Exam 4: Banking

Jane Co.'s checkbook currently has a balance of $295.10. The bank statement shows a balance of $205.10. The statement revealed interest income of $10.03 along with check charges of $2.95. Jane recorded a $200 check as $150. Deposits in transit were $402.80. Check numbers 85, 88, and 92 for $90.80, $108.10, and $156.82 were not returned with the statement. The reconciled balance is:

On May 31, 20xx, Kane Company's bank statement showed a $9,900.50 bank balance. The bank statement also showed that it collected a $1,200 note for Kane Company. A $1,315.80 deposit made on May 31 was in transit. Check number 314 for $48.50 and check number 485 for $465.12 were outstanding. Kane's bank charges $.15 per processed check. This month Kane wrote 68 checks. Kane has a $9,512.88 checkbook balance. Prepare a reconciled balance.

Match the following terms with their definitions. -Endorsements

The bank statement for Mat Co. revealed a balance of $900, and the checkbook balance showed $1,420. Checks outstanding totaled $35. A check printing charge for $5 was on the bank statement. There was a $50 NSF shown on the bank statement. There was a $500 deposit in transit. What is the reconciled balance?

Crediting an account by the bank means a decrease to that account.

Mia Wong's checking account had a balance of $3,100.55 on July 1. After looking at her bank statement, she noticed an NSF for $60.50, a service charge of $12.55, and a note collected for $600. There was one deposit in transit for $400 and no checks outstanding. What is the reconciled checkbook balance?

Which of the following are debited from a checking account?

On December 31, 20xx, Brown Company's checkbook showed an $8,195.32 balance. Brown's bank statement showed a balance of $8,400.50. Check number 311 for $395.10 and check number 418 for $115.46 were outstanding. A $310.30 deposit was in transit. The bank charged a $10 service charge. The statement showed a $14.92 earned interest income. Complete Brown's bank reconciliation.

Andy Finn received a bank statement from Jon Bank indicating a balance of $3,000. Based on Andy's check stubs, the ending checkbook balance was $3,600. Checks outstanding were number 110 for $150, number 115 for $90, and number 118 for $75. Andy noticed a deposit in transit for $900 as well as a bank service charge for $15. Complete the reconciliation for Andy.

Match the following terms with their definitions. -Electronic funds transfer

Match the following terms with their definitions. -Smartphone

Electronic funds transfer:

Electronic funds transfer does not use paper checks.

A blank endorsement is the safest type of endorsement.

Calculate the statement balance: Balance of last Statement Checks Processed Deposits Received Service Charge Balance this Statement \ 910.11 \ 615.30 \ 291.88 \ 12.10 ?

Match the following terms with their definitions. -Full endorsements

Roger Ran's checkbook balance on April 30, was $1,498, and his bank statement balance for same period was $1,210.88. He discovered from his canceled checks that a check for $30 had been recorded in the check register for $20. The bank deducted a service charge of $12.55 from Roger's account. A deposit mailed on April 29, for $310.99 did not appear on the statement. Roger noticed that checks number 110 and number 118 for $16.88 and $29.54 were not returned with the canceled checks. What is the adjusted reconciled balance?

The bank statement of Ali Co. indicated a current balance of $32,900.10. The current checkbook balance indicated a balance of $34,509.11. In the reconciliation process a deposit in transit for $6,821.11 was discovered. Check number 600 for $3,988.33 was outstanding. The statement also revealed an NSF of $110.11 along with interest earned by Ali of $1,333.88. The reconciled balance is:

Valdez Company opened a special checking account. The charge for each check written was $.55 or a $6 a month minimum service charge (whichever is greater). At the beginning of the month, the company checkbook balance was $695.18. Valdez Company wrote 14 checks totaling $312.88. Deposits of $188.10 and $195.10 were made during the month. What is Valdez's checkbook balance to start the next month (include cost of check writing)?

More people use online banking today than 10 years ago.