Homework Answers
Answer is True.
A bank statement is a report which shows the transactions made by the depositor in a company's checking account for a period of time, usually a month. It has both credits (i.e. cash received from customers, cash deposits, collection of note receivable, interest earned etc) and debits (i.e. cash paid to suppliers for purchases, salary payments, expenses payments etc). Hence, the statement given is true.
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The bank statement is a report sent to a depositor by a bank showing the activity in a company's checking account fo...
On October 31, 2021, the bank statement for the checking account of Blockwood Video shows a...
On October 31, 2021, the bank statement for the checking account of Blockwood Video shows a balance of $12.751, while the company's records show a balance of $12.381. Information that might be useful in preparing a bank reconciliation is as follows a. Outstanding checks are $1,280 b. The October 31 cash receipts of $835 are not deposited in the bank until November 2 c. One check written in payment of utilities for $147 is correctly recorded by the bank but...
On October 31, 2021, the bank statement for the checking account of Blockwood Video shows a...
On October 31, 2021, the bank statement for the checking account of Blockwood Video shows a balance of $12,751, while the company's records show a balance of $12,381. Information that might be useful in preparing a bank reconciliation is as follows: a. Outstanding checks are $1.280. b. The October 31 cash receipts of $835 are not deposited in the bank until November 2. c. One check written in payment of utilities for $147 is correctly recorded by the bank but...
On October 31, the Company's general ledger shows $88,000 for the checking account balance. The company's...
On October 31, 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, interest earned...
On February 28", TR Company's general ledger shows a checking account balance of $36,900. The company's...
On February 28", TR Company's general ledger shows a checking account balance of $36,900. The company's cash receipts for the month which haven't cleared the bank yet are $12,000 and checks written by the company this month which have not cleared the bank total $24,500. While comparing the bank statement with the general ledger TR determined the bank under- charged them $90 for a check the bank cleared. The bank statement also reported service fees of $10, interest TR earned...
True or False. The cash balance on the bank statement is usually equal to the cash...
True or False. The cash balance on the bank statement is usually equal to the cash balance in the depositor's books. I don't understand who is the depositor.
Question 8 1 pts Which of the following might cause a depositor to receive a credit memorandum from the bank? A serv...
Question 8 1 pts Which of the following might cause a depositor to receive a credit memorandum from the bank? A service charge O A deposit in transit O An NSF chied Anate collected by the bank for the depositor Question 9 1 pts Deposits in transit will: o appear as additions to the company's bank account balance in the next bank statement not require an adjustment on the company's books be recorded within days on the bank's records. All...
The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides...
The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides a bank statement along with canceled checks on the last day of each month. The October 31, 2016, bank statement included the following information: Balance, October 1, 2016 Deposits Checks processed Service charges NSF checks Monthly loan payment deducted directly by bank from account (includes $440 in interest) $ 32,730 88,000 (77,200) (390) (1,640) (3,840) Balance, October 31, 2016 $ 37,660 The company's general...
1) The bank statement that a depositor receives from the bank includes a. notification of amounts deducted...
1) The bank statement that a depositor receives from the bank includes a. notification of amounts deducted by the bank to cover such things as the cost of a supply of new checks ordered by the depositor. b. a designation of which checks are still outstanding at the end of the month. c. a designation of which deposits are in transit at the end of the month. d. notification of errors made by the depositor in recording checks written during the month in the...
Match the descriptions with the appropriate terms. Bank Reconciliation a. Statement issued by bank describing the...
Match the descriptions with the appropriate terms. Bank Reconciliation a. Statement issued by bank describing the activities in a depositor's checking account NSF Check b. A document prepared by the bank to explain a deduction from a depositor's account. Debit Memo Deposit in Transit C. The party to whom the check is payable to. Payee d. Statement prepared by company personnel to explain the difference between the cash balance on Check the bank statement versus the cash balance on the...
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,...
On October 31, 2021, the bank statement for the checking account of Blockwood Video shows a balance of $12.751, while the company's records show a balance of $12.381. Information that might be useful in preparing a bank reconciliation is as follows a. Outstanding checks are $1,280 b. The October 31 cash receipts of $835 are not deposited in the bank until November 2 c. One check written in payment of utilities for $147 is correctly recorded by the bank but...
On October 31, 2021, the bank statement for the checking account of Blockwood Video shows a balance of $12,751, while the company's records show a balance of $12,381. Information that might be useful in preparing a bank reconciliation is as follows: a. Outstanding checks are $1.280. b. The October 31 cash receipts of $835 are not deposited in the bank until November 2. c. One check written in payment of utilities for $147 is correctly recorded by the bank but...
On October 31, 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, interest earned...
On February 28", TR Company's general ledger shows a checking account balance of $36,900. The company's cash receipts for the month which haven't cleared the bank yet are $12,000 and checks written by the company this month which have not cleared the bank total $24,500. While comparing the bank statement with the general ledger TR determined the bank under- charged them $90 for a check the bank cleared. The bank statement also reported service fees of $10, interest TR earned...
Question 8 1 pts Which of the following might cause a depositor to receive a credit memorandum from the bank? A service charge O A deposit in transit O An NSF chied Anate collected by the bank for the depositor Question 9 1 pts Deposits in transit will: o appear as additions to the company's bank account balance in the next bank statement not require an adjustment on the company's books be recorded within days on the bank's records. All...
The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides a bank statement along with canceled checks on the last day of each month. The October 31, 2016, bank statement included the following information: Balance, October 1, 2016 Deposits Checks processed Service charges NSF checks Monthly loan payment deducted directly by bank from account (includes $440 in interest) $ 32,730 88,000 (77,200) (390) (1,640) (3,840) Balance, October 31, 2016 $ 37,660 The company's general...
Match the descriptions with the appropriate terms. Bank Reconciliation a. Statement issued by bank describing the activities in a depositor's checking account NSF Check b. A document prepared by the bank to explain a deduction from a depositor's account. Debit Memo Deposit in Transit C. The party to whom the check is payable to. Payee d. Statement prepared by company personnel to explain the difference between the cash balance on Check the bank statement versus the cash balance on the...
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,...
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