41Please refer to the following information needed to reconcile the cash balance for Woods Paper Products.
?A deposit of $5,794.62 is in transit.
?Outstanding checks total $1,533.25.
?The book balance is $5,695.62.
?The bookkeeper recorded a $1,524.00 check as $15,240 in payment of the current month's rent.
?The bank balance at February 28, 2008 was $16,500.25.
?A deposit of $300 was credited by the bank for $3,000.
?A customer's check for $1,280 was returned for nonsufficient funds.
?The bank service charge is $70.
Which of the following journal entries is needed to adjust for the NSF check?
A)
|
Accounts receivable
|
1,280
|
|
|
Cash
|
|
1,280
|
|
|
|
|
B)
|
Cash
|
1,280
|
|
|
Sales revenue
|
|
1,280
|
|
|
|
|
C)
|
NSF check
|
1,280
|
|
|
Cash
|
|
1,280
|
|
|
|
|
D)
|
Accounts payable
|
1,280
|
|
|
Cash
|
|
1,280
|
42Please refer to the following information needed to reconcile the cash balance for Woods Paper Products.
?A deposit of $5,794.62 is in transit.
?Outstanding checks total $1,533.25.
?The book balance is $5,695.62.
?The bookkeeper recorded a $1,524.00 check as $15,240 in payment of the current month's rent.
?The bank balance at February 28, 2008 was $16,500.25.
?A deposit of $300 was credited by the bank for $3,000.
?A customer's check for $1,280 was returned for nonsufficient funds.
?The bank service charge is $70.
What was the adjusted book balance?
A) $ 6,670.38
B) $18,061.62
C) $20,761.62
D) $10,140.24
43Please refer to the following information needed to reconcile the cash balance for Woods Paper Products.
?A deposit of $5,794.62 is in transit
?Outstanding checks total $1,533.25
?The book balance is $5,695.62
?The bookkeeper recorded a $1,524.00 check as $15,240 in payment of the current month's rent
?The bank balance at February 28, 2008 was $16,500.25
?A deposit of $300 was credited by the bank for $3,000
?A customer's check for $1,280 was returned for nonsufficient funds
?The bank service charge is $70
What was the adjusted bank balance?
A) $ 6,472.38
B) $18,061.62
C) $ 9,355.63
D) $14,938.88
44Which of the following items are both 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
45Which of the following items are both 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
46The following information is available for Andersen Company for the month ending June 30, 2013.
?Balance per the bank statement is $10,241.43.
?Balance per books is $9,745.06.
?Check #506 for $1,948.52 and check #510 for $1,800.25 were not shown on the June 30 bank statement.
?A deposit in transit of $5,113.40 had not been received by the bank when the bank statement was generated.
?A bank debit memo indicated an NSF check in the amount of $79 written by Bruce Garrett to Andersen Company on June 13.
?A bank credit memo indicated a note collected by the bank of $1,900 and interest revenue of $75 on June 20.
?The bank statement indicated service charges of $35.
Prepare a bank reconciliation for Andersen Company for June 30, 2013 in the format shown below.
47Please refer to the following bank reconciliation:
BANK
|
|
BOOK
|
|
Balance, June 30, 2013
|
$10,241.43
|
Balance, June 30, 2013
|
$9,745.06
|
ADD:
|
|
ADD:
|
|
Deposit in transit
|
5,113.40
|
Note collected by bank
|
1,900.00
|
|
|
Interest revenue
|
$75.00
|
LESS:
|
|
|
|
Outstanding Check # 506
|
(1,948.52)
|
LESS:
|
|
Outstanding Check # 510
|
(1,800.25)
|
NSF check
|
(79.00)
|
|
|
Bank service charge
|
(35.00)
|
|
|
|
|
Adjusted balance, June 30, 2013
|
$11,606.06
|
Adjusted balance, June 30, 2013
|
$11,606.06
|
Please prepare the adjusting entry for the first reconciling item (note collected by bank.)