Taylor's bank statement indicates that the balance of his checking account is $1362, but according to Taylor's check register, the balance of his account is $1398. Is it possible that Taylor transposed a 2-digit number in his check register? Why or why not?
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Taylor's bank statement indicates that the balance of his checking account is $1362, but according to Taylor's check register, the balance of his account is $1398. Is it possible that Taylor transposed a 2-digit number in his check register? Why or why not?
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- When Chris balanced her business check book, she had an adjusted bank balance of $8,911. She had three outstanding deposits worth $349 each and seven checks outstanding with a total value of $948. What is the amount of the collection float on this account?On March 1, your checkbook balance is $565.02, and the bank statement balance is $464.07. An examination of the checkbook register reveals that a debit purchase for $45.09 was incorrectly entered as $54.09, and check #341 for $17.60 was not entered at all. A deposit for $150.65 was entered twice. The bank statement indicates that interest earned was $2.20, and the ATM service charge was $3.05. Outstanding checks were #228 for $30.09, #230 for $19.81, and #231 for $9.25. Question 1 Check #341 not entered was Answers A. added to the bank statement balance. B. deducted from the checkbook balance. C. added to the checkbook balance. D. deducted from the bank statement balance. Question 2 What is the available bank balance? Answers A. $404.92 B. $402.72 C. $515.57 D. $407.97 On July 31, your checkbook balance is $953.12, and the bank statement balance is $1219.51. An examination of the checkbook register reveals that check…On 30 June 20X0, Cook's cash book showed that he had an overdraft of $300 on his current account at the bank. A bank statement as at the end of June 20X0 showed that Cook was in credit with the bank by $65. On checking the cash book with the bank statement you find the following. (a) Cheques drawn, amounting to $500, had been entered in the cash book but had not been presented. (b) Cheques received, amounting to $400, had been entered in the cash book, but had not been credited by the bank. (c) On instructions from Cook the bank had transferred interest received on his deposit account amounting to $60 to his current account, recording the transfer on 5 July 20X0. However, this amount had been credited in the cash book as on 30 June 20X0. (d) Bank charges of $35 shown in the bank statement had not been entered in the cash book. (e) The payments side of the cash book had been undercast by $10. (f) Dividends received amounting to $200 had been paid direct to the bank and not entered in…
- On 30 June 20X0, Cook's cash book showed that he had an overdraft of $300 on his current account at the bank. A bank statement as at the end of June 20X0 showed that Cook was in credit with the bank by $65. On checking the cash book with the bank statement you find the following. (a) Cheques drawn, amounting to $500, had been entered in the cash book but had not been presented. (b) Cheques received, amounting to $400, had been entered in the cash book, but had not been credited by the bank. (c) On instructions from Cook the bank had transferred interest received on his deposit account amounting to $60 to his current account, recording the transfer on 5 July 20X0. However, this amount had been credited in the cash book as on 30 June 20X0. (d) Bank charges of $35 shown in the bank statement had not been entered in the cash book. (e) The payments side of the cash book had been undercast by $10. (f) Dividends received amounting to $200 had been paid direct to the bank and not entered in…On October 1, Jessica Clay received her bank statement showing a balance of $374.52.Her checkbook records indicate a balance of $338.97. There was a service charge for themonth of $4.40 on the statement. The outstanding checks were for $47.10, $110.15, $19.80,and $64.10. The deposits in transit totaled $125.50. There was a $75.70 debit for automaticpayment of her telephone bill. Use the following form to reconcile Jessica's checking account.Debits Checks OutstandingAmount AmountSvc. Chg.Total TotalCHECKBOOK BALANCE STATEMENT BALANCEAdd: Interest & Other Credits Add: Deposits in TransitSUB TOTAL SUB TOTALDeduct: Service Charges & Other Debits Deduct: Outstanding ChecksADJUSTED CHECK BOOK BALANCE ADJUSTED STATEMENT BALANCEBraun issued a $35 check to Rice. Rice took the check to Braun’s bank and had it certified. Rice then raised the amount to $350 and negotiated it to Turner. Turner presented the check for payment and received $350. When Braun received her canceled checks, she noticed the alteration and notified the bank. Who will suffer the loss?
- Based on the following information, determine the true balance in your checking account. Balance in your checkbook Balance on bank statement Service charge and other fees $452 Balance on bank statement $631 Serbice charge and other fees 15 Interest earned on the account 6$ Total of outstanding checks 258$ Deposits in transit $70In comparing the canceled checks on the bank statement with the entries in the accounting records, Tanner Company found that check number 4239 for May's rent was correctly written and drawn for $6,750 but was erroneously entered in the accounting records as $6,570. When preparing the May bank reconciliation, the Tanner Company should: Select one: A. Add $180 to the book balance of cash B. Deduct $180 from the bank statement balance C. Add $180 to the bank statement balance D. Deduct $180 from the book balance of cashNugget discovered that cheque 735 written in March for $767 and cleared the bank was recorded in their books as $676