Accounting 101, Second Examination (continued) Use the following data to complet

Question

Accounting 101, Second Examination (continued) Use the following data to complete the next 5 multiple choices: is $3,500; outstanding the bank statement balance is $3,634; deposits intransit are $800 are $750; bank charged a $20 check of Easton against Eaton account bank collected a note payable to Eaton of $400 plus interest of $12; NSF check of $200; bank service charges of $8: The total amount to be added to the Balance Per bank Statement must be: a. $412 19. b. $20 c. $800 d. $820 -20. The total amount deducted frorn the Balance Per Books is: a. $412 b. $200 c. $8 d. $208 21. The total deduction from the Balance Per Bank Statement is c. 820 a. $750 b. $800 d. $200 22. The Adjusted Balance of the Bank Reconciliation must be: a. $3,088 b. $3704 c. $3912 d. neither is correct 23. The journal entry to increase cash from the reconciliation is: a. Cash $412 Interest Income Account Receivables S 12 400 $400 12 b. Cash Interest Income Note Receivables 412 c. Cash $412 Note Receivables Interest Receivables $400 12 Which of the following accounts should be closed to the Income S the end of the fiscal year? 24. ummary at a. Merchandise Inventory b. Accumulated Depreciation c. Dividends d. Cost of Merchandise Sold

Explanation / Answer

19)correct option is "D" -820

Amount to add :Deposit in transit + error made by bank

800 +20

= 820

20)correct option is "D" -208

Balance to deduct =NSF +bank service charge

200+8

= 208

21)correct option is "A" 750

Outstanding checks : 750

22)correct option is "B" -3704

Adjusted balance =Unadjusted balance+deposit in transit -outstanding checks+error made

3634+800-750+20

=3704

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