6. Internal Controls and Reporting Cash
Bank Reconciliation
6. Internal Controls and Reporting Cash
Bank Reconciliation
04:57
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
185views24rank1comments - 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?6views
- Multiple ChoiceWhich of the following is most likely to cause a bank statement not to agree with the cash balance in the accounting records?13views
- Multiple ChoiceWhat is the last step in reconciling a checking account?23views
- Multiple ChoiceWhen you reconcile your checking account, what are you primarily doing?32views