1. Exercises: PE 8-2A: Items on company’s bank statement
The following items may appear on a bank statement:
EFT payment
Note collected for company
Bank correction of an error from recording a $7,200 deposit as $2,700
Service charge
Indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company’s account.

2. PE 8-2B: Items on company’s bank statement.
The following items may appear on a bank statement:
EFT check
Bank correction of an error from posting another customer’s check to the company’s account.
Loan proceeds
EFT deposit
Indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company’s account.

3. BE 8-3A: Bank reconciliation:
The following data were gathered to use in reconciling the bank account of a company:
Balance per bank $25,500
Balance per company records $27,475
Bank service charges
Deposit in transit ,500
NSF check ,400
Outstanding checks ,000
What is the adjusted balance on the bank reconciliation?
Journalize any necessary entries for the company based on the bank reconciliation.

4. BE 8-3B: Bank reconciliation:
The following data were gathered to use in reconciling the bank account of a company:
Balance per bank $17,400
Balance per company records $5,765
Bank service charges
Deposit in transit ,000
Note collected by bank with $360 interest ,360
Outstanding checks ,400
What is the adjusted balance on the bank reconciliation?
Journalize any necessary entries for the company based on the bank reconciliation.

5. PE 8-4A: Petty cash fund
Prepare journal entries for each of the following:
Issued a check to establish a petty cash fund of $800
The amount of cash in the petty cash fund is $225. Issued a check to replenish the fund, based on the following summary of petty cash receipts: repair expense $450, and miscellaneous selling expense $75. Record any missing funds in the cash short and over account.

6. PE 8-4B: Petty cash fund
Prepare journal entries for each of the following:
Issued a check to establish a petty cash fund of $750
The amount of cash in the petty cash fund is $325. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies $300, and miscellaneous selling expense $100. Record any missing funds in the cash short and over account.

7. EX 8-16 Bank reconciliation
Identify each of the following reconciling items:
(non of the transactions reported by bank debit and credit memos have been recorded by the company)
Bank service charges $120
Check of a customer returned by bank to company because of insufficient funds 4,200
Check for $240 incorrectly recorded by the company as $420
Check for $1000 incorrectly charged by bank as $10,000
Deposit in transit $24,950
Outstanding checks $18,100
Note collected by bank $15,600

8. EX 8-18 Bank reconciliation
Cash balance according to the company’s records at July 31, $15,600.
Cash balance according to the bank statement at July 31, $16,230.
Checks outstanding, $3,180
Deposit in transit, not recorded by bank $2,950
A check for $270 in payment of an account was erroneously recorded in the check register as $720
Bank debit memo for service charges, $50
Prepare a bank reconciliation
Must a bank reconciliation always balance (reconcile)?

9. EX 8-22 Bank reconciliation Identify the errors in the following bank reconciliation Alma Co. Bank reconciliation for the month ended Nov Cash balance according to bank statement $12,090 Add: outstanding checks: No.915 $850 No.960 $615 No.964 $850 No.965 $775 $3,090 = $15,180 Deduct: deposit of Nov 30,not recorded by bank $4000 Adjusted balance $11,180 ______________________________________________________________________ Cash balance according to company’s records $4,430 Add: proceeds of note collected by bank: Principle $5,000 Interest $200 = $ 5,200 Service charges $30 = $ 5,230 = 9660 Deduct: Check returned because of insufficient funds $1,100 Error in recording Nov 23 deposit of $6100 as $1600 $4500 = 5,600 Adjusted balance $4,060