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.
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