Exam 6: Banking and Budgeting

An unrecorded credit memo for collection of a note should be:

Budgets are used to plan monthly cash flow.

Calculate the statement balance:

In the reconciliation process the unrecorded bank service charge is:

Jim Lee received his bank statement from Bayne Bank indicating a balance of $7,980. Lee's checkbook showed a balance of $6,800. Jim noticed that checks outstanding were $1,330. The bank statement also revealed an NSF check for $120 and a service charge of $30. The reconciled balance is:

John Small was looking over his bank statement and jotted down the following information: Could you calculate the ending checkbook balance for John?

What is the expected cash profit or loss given the following information: Expected merchandise sales (in cash) $125,000 Expected service sales (in cash) $80,000 Expected fixed cash expenses $75,000 Expected variable cash expenses $120,000

David had the following activity with his checking account during the month of July: -Starting checkbook balance of $701.13 -July 15 electronic payroll deposit of $1,807.44 -Online payment of $109.17 to Ameren Utilities -Online payment of $104.00 to Gas Company -Checks written on July 15 totaling $984.15 -On July 27 he received an electronic payroll deposit of $1,807.43 What was David's checkbook balance as of July 31?

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Jane Co.'s checkbook currently has a balance of $295.10. The bank statement shows a balance of $205.10. The statement revealed interest income of $10.03 along with check charges of $2.95. Jane recorded a $200 check as $150. Deposits in transit were $402.80. Check numbers 85, 88, and 92 for $90.80, $108.10, and $156.82 were not returned with the statement. The reconciled balance is:

The checkbook balance of Lester Co. was $922.55. The bank statement revealed a balance of $3,881.14. The bank statement showed interest earned of $77 and a service charge of $38.22, along with a deposit in transit of $9,555.88. Outstanding checks totaled $6,142.88. The bookkeeper in further analyzing the bank statement noticed a collection of a note by the bank for $6,815.00. Lester Co. forgot to deduct a check for $482.19 during the month. The reconciled balance is:

Jill Gracie's current checkbook balance is $8,900.15. She opened up the bank statement and saw the bank's balance at $7,000.10. After reviewing her records with the bank statement, she discovered a deposit on July 1 not recorded on the statement for $9,821.55. A check written for $7,986.05 had not been returned by the bank. This month the company earned interest of $33.10. The bank charged the company $48.10 for printing new checks. Jill also discovered that a check written for $49.55 was not recorded in the check stubs. The reconciled balance is:

From the following calculate the final balance that was to be carried forward in your check stubs as of the end of October:

The use of smartphones in banking is decreasing.

Andy Finn received a bank statement from Jon Bank indicating a balance of $3,000. Based on Finn's check stubs, the ending checkbook balance was $3,600. Checks outstanding were number 110 for $150, number 115 for $90, and number 118 for $75. Andy noticed a deposit in transit for $900 as well as a bank service charge for $15. Complete the reconciliation for Andy.

Which of the following results in crediting the checkbook balance?

On Dec. 31 the checkbook balance of Rose Co. was $755.09. The bank statement balance was $602.05. Checks outstanding were $249.54. The statement revealed a deposit in transit of $401.95 as well as a bank service charge of $13.05. The company earned interest income of $12.42. Complete a bank reconciliation for Rose Co.

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As the bookkeeper of Moorse Co., you are asked to complete a bank reconciliation from the following: Outstanding checks $ 7,957.80

Calculate the balance carried forward: