Practice Exam - Chapter 6
Reporting & Analyzing Cash and Internal Controls
Dr. Fred Barbee
Solution to Short-Problem #1
|
ACCT 201 Principles of Financial Accounting Practice Exam - Chapter 6 Reporting & Analyzing Cash and Internal Controls Dr. Fred Barbee Solution to Short-Problem #1 |
|
Short Problem #1
Identify whether each of the following items 1 through 10 affects the bank side or the book side of a bank reconciliation.
Book |
1. |
Bank service charges |
Bank |
2. |
Outstanding Checks |
Bank |
3. |
Deposits in transit |
Book |
4. |
NSF check |
Book |
5. |
Inerest on a checking account |
Bank |
6. |
The bank incorrectly recorded a check for $9.58. The company properly wrote the check for $95.80. |
Book |
7. |
The bank printed checks for the depositor for a fee. |
Book |
8. |
Bank debit memorandum |
Book |
9. |
Bank credit memorandum |
Book |
10. |
The bank collected a $1,000 note for the depositor. |