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Bank Reconciliation
QUIZ:
1. In a bank reconciliation, deposits not recorded by the bank are:
a. added to the balance according to the bank statement
b. deducted from the balance according to the bank statement
c. added to the balance according to the depositor’s records
d. deducted from the balance according to the depositor’s records
2. These are deductions made by the bank to the depositor’s bank account but not yet recorded by the
depositor.
a. Credit memos (CM)
b. Debit memos (DM)
c. Outstanding checks (OC)
d. Deposits in transit (DIT)
4. Accompanying the bank statement was a credit memorandum for a short-term, noninterest-bearing
note collected by the bank. What entry is required in the depositor’s accounts?
a. Debit Cash; credit Miscellaneous Income
b. Debit Cash; credit Notes Receivable
c. Debit Accounts Receivable; credit Cash
d. Debit Notes Receivable; credit Cash
5. In preparing its bank reconciliation on December 31, 20x1, Sun Co. has made available the
following data:
Balance per bank statement, 12/31/x1 38,075
Deposit in transit, 12/31/x1 5,200
Outstanding checks, 12/31/x1 6,750
Amount erroneously credited by the bank to Sun's
account, 12/28/x1 400
Bank service charges for December 75
6. In preparing its August 31, 20x3 bank reconciliation, Morning Co. has made available the following
information:
Balance per bank statement, 8/31/x3 18,050
Deposit in transit, 8/31/x3 3,250
Return of customer’s check for insufficient funds, 8/31/x3 600
Outstanding checks, 8/31/x3 2,750
Bank service charges for August 100
METROBANK
BANK STATEMENT - ENTITY A
Dat
Description Debit Credit Balance
e
6/1 Bal. forwarded 881,000
6/10 Deposit 350,000 1,231,000
6/15 Payment 2,000 1,229,000
6/15 Check #1114 220,000 1,009,000
6/16 Deposit 295,800 1,304,800
6/20 Payment 50,000 1,254,800
6/22 Deposit 670,000 1,924,800
6/24 Check #1115 80,000 1,844,800
6/26 Check #1113 130,800 1,714,000
6/28 Deposit 410,000 2,124,000
Additional information:
The payments of ₱2,000 and ₱50,000 shown on the bank statement pertain to the cost of checkbook
requested from the bank and the monthly amortization of a bank loan, respectively. The loan
payment includes payment for interest of ₱8,000.
Deposits shown on the bank statement but not on the cash ledger represent collections of accounts
receivable.