Problem A 20 points) -BANK RECONCILIATION- INSTRUCTIONS: Indicate the proper pla

Question

Problem A 20 points) -BANK RECONCILIATION- 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. SXX Additions. Deductions.... Deductions Adjusted balance... Adjusted balance. For Scoring 0. Answers 0. Check drawn by depositor for $98 but recorded in journal as $89 1. Deposit in transit not recorded by bank, $7,000 2. Customer's check returned by bank to depositor because of 2 3. Canceled check for $175 omitted from journal 4. Proceeds of bank loan omitted from journal, $75,500 5. Bank debit memorandum for service charges, $25 6. Check for $999 written by Henry Co., but erroneously charged by 3 5 bank to Korn Co. 6 7. Checks outstanding, $10,250 8. Deposit of $7,950 recorded in journal as $7,590 9. Bank credit memorandum for note collected by the bank, $6,150 including $150 interest Deposit of $ 9, 10. 8,900 erroneously listed on the bank statement as $9,800.… 10.

Explanation / Answer

Sr.No. Answers 1 A 2 D 3 C 4 C 5 D 6 A 7 B 8 C 9 C 10 B

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