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? Oa. debit Cash; credit Notes Receivable and Interest Revenue Ob. debit Accounts Receivable; credit Cash Oc. debit Cash; credit Miscellaneous Income Od. debit Notes Receivable; credit Cash

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? Oa. debit Cash; credit Notes Receivable and Interest Revenue Ob. debit Accounts Receivable; credit Cash Oc. debit Cash; credit Miscellaneous Income Od. debit Notes Receivable; credit Cash

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Which of the following items is subtracted from the “cash balance from bank statement” on a bank reconciliation? interest earned on the bank account outstanding cheques deposits in transit bank service charges
Cash and cash equivalents include: Multiple Choice Postage stamps. Customer checks, cashier's checks, certified checks, and money orders. Accounts payable. Two-year certificates of deposit. Accounts receivable.
The process of determining any differences between a bank statement balance and a checkbook balance is known as _______________. Calculating bank service charge Calculating outstanding deposits Reconciling the bank statement Issuing a stop payment order
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…
None
answer quickly
In QuickBooks Online, what is the purpose of creating a deposit as income? Select an answer: to record income deposited in the business accounts that is not related to a specific customer transaction to reconcile bank statements with QuickBooks Online records to record a transfer of funds between bank accounts to track customer payments received for open invoices
Assign the letter to indicate whether the following items would be added to or subtracted from the company's books or the bank statement during the construction of a bank reconciliation.
Which of the following decreases a company’s cash balance? deposits in transit bank deposit slips bank credit memos outstanding cheques
Accompanying the bank statement was a debit memo for bank service charges. What entry is required in the company's accounts? a. debit Miscellaneous Administrative Expense; credit Cash b. debit Cash; credit Accounts Payable c. debit Accounts Payable; credit Cash d. debit Cash; credit Other Income
Why does the bank treat an account balance as a Credit when there is money in the account, while in the general ledger cash records of the business, the balance would show as a Debit?
1. It is a bank account wherein the depositor can draw checks. a. Drawing account b. Savings account c. Current account d. Past account 2. A deposit is shown on which part of a bank statement? a. Debit column b. Credit column c. Bottom part d. Everywhere 5 3. It is a written order directing a bank to pay money as instructed. a. Check b. Bank statement c. Deposit slip d. Bank instruction 4. You wrote a check and gave it to your friend as her birthday gift. Which of the following is correct? Drawer Drawee Payee a. You Bank Friend b. Bank You Friend c. You Friend Bank d. Bank You Friend 5. A time deposit is normally evidenced by a(an) a. passbook. b. bank statement. c. Certificate of Time Deposit. d. ATM card. 6. If you want to put money to your bank account, which of the following documents should you prepare? a. Deposit slip b. Bank statement c. Withdrawal slip d. Debit card 7. A check that is dated at a future date is called. a. ante-dated check. b. postdated check. c. stale check. d.…