In QBO, what situations cause the company to use the Bank Deposit form? Multiple Choice Money coming in is not related to customer sales. Money coming in is related to customer sales. All money coming...
In QBO, what situations cause the company to use the Bank Deposit form?
Multiple Choice
Money coming in is not related to customer sales.
Money coming in is related to customer sales.
All money coming into the company.
Cash received from customers that purchased on credit (accounts receivable receipts).
Homework Answers
| Bank Deposit form is used when Money coming in is not related to customer sales. |
| Option A is correct |
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In QBO, what situations cause the company to use the Bank Deposit form? Multiple Choice Money coming in is not related to customer sales. Money coming in is related to customer sales. All money coming...
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2 e following information is available for Birch Company at December 31 Money market fund balance...
2
e following information is available for Birch Company at December 31 Money market fund balance Certificate of deposit maturing June 30 of next year Postdated checks from customers Cash in bank account NSF checks from customers returned by bank Cash in petty cash fund Inventory of postage stamps U.S. Treasury bill purchased on December 15 and maturing on February 28 of following year $ 2,880 $15,900 $ 1,700 $23,331 $ 740 $ 290 $ 27 $19,900 Based on this...
See all photos + Add to If a bank reconciliation included a deposit in transit of...
See all photos + Add to If a bank reconciliation included a deposit in transit of $770, the company's journal entry for this reconciling Item would include: Multiple Choice Ο a credit to accounts receivable for $770. Ο nothing, because the deposit has already been recorded. Ο a debit to cash of $770. Ο a credit to cash of $770.
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Mackenzie Company sold $580 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4.0% service charge for sales on its credit cards. Mackenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately The journal entry to record this sale transaction would be: Multiple Choice O Debit Cash of $580 and credit Accounts Receivable-Regional $580. ) Debit Cash of $580 and credit Sales $580. ooooo Debit Accounts...
Which of the following statements are true? Multiple Choice If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions The trial balance is a book of original entry. The trial balance is another name for the balance sheet as long as debits balance with credits. Another name for trial balance is chart of accounts. The trial balance is a list of all accounts from the ledger with their balances at...
A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: Accounts receivable Allowance for uncollectible accounts Net Sales $362,000 debit 570 debit 807,000 credit All sales are made on credit. Based on past experience, the company estimates that 0.3% of net credit sales are uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry...
Question 1 Multiple-Choice Questions (5 marks) 1. When customer records are set up in MYOB to track accounts receivable, collections received from customers can be recorded via: 1. 2. 3. 4. General Journal entry "Receive Money" in the Banking command centre "Receive Payments" in the Sales command centre All of these options 2. Which of the following documents in MYOB should be used to record a purchase on the business credit card? 1. 2. 3. 4. Purchases - Enter Purchases...
A company is preparing its cash budget for the coming month. All sales are on account. Given the following: Budget Amounts Beginning Balances $230,000 210,000 Cash Accounts Receivable Sales Cash disbursements Depreciation Ending accounts receivable balance $ 950,000 1,080,000 40,000 240,000 What is the expected cash balance of the company at the end of the coming month? (CIA adapted) Multiple Choice 0 $26,300 < Prev 13 of 34 8 Next >
2
e following information is available for Birch Company at December 31 Money market fund balance Certificate of deposit maturing June 30 of next year Postdated checks from customers Cash in bank account NSF checks from customers returned by bank Cash in petty cash fund Inventory of postage stamps U.S. Treasury bill purchased on December 15 and maturing on February 28 of following year $ 2,880 $15,900 $ 1,700 $23,331 $ 740 $ 290 $ 27 $19,900 Based on this...
See all photos + Add to If a bank reconciliation included a deposit in transit of $770, the company's journal entry for this reconciling Item would include: Multiple Choice Ο a credit to accounts receivable for $770. Ο nothing, because the deposit has already been recorded. Ο a debit to cash of $770. Ο a credit to cash of $770.
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