A cheque drawn by the business from RM609 for payment of a liability was recorded in the journal as RM906. This item would be included in the bank reconciliation as alan ? O Deduction by the bank O Addition by the bank O Deduction by the business O Addition by the business

A cheque drawn by the business from RM609 for payment of a liability was recorded in the journal as RM906. This item would be included in the bank reconciliation as alan ? O Deduction by the bank O Addition by the bank O Deduction by the business O Addition by the business

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Sandhill Inc. owns these assets at the statement of financial position date: Cash in bank (savings…

A: The balance sheet represents the Financial position of the business with assets and liabilities on a…

Q: Deposits in transit at end of period Cheques recorded on this period's bank statement

A: Disparities between the amount indicated in the account holder's records and the cash balance…

Q: Coaster’s Co. earns 2% interest on their checking account. On the last bank statement, the bank only…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: A local company received its bank statement dated June 30, 2022, and reconciled its statement…

A: The bank reconciliation statement includes the adjustments for bank errors, book errors, deposit in…

Q: If a company recorded a check they wrote as $729 when it should have been recorded as being written…

A: Solution: - Introduction: - Bank reconciliation means every company would match the cash balances on…

Q: A bank statement Oa. shows a company the financial position of the bank as of a certain date Ob. is…

A: Bank statement is a record maintained by a bank for every customer that he/she transacts with it.…

Q: What is double entry for the following transaction: Paid MK20000 of the cash in hand into bank…

A: The objective of this question is to understand the double entry for the transaction where MK20000…

Q: The proper treatment of outstanding cheques Is to report them in the bank reconcillation as which of…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: The checkbook balance is $19,250.17. The total fees or charges deducted by the bank is $28.50.The…

A: Given, Checkbook balance=$19,250.17. Total fees or charges deducted=$28.50. Interest credit=$50.19.

Q: When a company earns interest on a note receivable or on a bank account, the debit and credit are as…

A: Note Receivable:-It is a promissory note where the written promise to pay the amount at some future…

Q: If a company record a $200 cheque by debiting salary expense and credit cash for $20, what will it…

A: Lets understand the basics. For understanding how it influence the bank reconciliation statement, we…

Q: 1. NSF check from customer is returned on September 25 but not yet recorded by this company.…

A: Sometimes due to certain reasons the balance of the cash book and the bank statement doesn't…

Q: When completing a bank reconciliation, which of the following is correct (please read carefully)?…

A: Under Bank reconciliation, amount recorded in books but not recorded by bank is reflected in bank…

Q: Johnny Company deposited $25,000 in its bank on the same day as, but after the bank prepared Johnny…

A: Ideally cash balance as per cashbook and bank balance as per bank statement should reconcile with…

Q: 1) Prepare a bank reconciliation dated December 31, 2020, for Welcome Inc. based on the following…

A: Here credit memo should be added back to balance as per books

Q: Please answer the following 2 questions. Thank you

A: QUESTION-106 INTRODUCTION Receivables, loans, or other debts with virtually no chance of being paid…

Q: Santana Rey receives the March bank statement for Business Solutions on April 11, 2022. The March 31…

A: Bank reconciliation is a process of matching the bank statement balance and bank balance in…

Q: Given the following information to reconcile GCompany’s cash book balance with its bank statement…

A: The bank reconciliation statement is prepared to compare the cash balance as per the books of…

Q: If a check correctly written and paid by the bank for $484 is incorrectly recorded on the company's…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: Which of the following items will not appear on the Books side of the reconciliation? A a…

A: Bank Reconciliation statement is a statement which is prepared to reconcile cash book balance and…

Question

A cheque drawn by the business from RM609 for payment of a liability was
recorded in the journal as RM906. This item would be included in the bank
reconciliation as alan
Deduction by the bank
Addition by the bank
O Deduction by the business
O Addition by the business

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The bank statement contained an adjustment of $410 for a note receivable collected by the bank on behalf of Show Me, Inc. ($382 principal and $28 interest) As far as bank reconciliation, does the $410 go on the bank side or the cash account side? Or would it be split between the 2 sides, and how?
When a company records a bank deposit, it will: O A. credit the Cash account on the company's books. O B. debit the Accounts Receivable account on the company's books. OC. debit the Cash account on the company's books. O D. credit the Accounts Payable account on the company's books.
Are 1 year certificates of deposit recorded on bank reconciliation?
B. Record the entry for acceptance of promissory note in exchange of accounts receivable from McCormick Industries. C. Record the entry for interest accrued on promissory note received from McCormick Industries. D. Record the entry for interest received , from McCormick Industries , on the note's maturity date. E. Record the entry for payment received from McCormick Industries the principal on the note's maturity date.
nk.9 A check written correctly for $50 was recorded in the general ledger as $55. This would appear on a bank reconciliation as a(an) a)addition to the book balance. b)deduction from the book balance c)deduction from the bank balance. d)addition to the bank balance.