Chapter 11: The Bank Reconciliation

Front

Matching your check stub/Cash in Bank records with the statement from the bank is known as

Back

Bank Reconciliation

Front

Outstanding checks and voided checks are the most frequent causes for differences between the bank statement balance and the checkbook balance.

Back

False

Front

Outstanding checks and outstanding deposits are the most frequent causes for differences between the bank statement balance and the checkbook balance.

Back

True

Front

Prompt reconciliation of the bank statement is a good way to guard against disorderly cash records or cash loss. True or False?

Back

True

Front

What is the debit in the journal entry for a bank service fee of $12 charged to the Abrams Tree Service account? Options: Cash in Bank, A/R - Abrams Tree Service, Service Charge Expense, Miscellaneous Expense

Back

Miscellaneous Expense

Front

What is the impact of the following item when reconciling? Outstanding deposit of $1,200

Back

Added to the bank statement balance

Front

What is the impact of an NSF check from customer Anne Campbell for $52 when reconciling?

Back

Deducted from the check stub

Front

What is the impact of an outstanding check for $185 written to Cole Realty when reconciling?

Back

Deducted from the bank statement balance

Front

What is the impact of the following item when reconciling? The monthly service charge of $15

Back

Deducted from the check stub

Front

What is the journal entry for this transaction? A check for $120 from Mary Hurney was returned by the National Bank of Commerce marked NSF. There was a $15 fee for handling the NSF check. Memorandum 72.

Back

Debit A/R $135, Credit Cash $135