Question : 111. Which of the following would be subtracted from the balance : 1247173

 

111. Which of the following would be subtracted from the balance per bank on a bank reconciliation? A. Outstanding checksB. Deposits in transitC. Notes collected by the bankD. Service charges

112. A bank reconciliation should be prepared A. whenever the bank refuses to lend the company money.B. to explain any difference between the company’s balance per books with the balance per bank.C. when an employee is suspected of fraud.D. by the person who is authorized to sign checks.

113. 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 $37,600 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. $49,500.B. $53,000.C. $37,600.D. $42,700.

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

 

 

Cash balance per books, 5/31

$2,500

 

 

Deposits in transit

150

 

 

Notes receivable and interest collected by bank

650

 

 

Bank charge for check printing

40

 

 

Outstanding checks

1,800

 

 

NSF check

140

     The adjusted cash balance per books on May 31 is

 

 

 

 

 A. $2,970.B. $3,120.C. $5,280.D. $1,320.

 

115. 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

190

     The adjusted cash balance per books on September 30 is

 

 

 

 

 A. $5,050.B. $2,110.C. $3,160.D. $1,910.

 

116. 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

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

 

117. 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

 

118. A $150 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 $82.B. debit to Cash for $110.C. debit to Cash Over and Short for $12.D. credit to Cash for $110

119. A $135 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 $93.B. debit to Cash for $93.C. credit to Cash Over and Short for $2.D. credit to Cash for $49.

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.