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- Leann Company received the following bank statement. Using the information from PB11 and PB12, prepare the bank reconciliation.Which of the following items are found on a book side of the bank reconciliation? A. beginning bank balance B. outstanding checks C. interest income D. error made by bankFollowing is the general format of a four-column bank reconciliation with the various categories and presentation numbered (1) through (8): November Receipts Balance November Balance 10/31 Disbursements 11/30 Per Bank Statement Items to be added Items to be deducted: Per Books $XXXXX SXXXXX 3 $XXXXX $XXXXX 7 1 2 SXXXXX 6. SXXXXX SXXXXX 8 SXXXXX Indicate the proper location for the following reconciling items. A customer check received by the company in October was erroneously recorded twice by the books. The books were corrected in November by recording a negative receipt. This item will appear as: Select one: O a. 2 and 3 O b.3 and 7 O c.4 and 8 O d. 1 and 4 O e. 1 and 7
- Following is the general format of a four-column bank reconciliation with the various categories and presentation numbered (1) through (8): Per Bank Statement Items to be added: Items to be deducted: Per Books Select one: a. 1 and 3 b. 1 and 4 c. 2 and 4 Balance 10/31 d. 2 and 3 e. 2 and 6 November Receipts SXXXXX 3 Indicate the proper location for the following reconciling items. A 10/31 collection by bank will appear as: November Disbursements SXXXXX 1 2 XXXXX $XXXXX $XXXXX SXXXXX 5 6 Balance 11/30 SXXXXX 7 8 SXXXXXFollowing a the qeneral format of a four-column bank reconciliation with the various categories and presentation numbered (11 through Balance 1031 November November Receipts Disbsursements Balance 1130 SXXXXX SXXXXX SXXXXX Per Bank Statement Hems to be added tems to be deducted Per Books SXXXXX SXXXXX SXXXXX SXXXXX SXXXXX Indicate the proper location for the following reconciling items A check received ftram a customer in November was determined to be NSF by the bank and books in November. The books record NSF checks as disbursements. This item will appear as Select one Oa4 and 6 Ob4 and 5 Oc3 and 6 O d.3 and 5 Oe. This item will not appear on the November bank econciliationFollowing is the general format of a four-column bank reconciliation with the various categories and presentation numbered (1) through (8): Balance 10/31 November November Receipts Disbursements Balance 11/30 SXXXXX 3 Per Bank Statement Items to be added. Items to be deducted: Per Books SXXXXX 1. $XXXXX SXXXXX 7. SXXXXX SXXXXX SXXXXX SXXXXX Indicate the proper location for the following reconciling items. Assume the books record NSF checks as disbursements. A 10/31 NSF check will appear as: Select one: O a.1 and 5 O b.2 and 5 O cl and 4 O d. 2 and 3 O e. 2 and 6
- Question 1: Prepare a bank reconciliation as of May 31. Be sure to complete the statement heading. Refer to the Labels and Amount Descriptions for the exact wording of text entries. “Deduct:” or “Add:” will automatically appear if it is required. Whenever there is more than one adjusting item in the bank portion of the reconciliation or the general ledger portion of the bank reconciliation, enter in the order presented in the instructions. Enter all amounts as positive numbers. BRENTWOOD BIKE CO. Bank Reconciliation 1 Cash balance according to bank statement 2 3 4 5 Adjusted balance 6 7 Cash balance according to company’s records 8 9 10 11 12 Adjusted balance Question 2: Journalize the necessary entries. The accounts have not been closed. Refer to the chart of accounts…Bank reconciliations are typically prepared for... A. Savings Accounts B. Current Accounts C. Time Deposits D.Credit Accounts The cash ledger showed a balance of P2M, while the bank statement showed a balance of P800,000. What item must be reconciled to balance the cash ledger and bank statement? A. P1.2M deposit in transitB. P1.2M outstanding check C. P1.2M book error D. P1.2M debit memo Which of the following is not a bank reconciling items? A. Deposit in Transit B. Credit Memo C. Bank Error D. Outstanding Checkse2 and 6 Following is the general format of a four-column bank reconciliation with the various categories and presentation numbered (1) through (8) Balance 10/31 November November Receipts Disbursements Balance 11/30 on Per Bank Statement Items to be added: Rems to be deducted Per Books SXXXXX 1. 2 SXXXXX SXXXXX 3. SXXXXX SXXXXX SXXXXX SXXXXX SXXXX Indicate the proper location for the following reconciling items A 10/31 collection by bank will appear as Select one: O a.1 and 3 O b1 and 4 Oc2 and 4 O d.2 and 3 Oe 2 and 6
