Mr. Khalid has a current account in a bank with a credit balance of RO 97,000. He has withdrawn cash of RO 1,000 through ATM machine and paid RO 24,400 to his creditor by cheque. After these transactions his current account balance will be: a. RO 71,600 b. RO 51,600 c. RO 71,400 d. RO 21,600
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- a. Illustrate and record the following events on a T account John deposits his $10,000 paycheck into his checking account at Chase Bank b.Chase Bank deposits the check at the Fed and Fed collects the funds for Chase Bank c.What happens to a bank's reserves when it receives a deposit? d.John withdraws $2000 cash and pays his rent. His landlord deposits the $2000 in Citi BankSaved Ben Luna received his bank statement with a $30.62 fee for a bounced-check (NSF). He has an $856.80 monthly mortgage payment paid through his bank. There was also a $6.00 teller fee and a check printing fee of $7.25. His ATM card fee was $7.60. There was also a $667.50 deposit in transit. The bank shows a balance of $95.13. The bank paid Ben $2.75 in interest. Ben's checkbook shows a balance of $1,532.80. Check No. 234 for $101.15 and check No. 235 for $34.20 were outstanding. Prepare Ben's bank reconciliation. (Input all amounts as positive values. Round your answers to 2 decimakplaces.) BANK RECONCILIATION Ben's checkbook balance Bank balance Add: Add: Subtotal Subtotal Deduct: Deduct: Subtotal Reconciled balance Reconciled balance. Mr. Ahmed issued a cheque for RO 5,000 to Mr. Khalid by drawing two cross lines on it, but failed to write words (payee a/c) in between two lines. Do you think Mr. Khalid can get the cash payment on the bank counter? Give reasons.
- Ben Luna received his bank statement with a $31.52 fee for a bounced check (NSF). He has an $919.20 monthly mortgage payment paid through his bank. There was also a $3.20 teller fee and a check printing fee of $8.40. His ATM card fee was $10.00. There was also a $543.90 deposit in transit. The bank shows a balance of $232.91. The bank paid Ben $2.73 in interest Ben's checkbook shows a balance of $1,575.40. Check No. 234 for $100.75 and check No. 235 for $70.25 were outstanding Prepare Ben's bank reconciliation. (Round your answers to 2 decimal places.) Ben's checkbook balance Add: Subtotal Deduct: Reconciled balance Bank balance Add: Subtotal Deduct: Reconciled balanceFrank forges the signature of his father on a cheque and draws $5,000 from the account. Examine the legal position of the paying bank. Who is the drawer, drawee, payee, and holder of the BoE?Ben Luna received his bank statement with a $31.35 fee for a bounced-check (NSF). He has an $841.80 monthly mortgage payment paid through his bank. There was also a $3.35 teller fee and a check printing fee of $7.10. His ATM card fee was $8.50. There was also a $571.05 deposit in transit. The bank shows a balance of $268.33. The bank paid Ben $3.03 in interest. Ben's checkbook shows a balance of $1,535.60. Check Number 234 for $121.10 and check Number 235 for $71.75 were outstanding. Prepare Ben's bank reconciliation. Note: Input all amounts as positive values. Round your answers to 2 decimal places. Ben's checkbook balance. Add: Subtotal Deduct: Subtotal Reconciled balance BANK RECONCILIATION Bank balance Add: Subtotal Deduct: Reconciled balance
- A, Mr. B and Mr. C have the following accounts in the closed XY Bank: Account No. 1 in the name of Mr. A, P150,000, Account No. 2 in the name of “Mr. A in trust for Mr. B”, P350,000, Account No. 3 in the name of “Mr. A by Mr. C”, P200,000. How much is the insured and uninsured deposit of Mr. A, Mr. B and Mr. C with the PDIC? Explain.Naomi Greenwell fills out a deposit slip for her saving account. She deposits a check for $445.96. She also has $215.44 in cash and $23.17 in coins. What is her total deposit?Use the information from the attached image to answer questions 10 – 14. This is Mason's monthly bank statement and check register. What is the ending balance on the statement? Answers A. $1,352.61 B. $1,257.23 C. $1,241.66 D. $747.61 Question11. What is the total of the outstanding deposits? Answers A. $20 B. $625 C. $605 D. $8 Question12. What is the total of the outstanding withdrawals? Answers A. $130.95 B. $87.38 C. $8.00 D. $43.57 Question13. What is the revised statement balance? Answers A. $1,241.66 B. $1,277.23 C. $1,233.66 D. $1,352.61 Question14. What is the revised balance of the check register? Answers A. $1,198.09 B. $1,257.23 C. $1,233.66 D. $1,291.66
- Given the information here, what should Jason's adjusted checkbook balance be? Bank balance: $ 600 $ 260 $ Outstanding checks: Deposit in transit: ATM fees: Interest earned: Checkbook balance: Select one: a. $300 X b. $171 c. $113 d. $242 e. $440 100 $50 $ 10 $ 480On November 3, Micah Asuncion received from the bank her bank statement for the month of October. She compared her checkbook to the bank statement and discovered the following: Prepare a bank reconciliation. CHECKBOOK Balance P333,203.50 Balance P369,725.56 Deposits: Deposits: 10/3 P59,600.00 10/3 P59,600.00 10/10 P53,740.00 10/10 P53,700.00 10/26 P27,610.00 10/16 P46,030.00 10/31 P30,260.00 10/26 P27,610.00 Check Issued and Recorded: Checks Cancelled: No.3 P14,435.00 No.5 P38,206.00 No.5 P38,026.00 No.16 P17,300.00 No.16…Using the T-accounts of the First National Bank and theSecond National Bank given in this chapter, describewhat happens when Jane Brown writes a check for $90on her account at the First National Bank to pay herfriend Joe Green, who in turn deposits the check in hisaccount at the Second National Bank