Question

21&22)

Question 21 2 pts EFT means Efficient Funds Transfer can process certain cash transactions at less cost than by using the mail O makes it easier to document purchase and sale transactions means Effective Funds Transfer Question 22 2 pts Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300. This item would be included on the bank reconciliation as a(n) deduction from the balance per company's records addition to the balance per bank statement deduction from the balance per bank statement addition to the balance per company's records

Answer 1

21

EFT can process certain cash transactions at less cost than by using mail.

Electronic funds transfer (EFT) involve transfer of money electronically from one account to another thereby reducing transaction costs.

Option B is correct

22

This item would be recorded on the bank reconciliation as addition to the balance per company’s records.

The difference of $900 (3200-2300) would be added to company's cash account balance.

Option D is correct