Answered: 22. A cheque issued by the company but…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

1.Recording the borrowing of money for which a note is signed involves. Pass the journal entry?
Prepare a bank reconciliation from the following information:a. Balance per bank statement as of May 31, $17,755.44b. Balance per books as of May 31, $12,211.94c. Deposits in transit, $2,254.81d. Outstanding checks, $7,819.16e. Bank service charge, $20.85
What is the adjusting entry of Bank Reconciliation : Credit Memo- Proceed Bank Loan
24 - Which of the following accounts will not be used in case a security is discounted or collected to the bank before its due date?A) Finance ExpensesB) Commission ExpensesC) General Administrative ExpensesD) Banks Account or Cash AccountE) Notes Receivable
The term deposits in transit refer to: a. Deposits that were made after the bank statement was mailed b. Deposits that have left the organization and are on their way to the bank c. The individual who is transporting the deposits to the bank d. Funds that have been wired but not yet received
Q- 4211 Which journal entry recognizes that an NSF check had been deposited by a company and returned by their bank? O Debit Cash and credit Accounts Receivable Debit Accounts Receivable and credit Cash O Debit Accounts Receivable and credit Accounts Payable O Debit Bank Service Charge and credit Cash
Question 9 consist of noninterest-bearing demand deposits and interest-bearing checking accounts. O Negotiable CDs. O Transaction accounts. O Non-transaction accounts. Savings and time deposits.
The following items may appear on a bank statement: Bank correction of an error from recording a $3,200 deposit as $2,300 EFT payment Note collected for company Service charge Using the format shown below, indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company’s account.
5. Bank overdraft a. Is a debit balance in a cash in bank account b. Is offset against demand deposit account in another bank c. Which cannot be offset is classified as a current liability d. Which cannot be offset is classified as non-current liability
In the deposit function, the bank is the _____ and the depositors are the ______ a. drawee - payees b. debtor - creditors c. payee - drawers d. creditor - debtors
Which cash reconciling item could potentially affect either the bank statement or the general ledger? Multiple Choice Outstanding deposit Recording error Interest earned on notes held by the bank NSF checks
32-Interest on Loan account, debited by the bank will a. Increase in Cash book balance. b. Increase in Bank book balance. c. Decrease in Bank book balance. d. Decrease in Cash book balance.

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22. A cheque issued by the company but not presented to bank is known as ______. a. Deposit in transit b. Outstanding deposit c. All the options d. Outstanding cheques