FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 4: Banking

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 21

Multiple Choice

Review LaterAdd Note

Review Later

Jim Lee received his bank statement from Bayne Bank indicating a balance of $7,980. Lee's checkbook showed a balance of $6,800. Jim noticed that checks outstanding were $1,330. The bank statement also revealed an NSF check for $120 and a service charge of $30. The reconciled balance is:

A) $6,560
B) $6,530
C) $6,950
D) $6,650
E) None of these

Correct Answer

verified

Show Answer

Question 22

Multiple Choice

Review LaterAdd Note

Review Later

The process of analyzing the differences between the bank statement balance and the checkbook balance is:

A) Checks outstanding
B) Bank audit
C) Deposits in transit
D) Bank reconciliation
E) None of these

Correct Answer

verified

Show Answer

Question 23

Multiple Choice

Review LaterAdd Note

Sandi's checking account had a balance of $4627.36; her bank statement's balance was $10,275.46. A service fee of $37.00 also appeared on her statement. What was the total of all outstanding checks?

When you are reconciling a bank statement, it's recommended that you do the following:

On the bank statement, Bill notices a beginning bank balance of $500.25. Bill knew he had written his nephew a check for $25 that had not been returned to him by the bank. What effect does this $25 have on the bank reconciliation process?

As the bookkeeper of Moore Co., you are asked to complete a bank reconciliation from the following: Checkbook balance: $48,621.80 Bank balance: 57,190.52 Deposits in transit: 3,369.08 Note collected: 4,000.00 Outstanding checks: 7,957.80 Bank service charge: 20.00

On November 1, 20xx, Broom Company received a bank statement that showed a $2,950 balance. Broom showed a $4,010 checking account balance. The bank did not return check number 124 for $1,080 and check number 138 for $720. A $3,200 deposit made on October 30 was in transit. The bank charged Broom $12 for check printing and $18 for an NSF check. Broom forgot to record a $30 withdrawal at the ATM. The bank also collected a $400 note for Broom. Prepare bank reconciliation.

The checkbook balance of Roger Co. is $982.50. The bank statement reveals a balance of $1,051.82. The bank statement showed interest earned of $3.82 and a service charge of $15, along with a deposit in transit of $210. Outstanding checks totaled $270.50. The bookkeeper in further analyzing the bank statement noticed a collection of a note by the bank for $200. Roger Co. forgot to deduct a check for $180 during the month. The reconciled balance is:

From the following the reconciled balance is: $\begin{array} { l r } \text { Check book balance } & \$ 68,599.10 \\\text { Bark Balance } & 96,500.10 \\\text { Deposits in Transit } & 2,800.10 \\\text { Outstanding Checks } & 24,741.10 \\\text { Note Collected } & 6,000.00 \\\text { Bark Service Charge } & 40.00\end{array}$

Match the following terms with their definitions. -Drawer

Match the following terms with their definitions. -Bank statement

Match the following terms with their definitions. -ATM

Jill Gracie's current checkbook balance is $8,900.15. She opened up the bank statement and saw the bank's balance at $7,000.10. After reviewing her records with the bank statement, she discovered a deposit on July 1 not recorded on the statement for $9,821.55. A check written for $7,986.05 had not been returned by the bank. This month the company earned interest of $33.10. The bank charged the company $48.10 for printing new checks. Jill also discovered that a check written for $49.55 was not recorded in the check stubs. The reconciled balance is:

Match the following terms with their definitions. -Deposit tickets

Abe Frill received a bank statement from the Cloudy Bank indicating a balance of $12,000. Abe's checkbook showed a balance of $11,200. Deposits in transit were $2,000, and checks outstanding totaled $2,900. The bank service charge was $100. Complete the reconciliation.

Match the following terms with their definitions. -Outstanding checks

From the following, prepare a bank reconciliation for Blue Co.: Service charge $20 Checks outstanding $1,460 NSF $200 Deposits in transit $2,080 Checkbook balance $4,000 Bank balance $3,160

All checks are required to have a preprinted check number.

Moore Company has a checkbook balance of $1,999.10. The bank statement indicated a balance of $1,981.54. Moore noticed on his bank statement a bounced check for $52.88 along with a service charge of $12.10. Interest earned on the checking account amounted to $33.81. Moore noticed that a deposit of $350 had not been recorded on the bank statement. Checks written for $363.61 had not yet been processed by the bank. What is the adjusted reconciled balance?

Calculate the statement balance: $\begin{array} { | c | c | c | c | c | } \hline \begin{array} { c } \text { Balance of last } \\\text { Statement }\end{array} & \begin{array} { c } \text { Checks } \\\text { Processed }\end{array} & \begin{array} { c } \text { Deposits } \\\text { Received }\end{array} & \text { Service Charge } & \begin{array} { c } \text { Balance this } \\\text { Statement }\end{array} \\\hline \$ 888.10 & \$ 329.10 & \$ 480.11 & \$ 3.88 & ? \\\hline\end{array}$