Which of the reconciling items listed below require an entry in the company's accounts? (None of the transactions reported by bank debit and credit memos have been recorded by the company.) Answer Yes or No Item Entry Required 1. Bank service charges, $90. 2. Check of a customer returned by bank to company because of insufficient funds, $520. 3. Check for $420 incorrectly recorded by the company as $240. 4. Check for $1,440 incorrectly charged by bank as $140. 5. Deposit in transit, $5,310. 6. Outstanding checks, $10,370. 7. Note collected by bank, $12,600.
Which of the reconciling items listed below require an entry in the company's accounts? (None of the transactions reported by bank debit and credit memos have been recorded by the company.) Answer Yes or No Item Entry Required 1. Bank service charges, $90. 2. Check of a customer returned by bank to company because of insufficient funds, $520. 3. Check for $420 incorrectly recorded by the company as $240. 4. Check for $1,440 incorrectly charged by bank as $140. 5. Deposit in transit, $5,310. 6. Outstanding checks, $10,370. 7. Note collected by bank, $12,600.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter7: Accounting For Cash
Section: Chapter Questions
Problem 2CE
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Question
Which of the reconciling items listed below require an entry in the company's accounts? (None of the transactions reported by bank debit and credit memos have been recorded by the company.) Answer Yes or No
Item | Entry Required |
1. Bank service charges, $90. |
|
2. Check of a customer returned by bank to company because of insufficient funds, $520. |
|
3. Check for $420 incorrectly recorded by the company as $240. |
|
4. Check for $1,440 incorrectly charged by bank as $140. |
|
5. Deposit in transit, $5,310. |
|
6. Outstanding checks, $10,370. |
|
7. Note collected by bank, $12,600. |
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