accounting quiz multiple choice only have 45 minutes 428006

uestions 1, 2 & 3 will use the following information:

Using the following information, prepare a bank reconciliation for Salem Co. for
May 31, 2010.
(a) The bank statement balance is $2,597.
(b) The cash account balance is $2,680.
(c) Outstanding checks amounted to $703.
(d) Deposits in transit are $732.
(e) The bank service charge is $25.
(f) Interest added to the checking account by the bank is $7.
(g) A check drawn for $59 was incorrectly charged by the bank as $95.

Questions 4 & 5 will use the following information:

The bank statement for Marley Co. indicates a balance of $10,000.50 on June 30, 2010.

The cash account in the depositor’s records had a balance of $4,677.10. Prepare a bank reconciliation on the basis of the following reconciling items:

(a) Cash sales of $342 had been erroneously recorded as $324.

(b) Deposits in transit not recorded by bank, $700.

(c) Bank debit memorandum for service charges, $30.

(d) Bank credit memorandum for note collected by bank, $2,050, including $50 interest.

(e) Bank debit memorandum for $207.40 NSF (not sufficient funds) check from Alice Martin, a customer.

(f) Checks outstanding, $4,192.80.

$3,001.00
$ 452.00
$ 2,662.00
$2.687.00

$ 36.00
$ 703.00
$ 7.00
$ 732.00

$ 703.00
$ 732.00
$ 36.00
$ 7.00

$ 10,700.00
$ 6.507.70
$ 2,050.00
$ 4,192.80

Ignored
Add $207.40 to the Cash Balance according to the Bank Statement.
Add $207.40 to the Cash balance according to depositor’s records.
Deduct $207.40 from the Cash balance according to depositor’s records