Bank reconciliation quiz

1. 1.Books $6,200; unrecorded fee $25; unrecorded interest $8; NSF check $33. Adjusted book balance?

   Your answer (dollars)
2. 2.Bank $8,750, deposit in transit $500, outstanding checks $650. Adjusted bank?

   Your answer (dollars)
3. 3.Bank $6,400; deposit in transit $900; outstanding checks $1,150. Adjusted bank balance?

   Your answer (dollars)
4. 4.The bank charged another customer's check to your account. You should:

   Record an expenseIgnore itReduce the book balanceAdjust the bank side and notify the bank
5. 5.An outstanding check is:

   Added to the book balanceA bank feeJournalized at month-endSubtracted from the bank balance
6. 6.A utility check for $54 was recorded in the books as $45. The book adjustment is:

   Increase cash by $9No adjustmentDecrease cash by $54Decrease cash by $9
7. 7.The entry for an unrecorded $20 bank fee is:

   Dr Cash, Cr Bank Fees ExpenseAdjust the bank balance onlyNo entryDr Bank Fees Expense, Cr Cash
8. 8.If the adjusted balances still don't agree, you should NOT:

   Look for transposed amountsPost a plug to make it balanceConfirm both balances are for the same dateRecheck last month's outstanding items
9. 9.After reconciling, the Cash ledger should equal:

   The adjusted (true) cash balanceZeroThe sum of depositsThe bank statement balance
10. 10.Which items require journal entries? Select all that apply.

    Interest credited by the bankNSF customer checkDeposit in transitBank service fee

    Select all that apply.

11. 11.A bank collected a $1,000 customer payment via ACH that isn't in the books. Entry:

    Dr Cash, Cr Service RevenueAdjust bank side onlyDr Accounts Receivable, Cr CashDr Cash, Cr Accounts Receivable
12. 12.Why are deposits in transit never journalized at reconciliation?

    They're too smallThe bank records them as feesThey belong to next yearThey were already recorded in the books when deposited
13. 13.A customer's $150 check is returned NSF. The entry is:

    Dr Bad Debt Expense, Cr CashNo entryDr Cash, Cr Accounts ReceivableDr Accounts Receivable, Cr Cash
14. 14.Match each item to the side it adjusts.

    Deposit in transitChoose…Bank sideBook sideBank service feeChoose…Bank sideBook sideOutstanding checkChoose…Bank sideBook sideInterest earnedChoose…Bank sideBook sideCollection by the bankChoose…Bank sideBook side
15. 15.One bank deposit of $500 matches two book receipts of $200 and $300. This is:

    Two deposits in transitA bank errorA book errorA one-to-many match — no reconciling item
16. 16.A deposit recorded in the books on the last day of the month but not on the statement is:

    A bank error — subtract from booksAn outstanding checkRecorded again in the booksA deposit in transit — add to the bank balance

Explanations for every option appear after you submit. Bank reconciliation quiz is self-practice, not a proctored test.