SAMPLE EXAM

SAMPLE EXAM - Name _ 1. Using the following information,...

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Name _________________________ 1. Using the following information, prepare a bank reconciliation for Moss Company for July 31, 2000. a. The bank statement balance is $2,306. b. The cash account balance is $2,930 c. Outstanding checks totaled $585. d. Deposits in transit are $1,175. e. The bank service charge is $25. f. A check for $98 for supplies was recorded as $89 in the ledger. 2. The Portland Boat Company's bank statement for the month of November showed a balance per bank of $7,000. The company's Cash account in the general ledger had a balance of $5,659 at November 30. Other information is as follows: (1) Cash receipts for November 30 recorded on the company's books were $5,200 but this amount does not appear on the bank statement. (2) The bank statement shows a debit memorandum for $40 for check printing charges. (3) Check No. 119 payable to Lynch Company was recorded in the cash payments journal and cleared the bank for $248. A review of the accounts payable subsidiary ledger shows a $36 credit balance in the account of Lynch Company and that the payment to them should have been for $284. (4) The total amount of checks still outstanding at November 30 amounted to $5,800. (5) Check No. 138 was correctly written and paid by the bank for $409. The cash payment journal reflects an entry for Check No. 138 as a debit to Accounts Payable and a credit to Cash in Bank for $490. (6) The bank returned an NSF check from a customer for $560. (7) The bank included a credit memorandum for $1,260, which represents collection of a customer's note by the bank for the company; principal amount of the note was $1,200 and interest was $60. Interest has not been accrued. INSTRUCTIONS (a) Prepare a bank reconciliation for the Portland Boat Company at November 30. (b) Prepare any adjusting entries necessary as a result of the bank reconciliation.
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--Page 2 3. The bank statement for Warner Company indicates a balance of $1,330 on June 30. The cash balance per books had a balance of $499 on this date. The following information pertains to the bank transactions for the company. 1. Deposit of $160, representing cash receipts of June 30, did not appear on the bank statement. 2. Outstanding checks totaled $240. 3. Bank service charges for June amounted to $9. 4. The bank collected a note receivable for the company for $800 plus $40 interest revenue. 5. An NSF check for $80 from a customer was returned with the statement. INSTRUCTIONS a. Prepare a bank reconciliation for June 30. b. Prepare any adjusting entries necessary as a result of the bank reconciliation.
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--Page 3 4. The cash balance per books for the Myers Company on November 30, 2001 is $10,740.93. The following checks and receipts were recorded for the month of December 2001: Checks Receipts ———————————————————————————————— ———————————————————————— No. Amount No. Amount Amount Date ——— ———————— ——— ————————— ————————— —————— 17
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SAMPLE EXAM - Name _ 1. Using the following information,...

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