Home / Questions / Bank statements show all the following EXCEPT A) deposits received and cheques paid. B)

Bank statements show all the following EXCEPT A) deposits received and cheques paid. B)

Bank statements show all the following EXCEPT

A) deposits received and cheques paid.

B) the beginning and ending balances shown on the bank's records.

C) the beginning and ending balances shown on the depositor's general ledger.

D) items debited and credited to the chequing account.

32) When a cheque is presented for payment, the bank will

A) credit the depositor's account.

B) hold the cheque until deposits are cleared.

C) debit the depositor's account

D) print more cheques for the depositor's use.

33) Deposits not yet added into the bank balance are called

A) deposits in transit.

B) late deposits.

C) deposits on hold.

D) outstanding deposits.

34) If a business deposits a customer's cheque and later learns that it is an insufficient funds cheque, the

A) bank will try to collect the amount.

B) chequebook balance will be less than the bank balance.

C) business will receive a credit memorandum from the bank.

D) business will receive a debit memorandum from the bank.

35) When reconciling the ending bank balance per the company records to the correct adjusted bank balance, outstanding cheques are

A) subtracted from the company's records balance.

B) added to the company's records balance.

C) added to the bank statement balance.

D) subtracted from the bank statement balance.

36) Calculate from the following information accumulated by Linda Lee the adjusted bank balance at the end of August 2013.

Bank statement ending cash balance $2,500

General ledger cash balance ending 2,750

Bank monthly service charge 20

Deposits in transit 1,400

Outstanding cheques 1,235

NSF cheque returned with bank statement65

A) $2,750

B) $2,500

C) $2,665

D) $2,435

37) Compute the adjusted bank balance on May 31, 2012, from the following information:

 

Chequebook balance on May 31$7,200

Outstanding cheques 500

NSF cheque returned100

Deposits in transit 250

Service charges10

Note collected by bank250

A) $7,200

B) $7,340

C) $6,615

D) $7,560

38) Which of the following bank reconciliation items would be reflected in a general journal entry?

A) Outstanding cheques

B) Deposits in transit

C) The bank incorrectly charges another company's cheque to your account

D) The bank service charges for the period

39) Information on the Maritime Mining Company bank reconciliation included the following items:

Bank service charges $ 20

Deposits in transit 700

Outstanding cheques 600

 

The journal entry to record the above items would include a

A) credit to the Cash account for $20.

B) debit to the Cash account for $20.

C) debit to the Cash account for $720.

D) credit to the Cash account for $600.

40) Which of the following would not be shown on the bank statement?

A) Bank service charge

B) Deposit in transit

C) Cancelled cheques

D) NSF cheque

41) The August bank statement for Jenn's Nursing Service shows a balance of $8,900, but the balance per the books shows a cash balance of $8,310. Other information includes:

1. A cheque for $10 was recorded on the books as $100.

2. Included on the bank statement was a note collected by the bank for $600 plus $40 interest.

3. Cheques outstanding totalled $480.

4. Bank service charges were $20.

5. Deposits in transit were $600.

The adjusted cash balance at the end of August should be

A) $9,660.

B) $9,020.

C) $8,840.

D) $8,770.

Dec 06 2019 Read more Less More

Answer (UnSolved)

question Subscribe To Get Solution

Recent Questions

Chat Now

Welcome to Live Chat

Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.

Please fill in the form