Q31. On the bottom of the check, the checking account number is printed in: a. c
ID: 3141185 • Letter: Q
Question
Q31. On the bottom of the check, the checking account number is printed in:
a. capitals
b. magnetic tape
c. script
d. magnetic ink
Q32. William received his bank statement from Trader's Bank indicating an ending balance of $6,206.55. William's checkbook showed a balance of $5,549.30. William noticed that $759.00 in checks were outstanding. The bank statement reflected an NSF charge in the amount of $86.75 and a monthly service charge of $15.00. The checkbook register balance that should have been shown was:
a. $5,477.55
b. $5,447.55
c. $5,549.30
d. $6,206.55
Q33. In a bank statement reconciliation, which of the following should be added to the bank statement balance?
a. bank service charge
b. collection of a note by the bank
c. outstanding deposits
d. outstanding checks
Q34. A bank deposit made on November 30 did not appear on the November bank statement of Lee's Auto Sales. When reconciling November's bank statement, the company should:
a. deduct the deposit from the bank statement balance
b. add the deposit to the bank statement balance
c. deduct the deposit from November's book balance and add it to December's book balance
d. add the deposit to the book balance of cash
Q35. A debit memorandum discovered during the reconciliation process should be:
a. added to the bank statement balance of cash
b. deducted from the bank statement balance of cash
c. deducted from the book balance of cash
d. added to the book balance of cash
Q36. In the process of reconciliation which of the following should be deducted from the register balance?
a. automatic paycheck deposit
b. credit from the bank
c. interest paid by the bank
d. bank service charges
Q37. The fee a bank charges for maintaining a checking account is referred to as a(n):
a. service charge
b. NSF charge
c. returned check charge
d. ATM charge
Q38. William received his bank statement from Trader's Bank indicating an ending balance of $6,206.55. William's checkbook showed a balance of $5,549.30. William noticed that $759.00 in checks were outstanding. The bank statement reflected an NSF charge in the amount of $86.75 and a monthly service charge of $15.00. The checkbook register balance that should have been shown was:
a. $5,477.55
b. $5,447.55
c. $5,549.30
d. $6,206.55
e. none of the above
Q39. An electronic funds transfer (EFT):
a. can be done manually
b. uses only debit memos
c. makes use of checks
d. is a paperless transaction
Q40. In a bank statement reconciliation, which of the following should be added to the bank statement balance?
a. bank service charge
b. collection of a note by the bank
c. outstanding deposits
d. outstanding checks
e. all of the above
Explanation / Answer
(According to Chegg policy, only four questions will be answered. Please post the remaining in another question)
Q31. On the bottom of the check, the checking account number is printed in: Magnetic ink
Q32. Ending balance = $6,206.55
Outstanding balance = $759.00
=> Actual checkbook register balance = $6,206.55 - $759.00
= $5447.55
Q33. In a bank statement reconciliation, which of the following should be added to the bank statement balance?
Outstanding deposits
Q34. A bank deposit made on November 30 did not appear on the November bank statement of Lee's Auto Sales. When reconciling November's bank statement, the company should:
Add the deposit to the bank statement balance
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