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Errors made by the company when preparing bank reconciliation: Select one: a. Occur because of time...
when preparing a bank reconciliation, adjustments are made to the bank side and not the ledger...
when preparing a bank reconciliation, adjustments are made to the bank side and not the ledger (book) side.
e. The bank made no errors. 1) Prepare the bank reconciliation for the company as at...
e. The bank made no errors. 1) Prepare the bank reconciliation for the company as at December 31, 2017. 2) Journalize any required entries from the bank reconciliation, TEX e. The bank made no errors. 1) Prepare the bank reconciliation for the company as at December 31, 2017. 2) Journalize any required entries from the bank reconciliation. bu WUIR Sheet II. (33) Journalize the following transactions according to the descriptions and requirements: 1. KOOL Co. purchases and installs a machine...
In preparing a bank reconciliation statement for a business with a substantial bank balance, the appropriate...
In preparing a bank reconciliation statement for a business with a substantial bank balance, the appropriate treatment for a deposit for $2300 not appearing on the bank statement is to: Select one: 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 O d. deduct it from the balance per company records
In preparing a bank reconciliation statement for a business with a substantial bank balance, the appropriate...
In preparing a bank reconciliation statement for a business with a substantial bank balance, the appropriate treatment for $650 that a customer paid directly into the company's bank account is to: Select one: 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
The correct order in which the steps in the bank reconciliation process occur is: 1. Tick...
The correct order in which the steps in the bank reconciliation process occur is: 1. Tick off the items in the prior reconciliation with the bank statement 2. Prepare the bank reconciliation 3. Tick off the cash journals with the bank statement 4. Update the cash journals with unticked items from the bank statement Select one: O a. 1,4,3,2 O b. 1, 2, 3, 4 O c. 1, 3, 4,2 O d. 4, 3, 2, 1
Which one of the following procedures is not part of preparing a bank reconciliation of a...
Which one of the following procedures is not part of preparing a bank reconciliation of a checking account? a. Tracing deposits listed on the bank statement to the books to identify deposits in transit b. Arranging canceled checks in numerical order and tracing them to the books to identify outstanding checks c. Identifying items added on the bank statement which have not been recorded as cash receipts by the company d. Preparing adjustments to reverse the transactions recorded for checks...
When preparing a bank deposit which of the following is a best practice? Select one: a....
When preparing a bank deposit which of the following is a best practice? Select one: a. Group all customer payments with the same payment method together in one deposit b. Group customer payments with the payment method of checks and credit card payments in one deposit and group all the cash payment methods in a separate deposit c. Deposit all customer payments one at a time using the Bank Deposit form d. Leave payments in the undeposited funds account To...
Vanessa Ltd. is preparing its July bank reconciliation. At the end of the month, company records...
Vanessa Ltd. is preparing its July bank reconciliation. At the end of the month, company records and the monthly bank statement provided the following information: Cash balance, before adjustments $79755 Bank service charges not yet recorded by the company $310 Interest income collected on behalf of the company but $933 not yet recorded by the company NSF cheque from a customer $7107 What is the correct revised cash balance? Select one: a. $86239 b. $72338 c. $73271 d. $71405
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...
Veronika is preparing her monthly bank reconciliation. The ending cash balance per her company's records is...
Veronika is preparing her monthly bank reconciliation. The ending cash balance per her company's records is shown as S10131 At the end of the month, the following information was provided by company records and the monthly bank statement: Bank service charges shown on the bank statement Deposits in transit at the end of the month Outstanding cheques at the end of the month S74 S549 S887 What is the cash balance per books after all adjustments have been made Select...
e. The bank made no errors. 1) Prepare the bank reconciliation for the company as at December 31, 2017. 2) Journalize any required entries from the bank reconciliation, TEX e. The bank made no errors. 1) Prepare the bank reconciliation for the company as at December 31, 2017. 2) Journalize any required entries from the bank reconciliation. bu WUIR Sheet II. (33) Journalize the following transactions according to the descriptions and requirements: 1. KOOL Co. purchases and installs a machine...
In preparing a bank reconciliation statement for a business with a substantial bank balance, the appropriate treatment for a deposit for $2300 not appearing on the bank statement is to: Select one: 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 O d. deduct it from the balance per company records
In preparing a bank reconciliation statement for a business with a substantial bank balance, the appropriate treatment for $650 that a customer paid directly into the company's bank account is to: Select one: 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
The correct order in which the steps in the bank reconciliation process occur is: 1. Tick off the items in the prior reconciliation with the bank statement 2. Prepare the bank reconciliation 3. Tick off the cash journals with the bank statement 4. Update the cash journals with unticked items from the bank statement Select one: O a. 1,4,3,2 O b. 1, 2, 3, 4 O c. 1, 3, 4,2 O d. 4, 3, 2, 1
Vanessa Ltd. is preparing its July bank reconciliation. At the end of the month, company records and the monthly bank statement provided the following information: Cash balance, before adjustments $79755 Bank service charges not yet recorded by the company $310 Interest income collected on behalf of the company but $933 not yet recorded by the company NSF cheque from a customer $7107 What is the correct revised cash balance? Select one: a. $86239 b. $72338 c. $73271 d. $71405
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...
Veronika is preparing her monthly bank reconciliation. The ending cash balance per her company's records is shown as S10131 At the end of the month, the following information was provided by company records and the monthly bank statement: Bank service charges shown on the bank statement Deposits in transit at the end of the month Outstanding cheques at the end of the month S74 S549 S887 What is the cash balance per books after all adjustments have been made Select...
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