Homework Answers
answer is option d) bank service fees
bank service fee is a expense for the company. The fee is already deducted by bank but we comes to know only after getting the bank statement. So the bank service charge is to be deducted from our company's book
Bank collection is to be added
interest earned is to be added
No adjustment for out standing checks
Please comment if you have any doubt
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070.5 pts An example of a reconciling item that would be subtracted from the Company's side...
Question 5 0/0.5 pts What is the desired opinion of an Audit? Disclaimer • Qualified Opinion...
Question 5 0/0.5 pts What is the desired opinion of an Audit? Disclaimer • Qualified Opinion Adverse Opinion Unqualified Opinion Question 6 0/0.5 pts A reconciling item that ould be added to the bank's side of the bank reconciliation is/are Interest Earned a Bank Collection Outstanding checks a Deposit in Transit Question 7 0/0.5 pts An example of a reconciling item that would be subtracted from the Company's side of the bank reconciliation: • Bank Collections Interest Earned Outstanding checks...
BE4-8 Indicate whether the firm should add or subtract each item below from its balance of...
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Identify which of the following items are added to or subtracted from the unadjusted bank balance...
Identify which of the following items are added to or subtracted
from the unadjusted bank balance to arrive at the true
cash balance. Distinguish the additions from the subtractions by
selecting a + beside the items that are added to the unadjusted
bank balance and a – beside those that are subtracted from it. The
first item is recorded as an example. (If the item is not
added to or subtracted from the adjusted book balance, leave the
cell blank.)...
Bank Reconciliation: Identify whether the item should be added or subtracted from the bank balance or...
Bank Reconciliation: Identify whether the item should be added or subtracted from the bank balance or the company balance. Use the number (1-4) for your response. For instance, if the amount should be added to bank statement balance you would input 1. 1. Added to bank statement balance 2. Subtracted from bank statement balance 3. Added to company cash balance 4. Subtracted from company cash balance 5 6 7 8 Item Bank deducted too much out of the checking account...
Saved 3 Required Identify which of the following items are added to or subtracted from the...
Saved 3 Required Identify which of the following items are added to or subtracted from the unadjusted bank balance to arrive at the true cash balance. Distinguish the additions from the subtractions by selecting a + beside the items that are added to the unadjusted bank balance and a - beside those that are subtracted from it. The first item is recorded as an example. (If the item is not added to or subtracted from the adjusted book balance, leave...
Saved 2 Required Identify which of the following items are added to or subtracted from the...
Saved 2 Required Identify which of the following items are added to or subtracted from the unadjusted book balance to arrive at the true cash balance. Distinguish the additions from the subtractions by selecting a + beside the items that are added to the unadjusted book balance and a - beside those that are subtracted from it. The first item is recorded as an example. (If the item is not added to or subtracted from the adjusted book balance, leave...
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
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Complete the following table for a monthly bank reconciliation dated January 31. For each item 1-10,...
Complete the following table for a monthly bank reconciliation dated January 31. For each item 1-10, place an "x" in the appropriate column to indicate whether the item should be added or subtracted from the book or bank balance or not shown on the bank reconciliation 1. Night deposit made on January 31 after the bank closed. 2. A check written in February of the same year as the bank statement 3. Principal and interest on a note collected by...
Use the following to answer questions 5-8 Bank Reconciliation: Identify whether the item should be added...
Use the following to answer questions 5-8 Bank Reconciliation: Identify whether the item should be added or subtracted from the bank balance or the company balance. Use the number 1-4) for your response. For instance, if the amount should be added to bank statement balance you would input 1. 1. Added to bank statement balance 2. Subtracted from bank statement balance 3. Added to company cash balance 4. Subtracted from company cash balance 6 7 8 Item Bank deducted too...
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Question 5 0/0.5 pts What is the desired opinion of an Audit? Disclaimer • Qualified Opinion Adverse Opinion Unqualified Opinion Question 6 0/0.5 pts A reconciling item that ould be added to the bank's side of the bank reconciliation is/are Interest Earned a Bank Collection Outstanding checks a Deposit in Transit Question 7 0/0.5 pts An example of a reconciling item that would be subtracted from the Company's side of the bank reconciliation: • Bank Collections Interest Earned Outstanding checks...
BE4-8 Indicate whether the firm should add or subtract each item below from its balance of cash or the bank's balance of cash in preparing a bank reconciliation. The first answer is provided as an example. If an item is not a reconciling item, state “No entry.” Bank Balance Subtract Company Balance No entry Reconciliation Items 1. Checks outstanding 2. NSF checks 3. Deposit recorded twice by company 4. Interest earned 5. Deposits outstanding 6. Bank service fees
Identify which of the following items are added to or subtracted
from the unadjusted bank balance to arrive at the true
cash balance. Distinguish the additions from the subtractions by
selecting a + beside the items that are added to the unadjusted
bank balance and a – beside those that are subtracted from it. The
first item is recorded as an example. (If the item is not
added to or subtracted from the adjusted book balance, leave the
cell blank.)...
Bank Reconciliation: Identify whether the item should be added or subtracted from the bank balance or the company balance. Use the number (1-4) for your response. For instance, if the amount should be added to bank statement balance you would input 1. 1. Added to bank statement balance 2. Subtracted from bank statement balance 3. Added to company cash balance 4. Subtracted from company cash balance 5 6 7 8 Item Bank deducted too much out of the checking account...
Saved 3 Required Identify which of the following items are added to or subtracted from the unadjusted bank balance to arrive at the true cash balance. Distinguish the additions from the subtractions by selecting a + beside the items that are added to the unadjusted bank balance and a - beside those that are subtracted from it. The first item is recorded as an example. (If the item is not added to or subtracted from the adjusted book balance, leave...
Saved 2 Required Identify which of the following items are added to or subtracted from the unadjusted book balance to arrive at the true cash balance. Distinguish the additions from the subtractions by selecting a + beside the items that are added to the unadjusted book balance and a - beside those that are subtracted from it. The first item is recorded as an example. (If the item is not added to or subtracted from the adjusted book balance, leave...
Complete the following table for a monthly bank reconciliation dated January 31. For each item 1-10, place an "x" in the appropriate column to indicate whether the item should be added or subtracted from the book or bank balance or not shown on the bank reconciliation 1. Night deposit made on January 31 after the bank closed. 2. A check written in February of the same year as the bank statement 3. Principal and interest on a note collected by...
Use the following to answer questions 5-8 Bank Reconciliation: Identify whether the item should be added or subtracted from the bank balance or the company balance. Use the number 1-4) for your response. For instance, if the amount should be added to bank statement balance you would input 1. 1. Added to bank statement balance 2. Subtracted from bank statement balance 3. Added to company cash balance 4. Subtracted from company cash balance 6 7 8 Item Bank deducted too...
Outstanding checks haven't been presented to the bank for payment but have been subtracted in the checkbook. have been subtracted on the bank records but not the checkbook records. have been returned to the business for nonpayment. haven't been presented to the bank for payment and haven't been subtracted from the checkbook. Question 2 (5 points) Using the following information, calculate the adjusted cash balance at the end of April. $2.000 Bank statement ending cash balance General ledger cash balance...
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