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lorasvet [3.4K]
3 years ago
8

A bank reconciliation proves the accuracy of the depositor’s and the bank’s records. The bank statement balance is adjusted for

items such as outstanding checks and unrecorded deposits made on or before the bank statement date but not reflected on the statement. The book balance is adjusted for items such as service charges, bank collections for the depositor, and interest earned on the account.
Select the items below must be adjusted to the book balance:


a. deposits in transit

b. book error

c. bank error

d. outstanding checks

e. interest earned on checking account

f. collections of accounts receivable by the bank
Business
1 answer:
Sedbober [7]3 years ago
3 0

Answer:

book error

Interest earned on checking account

collections of accounts receivable by the bank

Explanation:

The Bank reconciliation refers to the rectifying of the statement that works with the bank statement balance and the passbook balance The purpose is to equate these both statements to allow the company to work efficiently and efficient manner

As There are different transactions i.e bank error, NSF check, deposit in transit , etc that depend upon which type of statement it is due to this, the balance of the bank statement and the balance of the cash statement do not match. We modify the transactions accordingly so that these statements should be matched with each other

In order to adjust the book balance we required three items i.e book error, interest earned on checking account and the account receivables collection done by the bank

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Adam Plastics, Inc., manufactures plastic moldings for car seats. Its costing system utilizes two cost categories, direct materi
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c. $385,958.90

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Add Cost Added during the year    $2,000,000

Total                                                   $2,200,000

<em>Conversion</em>

Opening Work In Process                  $200,000

Add Cost Added during the year    $2,500,000

Total                                                   $2,700,000

<em>Step 2 Determine the total equivalent units for materials and conversion</em>

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Closing work in process 100 × 100%                         = 100

Completed and Transferred (600+200-100)×100% =700

Total                                                                            =800

<em>Conversion </em>

Closing work in process 100 × 30%                          =  30

Completed and Transferred (600+200-100)×100% =700

Total                                                                            =730

<em>Step 3 Determine equivalent cost per unit of materials and conversion costs</em>

Materials = $2,200,000/800 = $2,750

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<em>Step 4 Determine the cost assigned to Ending WIP</em>

Materials  ($2,750×100)           = $275,000

Conversion Cost ($3,699×30) = $110,970

Total                                           =$385970

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