Homework Answers
Question 5.
Answer: Add to the company cash ledger balance
Question 6:
Answer: Purchase supplies on account
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Question 5 0.2 p How is a note received by the bank treated in a bank...
Question 3 0.2 pts Match how to treat the item for a bank reconciliation Bank service...
Question 3 0.2 pts Match how to treat the item for a bank reconciliation Bank service fee Interest earned on bank account [Choose balance AFTER the bank reconciliation add to cash ledger balance BEFORE the bank reconciliation add to bank subtract from bank subtract from cash ledger Ending balance on the bank statement [ Choose Question 4 0.2 pts Which statement is true regarding cash sales? We always recognize the sale at the agreed upon transaction price regardless of how...
Question 8 Match how to treat the item for a bank reconciliation Outstanding checks [Choose) add...
Question 8 Match how to treat the item for a bank reconciliation Outstanding checks [Choose) add to cash ledger add to bank subtract from cash ledger subtract from bank Outstanding deposits Bank error, added too much to company bank account [ Choose
Question 5 Partially correct Mark 7.06 out of 10.00 P Flag question Bank Reconciliation Use the...
Question 5 Partially correct Mark 7.06 out of 10.00 P Flag question Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company at June 30: 59.172.54 9.490.33 942.50 1,638.59 1 Balance per Cash account, June 30. 2 Balance per bank statement, June 30 3 Deposits not reflected on bank statement 4 Outstanding checks, June 30. 5 Service charge on bank statement not recorded in books 6 Error by bank-Yertel Company check charged on Young Company's bank...
22. $ 2.000 of the cash receipts, what amount should be added to the bank balance...
22. $ 2.000 of the cash receipts, what amount should be added to the bank balance during reconciling the bank account? 23. When performine the bank reconciliation, how should the company treat check 11547 A. add $9,000 to the company cash account B. Subtract $9,000 from company cash account C. add $9,000 to bank statement balance D. subtract $9,000 from bank statement balance * 24. $ 21,230 The total amount needed to reconcile the company cash account was: 4 25....
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...
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...
Question 1 In preparing a bank reconciliation statement for a business with a substantial bank balance,...
Question 1 In preparing a bank reconciliation statement for a business with a substantial bank balance, the appropriate treatment for a $8 100 dividend on shares, deposited directly into the bank account, appearing on the bank statement is to: A. add it to the balance as per bank statement. B. deduct it from the balance as per bank statement. c. add it to the balance per company records. D. deduct it from the balance per company records. Question 2 In...
If a check correctly written and paid by the bank for $413 is incorrectly recorded in...
If a check correctly written and paid by the bank for $413 is incorrectly recorded in the company's books for $431, how should this error be treated on the bank reconciliation? Multiple Choice Subtract $18 from the bank's balance. Add $18 to the book balance. Add $18 to the bank's balance. Subtract $18 from the bank's balance and add $45 to the book's balance. Subtract $18 from the book balance. During the month of July, Clanton Industries issued a check...
1-5 please On October 31st, the Company's general ledger shows $88,000 for the checking account balance....
1-5 please
On October 31st, the Company's general ledger shows $88,000 for the checking account balance. The company's cash receipts for the month which haven't cleared the bank yet are $20,000 and checks written by the company this month which have not cleared the bank total $35,000. While comparing the bank statement with the general ledger the company determined the bank overcharged the company $1,000 for a check the company wrote. The bank statement also reported service fees of $50,...
Partial Question 8 2.75/3 pts You receive a bank statement that shows a cash balance of...
Partial Question 8 2.75/3 pts You receive a bank statement that shows a cash balance of $66,744. However, company records show a $71,948 cash balance. The statement shows the following items that the company has not recorded: $2,700 in customer deposits from a lock box and a $224 bank service fee. The company made a $12,240 deposit at the end of the month that the bank does not show. You also note that $4,560 in company checks have not been...
Question 3 0.2 pts Match how to treat the item for a bank reconciliation Bank service fee Interest earned on bank account [Choose balance AFTER the bank reconciliation add to cash ledger balance BEFORE the bank reconciliation add to bank subtract from bank subtract from cash ledger Ending balance on the bank statement [ Choose Question 4 0.2 pts Which statement is true regarding cash sales? We always recognize the sale at the agreed upon transaction price regardless of how...
Question 8 Match how to treat the item for a bank reconciliation Outstanding checks [Choose) add to cash ledger add to bank subtract from cash ledger subtract from bank Outstanding deposits Bank error, added too much to company bank account [ Choose
Question 5 Partially correct Mark 7.06 out of 10.00 P Flag question Bank Reconciliation Use the following information to prepare a bank reconciliation for Young Company at June 30: 59.172.54 9.490.33 942.50 1,638.59 1 Balance per Cash account, June 30. 2 Balance per bank statement, June 30 3 Deposits not reflected on bank statement 4 Outstanding checks, June 30. 5 Service charge on bank statement not recorded in books 6 Error by bank-Yertel Company check charged on Young Company's bank...
22. $ 2.000 of the cash receipts, what amount should be added to the bank balance during reconciling the bank account? 23. When performine the bank reconciliation, how should the company treat check 11547 A. add $9,000 to the company cash account B. Subtract $9,000 from company cash account C. add $9,000 to bank statement balance D. subtract $9,000 from bank statement balance * 24. $ 21,230 The total amount needed to reconcile the company cash account was: 4 25....
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...
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...
Question 1 In preparing a bank reconciliation statement for a business with a substantial bank balance, the appropriate treatment for a $8 100 dividend on shares, deposited directly into the bank account, appearing on the bank statement is to: A. add it to the balance as per bank statement. B. deduct it from the balance as per bank statement. c. add it to the balance per company records. D. deduct it from the balance per company records. Question 2 In...
If a check correctly written and paid by the bank for $413 is incorrectly recorded in the company's books for $431, how should this error be treated on the bank reconciliation? Multiple Choice Subtract $18 from the bank's balance. Add $18 to the book balance. Add $18 to the bank's balance. Subtract $18 from the bank's balance and add $45 to the book's balance. Subtract $18 from the book balance. During the month of July, Clanton Industries issued a check...
1-5 please
On October 31st, the Company's general ledger shows $88,000 for the checking account balance. The company's cash receipts for the month which haven't cleared the bank yet are $20,000 and checks written by the company this month which have not cleared the bank total $35,000. While comparing the bank statement with the general ledger the company determined the bank overcharged the company $1,000 for a check the company wrote. The bank statement also reported service fees of $50,...
Partial Question 8 2.75/3 pts You receive a bank statement that shows a cash balance of $66,744. However, company records show a $71,948 cash balance. The statement shows the following items that the company has not recorded: $2,700 in customer deposits from a lock box and a $224 bank service fee. The company made a $12,240 deposit at the end of the month that the bank does not show. You also note that $4,560 in company checks have not been...
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