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Question(s) / Instruction(s):

Bank reconciliation-classification (16 points)

Indicate how each of the following items would be treated in Tey Investigations’ bank reconciliation.  Choose from the following answers:

 

  1. Add to the balance per bank
  2. Deduct from the balance per bank
  3. Add to the balance per books
  4. Deduct from the balance per books

 

Items

___ 1.  Bank charges for printing new checks ordered by Tey Investigations.

 

___ 2.  Deposit in transit at the end of the month.

 

___ 3.  A deposit of $3,519 recorded in the accounting records as $3,159.

 

___ 4.  Collection of rent from one of Tey’s tenants who makes payment directly to the bank.

 

___ 5.  Interest earned on the average balance during the month.

 

___ 6.  Check outstanding at the end of the month.

 

___ 7.  Customer check deposited in the bank, but returned NSF.

 

___ 8.Tey’s check no. 429, which was written in the amount of $358 but recorded by the bank

as $538. (Bank error)

 

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