You Are in the Process of Preparing a Bank Reconciliation $\quad$

question 85

Essay

You are in the process of preparing a bank reconciliation for Carpenter Company as of May 31.Listed below is information necessary to prepare the reconciliation.
Required:
In the spaces provided, place the appropriate letter to indicate whether each item of information should be
a. deducted from the balance per bank statement
b. added to the balance per bank statement
c. deducted from the balance per company records
d. added to the balance per company records
e. omitted from the reconciliation
_____ $\quad$ 1. $\quad$ Deposit in transit of $\$ 1,500$ as of May 31 .
_____ $\quad$ 2. $\quad$ April service charge of $\$ 30$ recorded by the company in May.
_____ $\quad$ 3. $\quad$ Checks totaling $\$ 1,100$ written in April that have not cleared the bark by May 31 .
_____ $\quad$ 4. $\quad$ Check of Tomi, Inc. for $\$ 780$ deposited in May by Capenter Company and returned by the bank with the NSF
$\quad$$\quad$$\quad$$\quad$ notation in May bank statement.
_____ $\quad$ 5. $\quad$ Canceled check No. 205 written by Capenter Company for $\$ 200$ to Mays, Inc., had be en recorded on the
$\quad$$\quad$$\quad$$\quad$ company's books as $\$ 2,000$ .
_____ $\quad$ 6. $\quad$ Note receivable face value plus interest collected by the bank and deposited into Cappenter's account and not previously
$\quad$$\quad$$\quad$$\quad$ recorded by Capenter Compary.
_____ $\quad$ 7. $\quad$ Bank service charge of $\$ 35$ for May.
_____ $\quad$ 8. $\quad$ Check of Carpets, Inc. charged in error against Carpenter's account by the bank during May and not corrected as of May 31

Comprehend the impact of FAIS and ERP on information silos.

Identify the core modules of ERP systems.

Recognize the critical role of TPSs in enterprise success.

Understand the use of SaaS in acquiring cloud-based ERP systems.

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Definitions:

Dispute

A disagreement or argument, often in a legal context, between parties that can involve debates over contracts, policies, or rights.

Unfair Labor Practices

Actions by employers or unions that violate the rights of workers or union members, including discrimination, retaliation, and interference with collective bargaining rights.

Mediation

A dispute resolution process where an impartial third party helps conflicting parties find a mutually acceptable agreement.

Employer-initiated Work Stoppage

Instances where employers halt operations or lock out employees as a tactic in labor disputes, often to enforce terms or pressurize negotiations.