The items on the bank reconciliation that require a journal entry are the items noted as adjustments to books. These are the items
that appear on the bank statement, but are not yet recorded in the company's general ledger accounts. Examples of items requiring a journal entry as the result of the bank reconciliation include: For multiple-choice and true/false questions, simply press or click on what you think is the correct answer. For fill-in-the-blank questions, press or click on the blank space provided. If you have difficulty answering the following questions, learn more about this topic by reading our Bank Reconciliation (Explanation). Outstanding checks. Bank service charge. Interest credited to bank account. Interest charged to bank account. Deposit in transit. Bank inadvertently charged your bank account for another company's bank fees. Bank erred by posting another company's credit memo to your company's bank account. Fee charged by bank for returned check. A company wrote a check for $76 and it cleared the bank for $76. However, the company recorded the check in its Cash account as $67. How is the difference of $9 handled on the bank reconciliation? A company had a receipt of $989 and correctly prepared its bank deposit slip for $989. However, the company recorded the receipt in its Cash account as $998. How is the difference of $9 handled on the bank reconciliation? The bank collected a Note Receivable for the company and credited the company's bank account for $1,000. A company deposited a check from a customer into its checking account. A few days later the check was returned with the notation "Account Closed" and the bank deducted the amount on the bank statement. __________
Which of the following items will require a journal entry to the company's books? Which of the following will NOT require a journal entry to the company's books? A company recorded its check #2754 in its accounting records as $98. However, check #2754 was actually written for $89 and it cleared the bank as $89. What adjustment is needed to the Cash balance per books? A company recorded its August 15 receipts on its books as $165. However, the receipts were actually $156. The deposit slip for the bank was prepared correctly as $156. What adjustment is needed to the Cash balance per books? Want more practice questions? Which of the following items that appears on the bank reconciliation did not require a journal entry?Answer and Explanation: Outstanding checks are recorded already in the book, so it is a bank reconciling item. The company would prepare journal entries for book reconciling items only. Thus, outstanding checks do not need journal entry.
Which of the following items on a bank reconciliation would require a journal entry?The items on the bank reconciliation that require a journal entry are the items noted as adjustments to books. These are the items that appear on the bank statement, but are not yet recorded in the company's general ledger accounts.
Which of the following items will not require a journal entry to the company's books?Which of the following will NOT require a journal entry to the company's books? The check printing charge will require a journal entry to the company's books. There is no journal entry needed for outstanding checks.
Which of the following items on a bank reconciliation would require an adjusting entry on the companys books?Interest on balance would require an adjusting entry if appearing on a bank reconciliation, because outstanding cheques and deposits in transit are merely time differences which would get cleared automatically and adjusted cash balance is already taken care for the errors.
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Which of the following items that appeared on the bank reconciliation did not require journal entry
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