Homework Answers
The answer is a.Checks written
Checks written as a debit transaction i.e. It reduces amount in the bank account
Rest all are credit transactions which will increase the amount in the account.
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Which of the following is considered a debit memo in a bank account? a. Checks written b. Notes collected c. Wire t...
Select the location of each item that would be found on a bank reconciliation. Assume that the checks written by...
Select the location of each item that would be found on a bank reconciliation. Assume that the checks written by the company are written correctly. A deposit in transit [Choose ] A NSF check received from a customer Choose] A check-printing charge [Choose) A deposit for $175 listed incorrectly on the bank state as $157 [Choose) A check written for $36.60 and recorded incorrectly in the checkboot as $360.30 [Choose An outstanding check Choose) A check written for $63.54 and...
1. Which one which one of the following items would NOT be considered cash a. Coins...
1. Which one which one of the following items would NOT be considered cash a. Coins b. Money orders e. Currency d. Postdated checks 2. A bank statement: a shows the activities that increased or decreased the depositor's account balance b. is a credit reference letter written by the depositor's bank. is a bill from the bank for services rendered. d lets a depositor know the financial position of the bank as of a certain date. 3. A NSF check...
2. Sal's Surf Shop deposits all receipts in the bank and makes all payments by check....
2. Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On July 3 cash account had a balance of $6,105.42. The bank statement on July 31 reported a balance of $4,746.46. Upon comparing the bank statement to the books, the following items were found a. A bank debit memo issued for an NSF check from a customer of $21.25. b. A bank credit memo issued for interest of $8.50 earned during the month. c....
saring its December bank account 18. Boss Baby, Inc. gathered the following reconciling information in preparing...
saring its December bank account 18. Boss Baby, Inc. gathered the following reconciling information in preparing its Decem reconciliation: Cash balance per Bank @ 12/31: $8,000 •Cash balance per Company books @ 12/31: $7,650 • Reconciling items: *Deposits in transit: $600 *Bank credit memo for interest earned on the account: $10 "Bank debit memo for cost of new printed checks: $60 "Outstanding checks: $1,000 The adjusted cash balance for Boss Baby, Inc. on December 31 is: a $7.950. b. $7,600...
1. The debit balance in Cash Short and Over at the end of an accounting period is reported as
1. The debit balance in Cash Short and Over at the end of an accounting period is reported asa. an expense on the income statementb. income on the income statementc. an asset on the balance sheetd. a liability on the balance sheet2. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer. What entry is required in the company's accounts?a. debit Notes Receivable; credit Cashb. debit Cash; credit Miscellaneous Incomec. debit...
wme following would be added to the balance per bank on a bank reconciliation? 8. Which of the following would be a...
wme following would be added to the balance per bank on a bank reconciliation? 8. Which of the following would be added to the ba a. Outstanding checks b. Deposits in transit c. Notes collected by the bank d. Service charges 9. A check returned by the bank marked "NSF" means a. no service fee. b. no signature found c. not satisfactorily filled out. d. not sufficient funds. 10. Deposits in transit a. have been recorded on the company's books...
Outstanding checks haven't been presented to the bank for payment but have been subtracted in the...
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...
1. Create a bank reconciliation with the following information: On November in after all transactions have...
1. Create a bank reconciliation with the following information: On November in after all transactions have been recorded, the balance in the company's account has a balance of $27,202 b. The company's bank statement shows a balance on November 30 of 529.279 c. Outstanding checks at November 30 include check #3030 in the amount of $1,525 and check 3556 in the amount of $1.459. d. Acredit memo included with the bank statement indicates that the bank collected $780 on a...
The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Checks Deposits Balance...
The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Checks Deposits Balance Date Other 60,000 52,280 79,630 60,730 97,730 97,080 89,480 89,580 89,330 Dec. 1 $7,720 650 $28,000 18,900 11 17 23 37,000 26 650 $400 19,000 30 26,200 NSF* 31 Interest earned 100 Service charge 250 31 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 60,000 Deposits Checks written during December: 7,720 650 Dec. 11 28,000 37,e00 19,000 14,00e 23 18,900...
A review of the bank statement and accounting records of the Blake Company revealed the following...
A review of the bank statement and accounting records of the Blake Company revealed the following items: Item No. Description 1) Three outstanding checks 2) A debit memo showing a bank service charge 3) A deposit in transit 4) An NSF check written by one of Blake’s customers 5) A certified check written by Blake 6) A credit memo reflecting interest revenue earned by Blake Which of the item(s) would be subtracted from the company's unadjusted book balance to determine...
Select the location of each item that would be found on a bank reconciliation. Assume that the checks written by the company are written correctly. A deposit in transit [Choose ] A NSF check received from a customer Choose] A check-printing charge [Choose) A deposit for $175 listed incorrectly on the bank state as $157 [Choose) A check written for $36.60 and recorded incorrectly in the checkboot as $360.30 [Choose An outstanding check Choose) A check written for $63.54 and...
1. Which one which one of the following items would NOT be considered cash a. Coins b. Money orders e. Currency d. Postdated checks 2. A bank statement: a shows the activities that increased or decreased the depositor's account balance b. is a credit reference letter written by the depositor's bank. is a bill from the bank for services rendered. d lets a depositor know the financial position of the bank as of a certain date. 3. A NSF check...
2. Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On July 3 cash account had a balance of $6,105.42. The bank statement on July 31 reported a balance of $4,746.46. Upon comparing the bank statement to the books, the following items were found a. A bank debit memo issued for an NSF check from a customer of $21.25. b. A bank credit memo issued for interest of $8.50 earned during the month. c....
saring its December bank account 18. Boss Baby, Inc. gathered the following reconciling information in preparing its Decem reconciliation: Cash balance per Bank @ 12/31: $8,000 •Cash balance per Company books @ 12/31: $7,650 • Reconciling items: *Deposits in transit: $600 *Bank credit memo for interest earned on the account: $10 "Bank debit memo for cost of new printed checks: $60 "Outstanding checks: $1,000 The adjusted cash balance for Boss Baby, Inc. on December 31 is: a $7.950. b. $7,600...
wme following would be added to the balance per bank on a bank reconciliation? 8. Which of the following would be added to the ba a. Outstanding checks b. Deposits in transit c. Notes collected by the bank d. Service charges 9. A check returned by the bank marked "NSF" means a. no service fee. b. no signature found c. not satisfactorily filled out. d. not sufficient funds. 10. Deposits in transit a. have been recorded on the company's books...
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...
1. Create a bank reconciliation with the following information: On November in after all transactions have been recorded, the balance in the company's account has a balance of $27,202 b. The company's bank statement shows a balance on November 30 of 529.279 c. Outstanding checks at November 30 include check #3030 in the amount of $1,525 and check 3556 in the amount of $1.459. d. Acredit memo included with the bank statement indicates that the bank collected $780 on a...
The December bank statement and cash T-account for Stewart Company follow: BANK STATEMENT Checks Deposits Balance Date Other 60,000 52,280 79,630 60,730 97,730 97,080 89,480 89,580 89,330 Dec. 1 $7,720 650 $28,000 18,900 11 17 23 37,000 26 650 $400 19,000 30 26,200 NSF* 31 Interest earned 100 Service charge 250 31 NSF check from J. Left, a customer. Cash (A) Dec. 1 Balance 60,000 Deposits Checks written during December: 7,720 650 Dec. 11 28,000 37,e00 19,000 14,00e 23 18,900...
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