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    ​

    Quiz in Bank Reconciliation


    Name​ ​ ​ : _______________________________________________________​ Score​ : _________________
    Grade and Section​ : _______________________________________________________​ Date​ : __________________​

    Directions: Analyze the problem carefully and answer the questions provided below.

    The cash receipts and the cash payments of ROMERO COMPANY for April 2023 follow:

    ​ ​ Cash Receipts (CR)​ ​ ​ ​ ​ Cash Disbursements (CD)


    ​ Date​ ​ ​ Cash Debit​ ​ ​ Check No.​ ​ Cash Credit
    ​
    ​ Apr 2, 2023 ​ ​ 208,700​ ​ ​ 4113​ ​ ​ 44,550​
    ​ Apr 8, 2023 ​ ​ 20,350​ ​ ​ 4114​ ​ ​ 7,350
    ​ Apr 10, 2023 ​​ 27,950​ ​ ​ 4115​ ​ ​ 96,500
    ​ Apr 16, 2023 ​​ 109,350​ ​ ​ 4116​ ​ ​ 33,200
    ​ Apr 22, 2023 ​​ 92,700​ ​ ​ 4117​ ​ ​ 73,600
    ​ Apr 29, 2023 ​​ 53,000​ ​ ​ 4118​ ​ ​ 50,000
    ​ Apr 30, 2023 ​​ 16,850​ ​ ​ 4119​ ​ ​ 31,600​
    ​ Total​ ​ ​ 528,900​ ​ ​ 4120​ ​ ​ 83,750
    ​ ​ ​ ​ ​ ​ ​ ​ 4121​ ​ ​ 5,000
    ​ ​ ​ ​ ​ ​ ​ ​ 4122​ ​ ​ 120,650
    ​ ​ ​ ​ ​ ​ ​ ​ Total​ ​ ​ 546,200

    The cash account of ROMERO COMPANY show the following information:

    CASH
    Date​ ​ Item​ ​ Ref.​ ​ Debit​ ​ Credit​ ​ Balance​ ​ ​
    Apr 1, 2023 ​ Balance​ ​ ​ ​ ​ ​ ​ 95,550
    Apr 30, 2023 ​​ ​ CR 6​ ​ 528,900​ ​ ​ 624,450
    Apr 30, 2023 ​​ ​ CP 11​ ​ ​ ​ 546,200​ 78,250

    ​ ROMERO COMPANY received the following bank statement on APril 30, 2023.
    ​
    ​ ​ ​ ​ ​ ​ Bank Statement for April 2023
    ​ Beginning Balance​ ​ ​ ​ ​ ​ ​ ​ 95,550
    Deposits and other Credits​​ ​ ​
    April 1​ ​ ​ ​ 16,300​​ EFT
    April 4​ ​ ​ ​ 208,700
    April 9​ ​ ​ ​20,350​
    April 12​ ​ ​ 27,950
    April 17​ ​ ​ 109,350
    April 22​ ​ ​ 68,400​​ BC
    April 23 ​ ​ ​ 92,700 ​ ​ ​ ​ 543,750
    Checks and Other Debits
    ​ April 7 ​​ ​ ​ 44,550
    ​ April 13 ​ ​ ​ 69,500
    ​ April 14 ​ ​ ​ 45,150 ​ US
    ​ April 15 ​ ​ ​ 7,350
    ​ April 18 ​ ​ ​ 33,200
    ​ April 21 ​ ​ ​ 10,950​​ EFT
    ​ April 26 ​ ​ ​ 73,600
    ​ April 30 ​ ​ ​ 50,000
    ​ April 30 ​ ​ ​ 1,000​ ​ SC​ ​ ​ (335,300)
    Ending Balance​ ​ ​ ​ ​ ​ ​ ​ 304,000

    Explanation:
    EFT – Electronic Fund Transfer
    US – Unauthorized signature
    BC – Bank Collection
    SC – Service Charge​

    Additional data for the bank reconciliation include the following:

    a.​ The EFT deposit was a receipt of monthly rent. The EFT debit was a monthly insurance
    payment.
    b.​ The unauthorized signature check was received from Keeshia Corp.
    c.​ The 68,400 bank collection of a note receivable on Aprill 22 included 9,250 interest revenue.
    d.​ The correct amount of check 4115, a payment on account, is 69,500. (Romero’s accountant
    mistakenly recorded the check for 96,500.)

    1.​ What is the amount of deposits in transit on April 30?


    2.​ What is the amount of outstanding checks on April 30?
    3.​ What is the amount of bank receipts in April?
    4.​ What is the amount of bank disbursements in April?
    5.​ What is the correct cash balance as of April 30?

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