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How would the following be treated in a bank reconciliation?
Can you tell me if these answers are correct? I put my answers on the left of each question. Thanks :)
Indicate how the following items would be treated in a bank reconciliation. You may choose from the following answers: (a) Deducted from the balance per accounting records. (b) Added to balance per accounting records. (c) Deducted from balance per bank statement. (d) Added to balance per bank statement. __d__ 1) Collection of a note receivable which you left with the bank for collection, proceeds were deposited in your account. __b__ 2) Deposit in transit at month-end __a___ 3) Bank service charges. __c___ 4) Checks outstanding at month-end __c___ 5) Customer check deposited in the bank but returned as NSF. __a__ 6) Error in check number 924, which was written correctly in the amount of $817 but was recorded in the accounting records as $871, a difference of $54. __d___ 7) Interest earned on the average balance during the month. __d__ 8) Error in check number 931, which was written correctly in the amount of $215 but was recorded in the accounting records as $125, a difference of $90. |
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