A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? Oa. debit Cash; credit Accounts Payable Ob. debit Accounts Payable; credit Cash Oc. debit Accounts Receivable; credit Cash Od. debit Cash; credit Accounts Receivable

A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? Oa. debit Cash; credit Accounts Payable Ob. debit Accounts Payable; credit Cash Oc. debit Accounts Receivable; credit Cash Od. debit Cash; credit Accounts Receivable

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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10. In Exhibit 3.6, you see a credit sale to G. H. Allen that is recorded in a paper-based accounting system. On July 28, 2021, Aca Pool Co. received check number 6311 from G. H. Allen in payment of his outstanding invoice. Required: a. Record the receipt of Allen's check on the cash receipts prelist, document number CR645. Your instructor will provide you a blank form. b. Use the prelist as your source document to record this cash receipts transaction in the appropriate 14
YOU CAN DO IT The accounting records and bank statement of Entity A show the following information. SUBSIDIARY LEDGER CASH IN BANK – FCB CURRENT ACCOUNT Date Description Debit Credit Balance 6/1 Balance forwarded 881,000 750,200 530,200 826,000 1,496,000 80,000 1,416,000 380,000 1,036,000 1,196,000 130,800 220,000 6/11 Check #1113 6/15 Check #1114 295,800 670,000 6/16 Deposit Deposit Check #1115 6/22 6/24 6/28 Check #1116 6/29 Deposit 160,000 |FirstCitizens Bank Account Number 5022-0007-00 Account Type FCB CURRENT ACCOUNT Branch VILLAMOR BRANCH Period Covered 6/1/2019 – 6/30/2019 Date Description Ref Details Debit Credit Balance BALANCE FORWARDED 881,000.00 5/10/2019 CASH DEPOSIT 050 PASAY 350,000.00 1,231,000.00 5/11/2019 PAYMENT 010 2,000.00 1,229,000.00 5/12/2019 CHECK ENCASHMENT 090 CK#1114 220,000.00 1,009,000.00 5/15/2019 CHECK DEPOSIT 040 PASAY 295,800.00 1,304,800.00 5/18/2019 PAYMENT 011 50,000.00 1,254,800.00 5/26/2019 CASH DEPOSIT 051 670,000.00 1,924,800.00 6/24/2019 CHECK…
1)The credit department runs a credit check on all customers who apply for credit one in account proves uncollectible, the credit department authorizes the right off of the accounts receivable number 2) cash receipts come into the credit department which separates the cash received from the customers remittance slips. The credit department list all cash receipts by customer name and amount of cash received 3) The cash goes to the treasurer for deposit in the bank the remittance slip go to the accounting department for posting to customers. 4) The controller compares the daily deposit slip to the total amount posted to the customers account. Both amounts must agree.
1. Cash balance according to the company's records at August 31, $25,520. 2. Cash balance according to the bank statement at August 31, $26,850. 3. Checks outstanding, $5,180. 4. Deposit in transit, not recorded by bank, $4,160. 5. A check for $480 in payment of an account was erroneously recorded in the check register as $840. 6. Bank debit memo for service charges, $50. Prepare Bank Reconciliation statement?
Accompanying a bank statement for Borden Company is a credit memo for $15,225 representing the principal ($15,000) and interest ($225) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries. Journalize the entry that should be made by the company to bring the accounting records up to date. If an amount box does not require an entry, leave it blank. UD
identify each of the following reconciling items as: an addition to the cash balance according to the bank statement a deduction from the cash balance according to the bank statement an addition to the cash balance according to the company's records a deduction from the cash balance according to the company's records (None of the transactions reported by bank debit and credit memos have been recorded by the company.) Item Treatment 1. Bank service charges, $50. 2. Check of a customer returned by bank to company because of insufficient funds, $520. 3. Check for $345 incorrectly recorded by the company as $435. 4. Check for $200 incorrectly charged by bank as $2,000.
A $180 petty cash fund has cash of $15 and receipts of $180. Which of the following would be part of the journal entry to replenish the account? Select the correct answer. a-debit to Cash for $15 b-credit to Cash Short and Over for $15 c-credit to Petty Cash for $180 d-credit to Cash for $180
Accompanying a bank statement for Borden Company is a credit memo for $24,360 representing the principal ($24,000) and interest ($360) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries. Journalize the entry that should be made by the company to bring the accounting records up to date. If an amount box does not require an entry, leave it blank. blank Account Debit Credit blank
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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
Prepare journal entries for each of the following: a. Issued a check to establish a petty cash fund of $600. If an amount box does not require an entry, leave it blank. Accounts Payable Accounts Receivable Cash Cash Short and Over Miscellaneous Selling Expense Petty Cash Store Supplies fill in the blank d5b6b7fad01d048_2 fill in the blank d5b6b7fad01d048_3 fill in the blank d5b6b7fad01d048_5 fill in the blank d5b6b7fad01d048_6 b. The amount of cash in the petty cash fund is $200. Issued a check to replenish the fund, based on the following summary of petty cash receipts: store supplies, $235 and miscellaneous selling expense, $148. Record any missing funds in the cash short and over account. If an amount box does not require an entry, leave it blank. Accounts Payable Accounts Receivable Cash Notes Receivable Petty Cash Store Supplies fill in the blank 6f283ef56022f94_2 fill in the blank 6f283ef56022f94_3 fill in the blank…
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.