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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Place a check mark in the column that indicates the location of each item that would be found on a bank reconciliation. Assume that the checks written by the company are written correctly.

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To determine

Indicate a check mark for the given reconciling items that would be reported on the bank reconciliation.

Explanation

Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from its perspective. Therefore, the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.

Indicate a check mark for the given reconciling items that would be reported on the bank reconciliation.

ItemsAdd to Bank Statement BalanceSubtract from Bank Statement BalanceAdd to Ledger Cash BalanceSubtract from Ledger Cash Balance
a.   
b.   
c.   
d.   
e.   
f.   
g.   
h.   

Table (1)

Description for the reconciling items:

  1. a. Banks deduct the service charge for the services rendered like lock box rental, or printed checks. But the company is not aware of such deductions. So, company deducts the ledger cash balance while bank reconciliation preparation...

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