achivmt_test_answ7

achivmt_test_answ7 - 9th Edition Financial and Managerial...

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9th Edition Financial and Managerial Accounting Warren/Reeve Chapter Test 7A PROBLEM 1—BANK RECONCILIATION A
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TEST 7A (Concluded) INSTRUCTIONS: Indicate the proper place for each of the following reconciling items by inserting the correct letter from the bank reconciliation form below in the Answers column. Korn Co., Bank Reconciliation, April 30, 20— Cash balance per bank statement. ................ $XX Cash balance per depositor's records. .......... $XX Additions. ........................................................ A Additions. ........................................................ C Deductions. .................................................... B Deductions. .................................................... D Adjusted balance. ........................................... $XX Adjusted balance. ........................................... $XX For Answers Scoring 0. Check drawn by depositor for $98 but recorded in journal as $89 . ........... D 0. ____
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1. Deposit in transit not recorded by bank, $7,000 . ....................................... 1. ____ 2. Customer's check returned by bank to depositor because of insufficient funds, $195 . ............................................................................. 2. ____ 3. Canceled check for $175 omitted from journal . ......................................... 3. ____ 4. Proceeds of bank loan omitted from journal, $75,500 . .............................. 4. ____ 5. Bank debit memorandum for service charges, $25 . .................................. 5. ____ 6. Check for $999 written by Henry Co., but erroneously charged by bank to Korn Co. . ....................................................................................... 6. ____ 7. Checks outstanding, $10,250. .................................................................... 7. ____
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achivmt_test_answ7 - 9th Edition Financial and Managerial...

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