Exam 4: Banking

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:

All checks are required to have a preprinted check number.

Match the following terms with their definitions. -Outstanding checks

On the bank statement, Bill notices a beginning bank balance of $500.25. Bill knew he had written his nephew a check for $25 that had not been returned to him by the bank. What effect does this $25 have on the bank reconciliation process?

Match the following terms with their definitions. -Bank statement

Moore Company has a checkbook balance of $1,999.10. The bank statement indicated a balance of $1,981.54. Moore noticed on his bank statement a bounced check for $52.88 along with a service charge of $12.10. Interest earned on the checking account amounted to $33.81. Moore noticed that a deposit of $350 had not been recorded on the bank statement. Checks written for $363.61 had not yet been processed by the bank. What is the adjusted reconciled balance?

The process of analyzing the differences between the bank statement balance and the checkbook balance is:

The checkbook balance of Roger Co. is $982.50. The bank statement reveals a balance of $1,051.82. The bank statement showed interest earned of $3.82 and a service charge of $15, along with a deposit in transit of $210. Outstanding checks totaled $270.50. The bookkeeper in further analyzing the bank statement noticed a collection of a note by the bank for $200. Roger Co. forgot to deduct a check for $180 during the month. The reconciled balance is:

When you are reconciling a bank statement, it's recommended that you do the following:

Match the following terms with their definitions. -Deposit tickets

Calculate the statement balance: Balance of last Statement Checks Processed Deposits Received Service Charge Balance this Statement \ 888.10 \ 329.10 \ 480.11 \ 3.88 ?

Match the following terms with their definitions. -Drawer

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:

Match the following terms with their definitions. -ATM

From the following, prepare a bank reconciliation for Blue Co.: Service charge $20 Checks outstanding $1,460 NSF $200 Deposits in transit $2,080 Checkbook balance $4,000 Bank balance $3,160

On November 1, 20xx, Broom Company received a bank statement that showed a $2,950 balance. Broom showed a $4,010 checking account balance. The bank did not return check number 124 for $1,080 and check number 138 for $720. A $3,200 deposit made on October 30 was in transit. The bank charged Broom $12 for check printing and $18 for an NSF check. Broom forgot to record a $30 withdrawal at the ATM. The bank also collected a $400 note for Broom. Prepare bank reconciliation.

Sandi's checking account had a balance of $4627.36; her bank statement's balance was $10,275.46. A service fee of $37.00 also appeared on her statement. What was the total of all outstanding checks?

As the bookkeeper of Moore Co., you are asked to complete a bank reconciliation from the following: Checkbook balance: $48,621.80 Bank balance: 57,190.52 Deposits in transit: 3,369.08 Note collected: 4,000.00 Outstanding checks: 7,957.80 Bank service charge: 20.00

From the following the reconciled balance is: Check book balance \ 68,599.10 Bark Balance 96,500.10 Deposits in Transit 2,800.10 Outstanding Checks 24,741.10 Note Collected 6,000.00 Bark Service Charge 40.00

Abe Frill received a bank statement from the Cloudy Bank indicating a balance of $12,000. Abe's checkbook showed a balance of $11,200. Deposits in transit were $2,000, and checks outstanding totaled $2,900. The bank service charge was $100. Complete the reconciliation.