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51) Which of the following items reconciling items the bank

Question : 51) Which of the following items reconciling items the bank : 1412201

 

51) Which of the following items are reconciling items on the bank side of the reconciliation?

A) outstanding checks and correction of book error

B) deposit in transit and NSF check

C) deposit in transit and outstanding checks

D) bank service charge and correction of book error

 

52) Which of the following items are reconciling items on the book side of the reconciliation?

A) outstanding checks and correction of book error

B) deposit in transit and NSF check

C) bank service charge and outstanding checks

D) bank service charge and correction of book error

 

53) The following information is available for Jade Company for the month ending June 30, 2014.

?Balance as per the bank statement is $11,240.

?Balance as per books is $10,200.

?Check #506 for $1,200 and check #510 for $900 were not shown on the June 30, bank statement.

?A deposit in transit of $3,110 had not been received by the bank when the bank statement was generated.

?A bank debit memo indicated an NSF check for $85 written by Jane Smith to Jade Company on June 13.

?A bank credit memo indicated a note collected by the bank of $2,100 and interest revenue of $55 on June 20.

?The bank statement indicated service charges of $20.

Prepare bank reconciliation for Jade Company for June 30, 2014.

54) Refer to the following bank reconciliation:

 

              Bank                         Book            

Balance, June 30, 2014$11,240.00Balance, June 30, 2014$10,200.00

Add:Add:

Deposit in transit3,110.00Note collected by bank2,100.00

Interest revenue55.00

Less:Less:

Outstanding checks #5061,200.00NSF check85.00

Outstanding checks #510900.00Bank service charge20.00

__________________

Adjusted balance, Adjusted balance,

June 30, 2014$12,250.00June 30, 2014$12,250.00

 

Journalize the adjusting entry for the first reconciling item: Note collected by bank.

 

55) Refer to the following bank reconciliation:

 

             Bank                         Book            

Balance, June 30, 2014$11,240.00Balance, June 30, 2014$10,200.00

Add:Add:

Deposit in transit3,110.00Note collected by bank2,100.00

Interest revenue55.00

Less:Less:

Outstanding checks #5061,200.00NSF check85.00

Outstanding checks #510900.00Bank service charge20.00

__________________

Adjusted balance, Adjusted balance,

June 30, 2014$12,250.00June 30, 2014$12,250.00

 

Journalize the adjusting entry for the second reconciling item: Interest revenue.

 

 

 

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