactions recorded before AJE and you have: Balance July 31 $ 12,000 Deposits $ 7,300 Cheques $ 4,800 Third you look at the bank statement provided by your bank and you see the following: Balance July 31 $ 12,430 Deposits $ 6,000 Cheques $ 4,000 Note collected $ 1,000 Bank service charge $ 20 NSF cheque $ 150 Interest received $ 200 Autowithdrawals $ 500 Which of the following adjusting journal entries is required after the bank reconciliation has been prepared? Dr. Cash $20 Cr. bank fees $20 (to reflect bank fees for the month) Dr. Phone Expenses $500 Cr. Cash $500 (to reflect the automatic payment of the phone - autowithdraw) Dr. Interest…
- Based on the following information, prepare a bank reconciliation to determine the adjusted (corrected) balance: (Input each amount as a positive value.) Bank balance Checkbook balance Outstanding checks Direct deposits Bank balance Add: Less: $702 Account fees $ 662 ATM withdrawals $120 Deposit in transit $72 Interest earned Bank Statement Adjusted bank statement balance Checkbook balance Add: Less: $ 12 $ 88 $ 60 $8 Your Checkbook Adjusted checkbook balanceIf a bookkeeper mistakenly records a disbursement as $69 instead of the correct amount of $96, the error should be shown on the bank reconciliation as a: OA. $27 addition to the balance per books. O B. $165 deduction from the balance per books. O C. $27 deduction from the balance per books. O D. $165 addition to the balance per books. Click to select your answer. 11:59pm 99+If deposits per the cash ledger are $2,200, deposits per the bank ledger are $1,800, and the bank erroneously recorded a $400 deposit as $40, an adjustment of $360 for deposits in transit will be recorded on the bank reconciliation. O True O False