fom INSTRUCTIONS: correct ltter Indicate the proper place for each of the form b
ID: 2508863 • Letter: F
Question
fom INSTRUCTIONS: correct ltter Indicate the proper place for each of the form below n the naing reconciling tems by insering the n May 31.20- Cash balance per depositor's records Cash balance per bank statement Additions Deductions. Adjusted balance... SxX Adjusted balance. For TEMS o. Customer's check for $197 recorded in journal as $179. No error in deposit 1. Bank debit memorandum for service charges, $138 2. Bank credit memorandum for loan by bank to Stevens Co, $5,000 3. Canceled check for $124 but erroneously listed on bank statement as 1. 2. 4. Check drawn by Stevens Co. for $1,178 but recorded in journal as $571 5. Canceled check omitted from the journal, $876 6. Check drawn by Stevens Co. for $320 but recorded in journal as $23.. 7. Deposit in transit, $1,250 8. Bank credit memorandum for note collected by the bank, including $700 interest, $10,700... 8. 9. Checks outstanding, $9,898 10. Bank debit memorandum for customer's check returned because of insufficient funds, $124 10. TERMINOLOGY-35% FILL-IN-THE-BLANK-PRINCIPLES AND writing the appropriate words in the Answers column. INSTRUCTIONS: Complete each of the following statements by STATEMENTS For The account debited when a petty cash fund is established is 0. 1-2. Petty Cash 0. Merchandise with an invoice price of $12,700 was purchased to terms of 2/10, n/30. I In the following situations, what is the coub 1. The invoice is paid within the discount period 2. The invoice is paid after the discount period has expired 3. If the amount of cash overages for a period exceods the 2. cash shortages, the balance in the account Cash Sho be a (answer debit or credit) amount of and Over will 3
Explanation / Answer
Solution:
Inidicating the proper place for each of the following reconciling items by inserting the correct letter from the bank reconciliation:
Items Answers 0 Customer's check for $197 recorded in journal as $179. No error in deposit C. Addition to cash balance per depositor's records 1 Bank debit memorandum for service charges, $136 D. Deduction from cash balance per depositor's records 2 Bank credit memorandum for loan by bank to Stevens Co., $5,000 C. Addition to cash balance per depositor's records 3 Canceled check for $124 but erroneously listed on bank statement as $75 A. Deduction from cash balance per bank statement 4 Check drawn by Stevens Co. for $1,178 but recorded in journal as $571 C. Addition to cash balance per depositor's records 5 Canceled check omitted from the journal, $876 C. Addition to cash balance per depositor's records 6 Check drawn by Stevens Co. for $320 but recorded in journal as $23 D. Deduction from cash balance per depositor's records 7 Deposit in transit, $1,250 A. Deduction from cash balance per bank statement 8 Bank credit memorandum for note collected by the bank, including $700 interest, $10,700 C. Addition to cash balance per depositor's records 9 Checks outstanding, $9,898 B. Deduction to cash balance per bank statement 10 Bank debit memorandum for customer's check returned because of insufficient funds, $124 D. Deduction from cash balance per depositor's recordsRelated Questions
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