Question 1

From the following calculate the final balance that was to be carried forward in your check stubs as of the end of October:

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Question 2

John Murray has a beginning checkbook balance of $110. The beginning bank balance is $135, and deposits in transit amounted to $50. Checks outstanding were $80. John also noticed a bank service charge of $5. What should the reconciled balance be?

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Question 3

Abe Frill received a bank statement from the Cloudy Bank indicating a balance of $12,000. Abe's checkbook showed a balance of $11,200. Deposits in transit were $2,000, and checks outstanding totaled $2,900. The bank service charge was $100. Complete the reconciliation.

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Question 4

Calculate the balance carried forward:

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Question 5

On Dec. 31 the checkbook balance of Aster Co. was $1,241.05. The bank statement balance was $1,510. Checks outstanding were $3,052.03. The statement revealed a deposit in transit of $2,800.10 as well as a bank service charge of $12.03. The company earned interest income of $29.05. Complete a bank reconciliation for Aster Co.

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Question 6

Calculate the statement balance:

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Question 7

On May 31, 200x, Kane Company's bank statement showed a $9,900.50 bank balance. The bank statement also showed that it collected a $1,200 note for Kane Company. A $1,315.80 deposit made on May 31 was in transit. Check number 314 for $48.50 and check number 485 for $465.12 were outstanding. Kane's bank charges $.15 per processed check. This month Kane wrote 68 checks. Kane has a $9,512.88 checkbook balance. Prepare a reconciled balance.

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Question 8

The checkbook balance of Roger Co. is $982.50. The bank statement reveals a balance of $1,051.82. The bank statement showed interest earned of $3.82 and a service charge of $15, along with a deposit in transit of $210. Outstanding checks totaled $270.50. The bookkeeper in further analyzing the bank statement noticed a collection of a note by the bank for $200. Roger Co. forgot to deduct a check for $180 during the month. The reconciled balance is:

Accepted Answer

First, we need to adjust the bank statement to account for outstanding checks and deposits in transit:

Bank balance: $1,051.82 
Less Outstanding checks: $270.50 
Add Deposit in transit: $210.00 
Adjusted Bank balance: $991.32

Next, we need to adjust the book balance for the collection of the note and the forgotten check:

Book balance: $982.50 
Add Note collected by bank: $200.00 
Less Forgotten check: $180.00 
Adjusted Book balance: $1,002.50

Now, we can compare the adjusted book balance to the adjusted bank balance:

Adjusted Book balance: $1,002.50 
Adjusted Bank balance: $991.32 
Difference: $11.18 (which is the amount of interest earned minus the service charge)

To reconcile the accounts, we need to account for this difference. We can do this by subtracting the difference from the adjusted book balance:

Reconciled balance: $991.32 - $11.18 = $980.14

Therefore, the best answer is B) $991.32

Question 9

Calculate the balance carried forward:

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Question 10

From the following, prepare a bank reconciliation for Blue Co.:
Service charge $20
Checks outstanding $1,460
NSF $200
Deposits in transit $2,080
Checkbook balance $4,000
Bank balance $3,160

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Question 11

On Dec. 31 the checkbook balance of Rose Co. was $755.09. The bank statement balance was $602.05. Checks outstanding were $249.54. The statement revealed a deposit in transit of $401.95 as well as a bank service charge of $13.05. The company earned interest income of $12.42. Complete a bank reconciliation for Rose Co.

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Question 12

On November 1, 200X, Broom Company received a bank statement that showed a $2,950 balance. Broom showed a $4,010 checking account balance. The bank did not return check number 124 for $1,080 and check number 138 for $720. A $3,200 deposit made on October 30 was in transit. The bank charged Broom $12 for check printing and $18 for an NSF check. Broom forgot to record a $30 withdrawal at the ATM. The bank also collected a $400 note for Broom. Prepare bank reconciliation.

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Question 13

Valdez Company opened a special checking account. The charge for each check written was $.55 or a $6 a month minimum service charge (whichever is greater). At the beginning of the month, the company checkbook balance was $695.18. Valdez Company wrote 14 checks totaling $312.88. Deposits of $188.10 and $195.10 were made during the month. What is Valdez's checkbook balance to start the next month (include cost of check writing)?

Accepted Answer

$695.18 - (14 × $.55)- $312.88 + $188.10 + $195.10 = $757.80

Question 14

Jane Co.'s checkbook currently has a balance of $295.10. The bank statement shows a balance of $205.10. The statement revealed interest income of $10.03 along with check charges of $2.95. Jane recorded a $200 check as $150. Deposits in transit were $402.80. Check numbers 85, 88, and 92 for $90.80, $108.10, and $156.82 were not returned with the statement. The reconciled balance is:

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Question 15

Andy Finn received a bank statement from Jon Bank indicating a balance of $3,000. Based on Finn's check stubs, the ending checkbook balance was $3,600. Checks outstanding were number 110 for $150, number 115 for $90, and number 118 for $75. Andy noticed a deposit in transit for $900 as well as a bank service charge for $15. Complete the reconciliation for Andy.

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Question 16

Compute the reconciled balance:

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Question 17

The checkbook of Vance Company had a balance of $2,210.55. The bank statement showed a balance of $4,918.18. The bank collected a $2,000 note minus a $5 service charge. There was a deposit in transit of $610.88. Several checks outstanding totaled $1,196.17. Vance collected $42.33 in interest on the checking account. Vance recorded a $300 check for $400. The bank service charge is $14.99. What is the adjusted reconciled balance?

Accepted Answer

The check record error equals $100. $2,210.55 + $2,000 - $5 + $42.33 + $100 - $14.99 = $4,332.89; $4,918.18 + $610.88 - $1,196.17 = $4,332.89.

Question 18

Calculate the balance carried forward:

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Question 19

From the following, prepare a bank reconciliation for the J. Company:
Service charge $10
Checks outstanding $730
NSF $100
Deposits in transit $1,040
Checkbook balance $2,000
Bank balance $1,580

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Question 20

On December 31, 200x, Brown Company's checkbook showed an $8,195.32 balance. Brown's bank statement showed a balance of $8,400.50. Check number 311 for $395.10 and check number 418 for $115.46 were outstanding. A $310.30 deposit was in transit. The bank charged a $10 service charge. The statement showed a $14.92 earned interest income. Complete Brown's bank reconciliation.

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Quiz 6: Banking and Budgeting

From the following calculate the final balance that was to be carried forward in your check stubs as of the end of October:

John Murray has a beginning checkbook balance of $110. The beginning bank balance is $135, and deposits in transit amounted to $50. Checks outstanding were $80. John also noticed a bank service charge of $5. What should the reconciled balance be?

Abe Frill received a bank statement from the Cloudy Bank indicating a balance of $12,000. Abe's checkbook showed a balance of $11,200. Deposits in transit were $2,000, and checks outstanding totaled $2,900. The bank service charge was $100. Complete the reconciliation.

Calculate the balance carried forward:

Calculate the statement balance:

Calculate the balance carried forward:

From the following, prepare a bank reconciliation for Blue Co.: Service charge $20 Checks outstanding $1,460 NSF $200 Deposits in transit $2,080 Checkbook balance $4,000 Bank balance $3,160

Compute the reconciled balance:

Calculate the balance carried forward:

From the following, prepare a bank reconciliation for the J. Company: Service charge $10 Checks outstanding $730 NSF $100 Deposits in transit $1,040 Checkbook balance $2,000 Bank balance $1,580