Question : 111. Harris Company had checks outstanding totaling $15,400 its May bank : 1239817

 

 

111. Harris Company had checks outstanding totaling $15,400 on its May bank reconciliation. In June, Harris Company issued checks totaling $64,900. The June bank statement shows that $47,600 in checks cleared the bank in June. A check from one of Harris Company’s customers in the amount of $300 was also returned marked “NSF.” The amount of outstanding checks on Harris Company’s June bank reconciliation should be A. $49,500B. $63,000C. $47,600D. $32,700

 

112. Meredith Company gathered the following reconciling information in preparing its May bank reconciliation: 

 

 

Cash balance per books, 5/31

$4,500

 

 

Deposits in transit

375

 

 

Notes receivable and interest collected by bank

650

 

 

Bank charge for check printing

40

 

 

Outstanding checks

2,400

 

 

NSF check

140

     The adjusted cash balance per books on May 31 is

 

 

 

 

 A. $4,970B. $5,120C. $8,105D. $3,295

 

113. Derek Company gathered the following reconciling information in preparing its September bank reconciliation: 

 

 

Cash balance per books, 9/30

$2,750

 

 

Deposits in transit

200

 

 

Notes receivable and interest collected by bank

630

 

 

Bank charge for check printing

30

 

 

Outstanding checks

1,250

 

 

NSF check

290

     The adjusted cash balance per books on September 30 is

 

 

 

 

 A. $5,150.B. $3,710.C. $3,060.D. $1,610.

 

114. Jamison Company developed the following reconciling information in preparing its June bank reconciliation: 

Cash balance per bank, 6/30

$13,000

Note receivable collected by bank

4,000

Outstanding checks

7,000

Deposits-in-transit

2,500

Bank service charge

35

NSF check

1,900

 

 

Using the above information, determine the cash balance per books (before adjustments) for the Jamison Company. A. $8,065B. $10,565C. $15,065D. $6,435

 

115. Thompson Company developed the following reconciling information in preparing its October bank reconciliation: 

 

Cash balance per bank, 10/31

$17,000

 

Note receivable collected by bank

4,800

 

Outstanding checks

6,500

 

Deposits-in-transit

3,000

 

Bank service charge

50

 

NSF check

2,300

 

 

 

Using the above information, determine the cash balance per books (before adjustments) for the Thompson Company. A. $11,050B. $19,450C. $15,950D. $11,150

 

116. During a bank reconciliation process, A. Outstanding checks and deposits in transit are added to the bank statement balance.B. Outstanding checks are subtracted and deposits in transit are added to the bank statement balance.C. Outstanding checks and deposits in transit are subtracted from the bank statement balance.D. Outstanding checks are added and deposits in transit are subtracted from the bank statement balance.

 

117. In the normal operation of business you receive a check from a customer and deposit it into your checking account. With your bank statement you are advised that this check for $775 is “NSF”. The bank also informs you that due to the amount of activity on your business account the monthly service charge is $75.  During a bank reconciliation, you will: A. subtract both values from balance according to bank.B. add both values from balance according to books.C. add both values from balance according to bank.D. subtract both values from balance according to books.

 

118. A $150 petty cash fund has cash of $44 and receipts of $93.  The journal entry to replenish the account would include a A. credit to Petty Cash for $49.B. debit to Cash for $93.C. debit to Cash Over and Short for $13.D. credit to Cash for $44.

 

119. A $135 petty cash fund has cash of $28 and receipts of $110.  The journal entry to replenish the account would include a A. credit to Petty Cash for $110.B. debit to Cash for $110.C. credit to Cash Over and Short for $3.D. credit to Cash for $82.

 

120. Entries are made to the Petty Cash account when A. making payments out of the fund.B. recording shortages in the fund.C. replenishing the petty cash fund.D. establishing the fund.