ISU ACCT 284 - Chapter8 (5 pages)

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Chapter8



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Chapter8

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Pages:
5
School:
Iowa State University
Course:
Acct 284 - Financial Accountng
Financial Accountng Documents

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8 2 2017 Assignment Print View Score 1 10 10 Points 100 Award 1 out of 1 00 point Exercise 8 8 Bank reconciliation and adjusting entries LO P3 A table for a monthly bank reconciliation dated September 30 is given below For each item 1 through 12 indicate whether the item should be added to or deducted from the book or bank balance or whether it should not appear on the reconciliation Select the answers in the appropriate cells Leave no cells blank Be certain to select NA in fields which are not applicable Bank Balance Shown Not Shown on Reconciliation Book Balance 1 NSF check from customer is returned on September 25 but not yet recorded by this company NA Deduct Cr Shown 2 Interest earned on the September cash balance in the bank NA Add Dr Shown 3 Deposit made on September 5 and processed by the bank on September 6 NA NA Not Shown 4 Checks written by another depositor but charged against this company s account Add NA Shown 5 Bank service charge for September NA Deduct Cr Shown 6 Checks outstanding on August 31 that cleared the bank in September NA NA Not Shown NA Deduct Cr Shown 7 8 Check written against the company s account and cleared by the bank erroneously not recorded by the company s recordkeeper Principal and interest on a note receivable to this company is collected by the bank but not yet recorded by the company NA Add Dr Shown 9 Checks written and mailed to payees on October 2 NA NA Not Shown 10 Checks written by the company and mailed to payees on September 30 Deduct NA Shown 11 Night deposit made on September 30 after the bank closed Add NA Shown 12 Special bank charge for collection of note in part 8 on this company s behalf NA Deduct Cr Shown References Worksheet Exercise 8 8 Bank reconciliation and adjusting entries LO P3 http ezto mheducation com hm accounting tpx todo printviewSingle Learning Objective 08 P3 Prepare a bank reconciliation 1 1 8 2 2017 Assignment Print View 10 10 Score 2 Points 100 Award 1 out of 1 00 point Exercise 8 9 Bank reconciliation LO P3 Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check At the close of business on June 30 2015 its Cash account shows an 11 589 debit balance Del Gato Clinic s June 30 bank statement shows 10 555 on deposit in the bank a Outstanding checks as of June 30 total 1 829 b The June 30 bank statement included a 16 debit memorandum for bank services c Check No 919 listed with the canceled checks was correctly drawn for 467 in payment of a utility bill on June 15 Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of 476 d The



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