FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 4: Banking

Show Answer

Share

---

All types

Filters

Study FlashcardsPractice ExamLearn

Question 1

Multiple Choice

Review LaterAdd Note

Review Later

The checkbook balance of Roger Co. is $982.50. The bank statement reveals a balance of $1,051.82. The bank statement showed interest earned of $3.82 and a service charge of $15, along with a deposit in transit of $210. Outstanding checks totaled $270.50. The bookkeeper in further analyzing the bank statement noticed a collection of a note by the bank for $200. Roger Co. forgot to deduct a check for $180 during the month. The reconciled balance is:

A) $831.32
B) $991.32
C) $831.23
D) $991.23
E) None of these

F) A) and B)
G) C) and D)

Correct Answer

verified

Show Answer

Question 2

Multiple Choice

Review LaterAdd Note

Review Later

Jim Lee received his bank statement from Bayne Bank indicating a balance of $7,980. Lee's checkbook showed a balance of $6,800. Jim noticed that checks outstanding were $1,330. The bank statement also revealed an NSF check for $120 and a service charge of $30. The reconciled balance is:

A) $6,560
B) $6,530
C) $6,950
D) $6,650
E) None of these

F) B) and C)
G) A) and C)

Correct Answer

verified

Show Answer

Question 3

True/False

Review LaterAdd Note

ATMs have completely replaced the need for tellers.

Online banking is always safe.

John Murray has a beginning checkbook balance of $110. The beginning bank balance is $135, and deposits in transit amounted to $50. Checks outstanding were $80. John also noticed a bank service charge of $5. What should the reconciled balance be?

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:

NSF results in a bank crediting one's account.

The beginning checkbook balance of Shelley Co. was $5,559.10. The bank statement showed a bank balance of $7,888.44. The bookkeeper of Shelley Co. noticed a $111.10 deposit in transit along with check numbers 90 and 97 for $499.88 and $1,256.45, respectively, as outstanding. The bank statement credited Shelley's account for $750.99 for a note collected. The bank statement revealed a check printing charge of $66.88. The reconciled balance is:

Concord Pizza's checkbook balance is $1,799.59. The bank statement has a balance of $2,314.22. Interest earned on the statement was $35.50. With checks outstanding of $504.13 and a monthly service charge of $25.00, the reconciled balance is:

A blank endorsement is the safest type of endorsement.

On December 31, the checkbook balance of Ray Co. was $5,420.95. The bank statement balance showed $5,102.88. Checks outstanding totaled $813.53. The statement did not show a deposit in transit of $1,102.95. Check charges were $15.88. The company earned interest income of $29.32 that was shown on the report. The bookkeeper forgot to record a check for $42.09. The reconciled balance is:

Overdraft protection could be a positive factor if a deposit in transit occurs.

The use of smartphones in banking is decreasing.

The checkbook balance of Lester Co. was $922.55. The bank statement revealed a balance of $3,881.14. The bank statement showed interest earned of $77 and a service charge of $38.22, along with a deposit in transit of $9,555.88. Outstanding checks totaled $6,142.88. The bookkeeper in further analyzing the bank statement noticed a collection of a note by the bank for $6,815.00. Lester Co. forgot to deduct a check for $482.19 during the month. The reconciled balance is:

Abe Frill received a bank statement from the Cloudy Bank indicating a balance of $12,000. Abe's checkbook showed a balance of $11,200. Deposits in transit were $2,000, and checks outstanding totaled $2,900. The bank service charge was $100. Complete the reconciliation.

From the following the reconciled balance is:

Which of the following results in crediting the checkbook balance?

All checking accounts earn interest.

An endorsement may be in writing or by the use of a company stamp.

Outstanding checks: