QUESTION 1During a bank reconciliation, it is discovered that a deposit has been recorded by the bank, but it is not in the company’s records. On the reconciliation, this deposit should be:Deducted from the book sideAdded to the bank sideDeducted from the bank side and added to the book sideDeducted from the bank sideAdded to the book sideQUESTION 2On the bank reconciliation, outstanding checks should be:Deducted from the book sideAdded to the book sideDeducted from the bank side and added to the book sideDeducted from the bank sideAdded to the bank sideQUESTION 3The bank statement shows a balance of $7,000. Comparison of the bank statement to the depositor records shows an outstanding check of $1,000 and a deposit in transit of $275. In addition, it is discovered that another company’s $250 check has been erroneously charged against your firm’s account. The reconciled bank balance is:$7,475$6,025$6,525$6,275$6,250QUESTION 4Your company writes a check for the correct amount of $123, but records it in the ledger as $132. To adjust for this in a bank reconciliation, you would:increase the bank balance by $9increase the book balance by $9reduce the book balance by $9reduce the bank balance by $9QUESTION 7The unadjusted trial balance shows total debits of $66,000 and total credits of $68,600. If there is only one type of error, which type would you look for?TranspositionMisclassificationSlideDoublingQUESTION 8After completing the bank reconciliation, journal entries are required:only for adjustments made to the bank sidefor adjustments made to the book side and for adjustments made to the bank sideonly for adjustments made to the book sideQUESTION 9Which of these errors is easiest to find and correct?Failure to record a transactionCrediting Sales Revenue instead of Account Receivable for a paymentCommon Stock has a balance listed in the debit column of the trial balanceIncorrect estimation of bad debts expenseIncorrect computation of the Interest Expense accrualQUESTION 10A trial balance may reveal:a classification errora bank reconciliation erroran omission errora transposition error
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