Ch7 Homework graded

Ch7 Homework graded - Question 1 Score 1/1 Question 2 Score 1/1 Your response Correct response Exercise 7.1 You as a Student L.O 3 Checks written

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Unformatted text preview: Question 1: Score 1/1 Question 2: Score 1/1 Your response Correct response Exercise 7.1: You as a Student L.O. 3 Checks written that had not cleared the bank as of September 30: Assume that the following information relates to your most recent bank statement dated September 30: Balance per bank statement at September 30 $3,400 #203 University tuition $1,500 #205 University bookstore 350 #208 Rocco's pizza 25 #210 Stereo purchase 425 #211 October apartment rent 500 Interest amounting to $4 was credited to your account by the bank in September. The bank's service charge for the month was $5. In addition to your bank statement, you received a letter from your parents on October 2 informing you that they had made a $2,400 electronic funds transfer directly into your account. After reading your parents' letter, you looked in your checkbook and discovered its balance was $601. Adding your parents' deposit brought that total to $3,001. Prepare a bank reconciliation to determine your correct checking account balance. Explain why neither your bank statement nor your checkbook shows this amount. Do not enter minus signs, even if peforming subtraction. Include .00 if there are no cents. Ex. 7.1 Balance per bank statement at September 30 $3,400.00 Add: Deposit made by your parents 2,400.00 $5,800.00 Deduct outstanding checks: #203 University tuition 1500 (10%) #205 University bookstore 350 (10%) #208 Rocco's pizza 25 (10%) #210 Stereo purchase 425 (10%) #211 October apartment rent 500 (10%) Adjusted cash balance $ 3000 (10%) Balance per your checkbook (including $2,400.00 deposit) $ 3001 (10%) Add: Interest earned in September 4.00 $ 3005 (10%) Deduct bank's service charge 5.00 Adjusted cash balance (as above) $ 3000 (10%) As shown above, your current checkbook balance is $ 3000 (10%). Prior to adjusting your records, neither your checkbook nor your bank statement report this balance, because neither contains complete information about your account activity during the month. Exercise 7.1: You as a Student L.O. 3 Checks written that had not cleared the bank as of September 30: Assume that the following information relates to your most recent bank statement dated September 30: Balance per bank statement at September 30 $3,400 #203 University tuition $1,500 #205 University bookstore 350 #208 Rocco's pizza 25 #210 Stereo purchase 425 #211 October apartment rent 500 Interest amounting to $4 was credited to your account by the bank in September. The bank's service charge for the month was $5. In addition to your bank statement, you received a letter from your parents on October 2 informing you that they had made a $2,400 electronic funds transfer directly into your account. After reading your parents' letter, you looked in your checkbook and discovered its balance was $601. Adding your parents' deposit brought that total to $3,001....
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This note was uploaded on 09/24/2008 for the course ACCT 116A taught by Professor Tuttle during the Summer '08 term at San Diego.

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Ch7 Homework graded - Question 1 Score 1/1 Question 2 Score 1/1 Your response Correct response Exercise 7.1 You as a Student L.O 3 Checks written

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