112 after completing the bank reconciliation whichof the following reconciling items 4313923

112 after completing the bank reconciliation whichof the following reconciling items 4313923

112.After completing the bank reconciliation, whichof the following reconciling items would require an adjusting journal entry on the company's books?

a.

outstanding checks

b.

service charges

c.

deposits in transit

d.

cash on hand

113.Brad’s Market's accountant is preparing its May bank reconciliation and has collected the following data:

Per Books

Per Bank

May 1 balance

$11,600

$10,000

May deposits

24,600

21,200

May checks

27,800

29,000

Note collected (includes 10% interest)

4,400

May service charge

20

May 31 balance

8,400

6,580

Additionally, deposits in transit and outstanding checks from April's reconciliation were $4,400 and $2,800, respectively.
The correct balance for Cashat May 31 should be

a.

$10,960

b.

$12,780

c.

$11,180

d.

$13,980

114.On a bank reconciliation, customers' checks that are returned for lack of funds would be

a.

deducted from the balance per company records.

b.

deducted from the balance per bank statement.

c.

added to the balance per bank statement.

d.

added to the balance per company records.

115.When preparing a bank reconciliation, outstanding checks would be

a.

added to the balance per bank statement.

b.

added tothe balance per company records

c.

deducted from the balance per bank statement

d.

deducted from the balance per company records

116.Joan Bell, Inc. uses the bank reconciliation form that arrives at a corrected cash balance. Bank service charges will be

a.

deducted from the book balance.

b.

added to the bank balance.

c.

added to the book balance.

d.

deducted from the bank balance.

117.Hunter’s, Inc. reported a balance of $1,410 in its cash account at the end of the month. There were $1,200 of deposits in transit and $1,150 of checks outstanding. The bank statement showed a balance of $1,510, service charges of $70, and the collection of a note plus interest. The note had a face value of $170. How much interest did the bank collect for the company?

a.

$ 30

b.

$ 50

c.

$290

d.

$390

118.Deposits made directly bythe bank would be

a.

added to the company's records.

b.

deducted from the company's records.

c.

added to the bank statement balance.

d.

deducted from the bank statement balance.

119.When completing the bank reconciliation, deposits in transit would be

a.

added to the company's records.

b.

deducted from the company's records.

c.

added to the bank statement balance.

d.

deducted from the bank statement balance.

120.After the company completes the bank reconciliation, it makes journal entries for adjustments

a.

it made to the bank statement balanceonly.

b.

it made to the company records only.

c.

it made to both the bank statement and the companyrecords.

d.

made on the statement of cash flows.

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