The bank statement reveals an EFT payment made to one of the company's suppliers that has...
The bank statement reveals an EFT payment made to one of the company's suppliers that has not yet been recorded in the ledger. How would this information be included on the bank reconciliation?
Group of answer choices
an addition on the bank side
a deduction on the book side
a deduction on the bank side
an addition on the book side
Homework Answers
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The bank statement reveals an EFT payment made to one of the
company's suppliers that has...
The bank statement reveals an EFT received from a customer that has not yet been recorded...
The bank statement reveals an EFT received from a customer that has not yet been recorded in the ledger. How would this information be included on the bank reconciliation? an addition on the bank side a deduction on the bank side a deduction on the book side Correct Answer an addition on the book side
Owen Company's unadjusted book balance at June 30 is $15,700. The company's bank statement reveals bank...
Owen Company's unadjusted book balance at June 30 is $15,700. The company's bank statement reveals bank service charges of $55. Two credit memos are included in the bank statement: one for $1,900, which represents a collection that the bank made for Owen, and one for $150, which represents the amount of interest that Owen had earned on its interest-bearing account in June. Based on this information. Deposit in transit $2,500 and Outstanding checks $767. Owen's true cash balance is: Book Reconciliation...
A check was written by a business for $507 but was recorded in the journal as...
A check was written by a business for $507 but was recorded in the journal as $705. How would this error be included on the bank reconciliation? Group of answer choices an addition on the book side an addition on the bank side a deduction on the book side a deduction on the bank side
7) If the balance on the bank statement does not equal the balance in the company's...
7) If the balance on the bank statement does not equal the balance in the company's cash account: A) It is perfectly normal for the two balances to be different. B) The bookkeeper made a mistake. C) Both the bank and the bookkeeper made a mistake. D) The bank made a mistake. 8) A bank reconciliation: A) Is a formal financial statement. B) Should be prepared by an employee who handles cash transactions. C) Is done only at the end...
McDermott Company's bank statement for September 30 showed an ending cash balance of $1,364. The company's...
McDermott Company's bank statement for September 30 showed an ending cash balance of $1,364. The company's Cash account in its general ledger showed a $1,010 debit balance. The following information was also available as of September 30. • The bank deducted $130 for an NSF check from a customer deposited on September 15. • The September 30 cash receipts, $1,260, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30...
Need help in bank reconciliation and general journal. McDermott Company's bank statement for September 30 showed...
Need help in bank reconciliation and general journal.
McDermott Company's bank statement for September 30 showed an ending cash balance of $1,420. The company's Cash account in its general ledger showed a $1,070 debit balance. The following information was also available as of September 30. • The bank deducted $150 for an NSF check from a customer deposited on September 15. • The September 30 cash receipts, $1,300, were placed in the bank's night depository after banking hours on that...
ity was recorded in the journal as $720. This 45. A check drawn by a company...
ity was recorded in the journal as $720. This 45. A check drawn by a company for $270 in payment of a liability was recorded item would be included on the bank reconciliation as an a. addition to the balance per the company's records b. addition to the balance per the bank statement c. deduction from the balance per the bank statement d. deduction from the balance per the company's records 46. Accompanying the bank statement was a debit memo...
A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance
A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. (Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable.) 1. NSF check from a customer is shown on the bank statement but...
Bank Balance Options: Add, NA, Subtract 1st Book Balance Options: Add, NA, Subtract 2nd Book Balance...
Bank Balance Options: Add, NA, Subtract
1st Book Balance Options: Add, NA, Subtract
2nd Book Balance Option: DR, CR, NA
Exercise 8-11 Bank reconciliation and adjusting entries LO P3 A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. (Select the answers in the...
21&22) Question 21 2 pts EFT means Efficient Funds Transfer can process certain cash transactions at...
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...
McDermott Company's bank statement for September 30 showed an ending cash balance of $1,364. The company's Cash account in its general ledger showed a $1,010 debit balance. The following information was also available as of September 30. • The bank deducted $130 for an NSF check from a customer deposited on September 15. • The September 30 cash receipts, $1,260, were placed in the bank's night depository after banking hours on that date and this amount did not appear on the September 30...
Need help in bank reconciliation and general journal.
McDermott Company's bank statement for September 30 showed an ending cash balance of $1,420. The company's Cash account in its general ledger showed a $1,070 debit balance. The following information was also available as of September 30. • The bank deducted $150 for an NSF check from a customer deposited on September 15. • The September 30 cash receipts, $1,300, were placed in the bank's night depository after banking hours on that...
ity was recorded in the journal as $720. This 45. A check drawn by a company for $270 in payment of a liability was recorded item would be included on the bank reconciliation as an a. addition to the balance per the company's records b. addition to the balance per the bank statement c. deduction from the balance per the bank statement d. deduction from the balance per the company's records 46. Accompanying the bank statement was a debit memo...
Bank Balance Options: Add, NA, Subtract
1st Book Balance Options: Add, NA, Subtract
2nd Book Balance Option: DR, CR, NA
Exercise 8-11 Bank reconciliation and adjusting entries LO P3 A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. (Select the answers in the...
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...
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