6. Internal Controls and Reporting Cash
Bank Reconciliation
6. Internal Controls and Reporting Cash
Bank Reconciliation
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Practice this topic
- Open Question
A company has a current balance in its Cash account of \$3,400. The bank statement arrived showing a bank balance of \$5,900. Prepare the cash reconciliation noting the following events:
• Deposits in transit total \$600
• EFT receipt of dividend revenue of \$900
• Bank error:the bank deducted \$100 for a check written by another company.
• Service charge \$20
• NSF check from a customer \$50
• Book error:Company Check no. 333 was recorded for \$510. The actual amount paid on account was \$150.
• Outstanding checks total \$2,010
237views29rank1comments - Multiple ChoiceIn a bank reconciliation, which of the following items would be subtracted from the company's book balance to arrive at the adjusted book balance?62views
- Multiple ChoiceWhich of the following is most likely to cause a bank statement not to agree with the cash balance in the accounting records?72views
- Multiple ChoiceWhat is the last step in reconciling a checking account?71views
- Multiple ChoiceWhen you reconcile your checking account, what are you primarily doing?105views