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
2views1rank - 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?2views
- Multiple ChoiceWhich of the following is most likely to cause a bank statement not to agree with the cash balance in the accounting records?1views
- Multiple ChoiceWhat is the last step in reconciling a checking account?1views
- Multiple ChoiceWhen you reconcile your checking account, what are you primarily doing?1views