BANK RECONCILIATION STATEMENT PREPARATION

Brix Company has a P 2,000,000 balance per book, a P 300,000 deposit in transit, P 20,000 outstanding checks, a P 50,000 credit memo, and a 5,000 NSF check. What is the adjusted cash balance?

• 2,300,000

• 2,045,000

• 2,280,000

• 2,295,000

Bright Repairs has a P 1,500,000 cash balance per bank statement, P 200,000 deposit in transit, P 2,000 interest earned on the deposit, P 100,000 outstanding checks, and P 40,000 NSF check. What is the adjusted cash balance per bank?

• 1,702,000

• 1,700,000

• 1,600,000

• 1,699,000

Rhodora, a bookkeeper erroneously recorded a deposit of 420 as 720. What is the adjustment in the bank reconciliation?

• P 720 addition to the book balance

• P 720 deduction from the book balance

• P 300 addition to the book balance

• P 300 deduction from the book balance

X Store recorded a check withdrawal in the check disbursement journal of P 68,400 as 66,400. The check cleared the bank at the correct amount of P 68,400. What X Store will do to reconcile the error?

• P 68,400 additional in check disbursement journal book

• P 68,400 deduction in check disbursement journal book

• P 2,000 additional deduction in check disbursement journal book

• P 2,000 additional addition in cash receipt journal book

It is called for having the same balance after all adjustments have been made to balance per depositor’s book and the balance per bank’s record  

• Depositor Account

• Reciprocal Account

• Non Complementary Account

• Bank Account

It is one of the control procedures that give the bank and the depositor an opportunity to update their records and to discover the errors committed in the previous month.

• Bank Reconciliation

• Book Reconciliation

• Bank Reconciliation Statement

• Book Reconciliation Statement

Bank collected the notes receivable of XYZ Enterprises. This collection will be _____________ in the ______ balances of XYZ Enterprises.

• Added/BOOK

• Deducted/BOOK

• Added/BANK

• Deducted/BANK

The undeposited collection of the company will be considered as a Deposit in Transit and this reconciling item will be -

• Added to BOOK balance

• Deducted from BOOK Balance

• Added to BANK balance

• Deducted from BANK Balance

The Interest charged to the bank account of KLM Corporation will be ______

• Added to BOOK balance

• Deducted from BOOK Balance

• Added to BANK balance

• Deducted from BANK Balance

Drawn Against Uncleared Checks returned to Loyalty Company is considered _____________ in the bank reconciliation statement.

• Addition to BOOK Balance

• Deduction from BOOK Balance

• Addition to BANK Balance

• Deduction from BANK Balance