Bank Reconciliation

In Scenario 1, calculate the adjusted checkbook balance.

• $1,050.00

• $1,230.00

• $1,350.00

• $1,420.00

In Scenario 1, what is the journal entry to record the bank service charge?

• Debit Cash $2.50, credit Miscellaneous Expense $2.50

• Debit Cash $2.50, credit Transaction Fee $2.50

• Debit Miscellaneous Expense $2.50, credit Cash $2.50

• Debit Transaction Fee $2.50, credit Cash $2.50

In Scenario 1, calculate the adjusted bank balance.

• $1,300.00

• $1,050.00

• $1,120.00

• $1,180.00

In Scenario 1, assuming that the bank balance is correct, does the bank statement reconcile?

• No, the adjusted checkbook balance is $130.00 lower than the adjusted bank balance.

• No, the adjusted checkbook balance is $130.00 higher than the adjusted bank balance.

• Yes, the adjusted checkbook balance and the adjusted bank balance agree.

• Yes, the adjusted bank balance is $52.50 lower than the adjusted checkbook balance.

Calculate the Cash Account Balance:

On March 31, Bozeman Company received a bank statement showing the following information.

Bank statement balance $2,045.00

Bank service charge $15.00

The records of the business show the following information:

Outstanding deposit,

Mar.29 $200.00

Outstanding checks:

No. 288 $125.00

No. 289 $50.00

Assuming that the bank statement balance is correct, what is the correct Cash account balance on March 31?

• $1,870.00

• $2,055.00

• $2,070.00

• $2,245.00

Journalized Dishonored Checks:

On January 13, Columbia Incorporated received notice from the bank of a dishonored check from Davis Company in the amount of $100.00. The bank charged a service fee of $25.00. What is the correct journal entry to record the dishonored check?

• Debit Accounts Receivable/Davis Company $100.00, Credit Bank Service Charge $25.00, Credit Cash $125.00

• Debit Accounts Receivable/Davis Company $125.00, Credit Cash $125.00

• Debit Accounts Receivable/Davis Company $125.00, Debit Bank Service Charge $25.00, Credit Cash $100.00

• Debit Cash $125.00, Credit Accounts Receivable/Davis Company $125.00