ADD DEDUC ADD DEDUC то RECONCILING ITEMS T FROM то T FROM BOO BOOK BANK BANK K Jodi Dela Cruz Company had a receipt of P 100,000 and correctly prepared its bank deposit slip for P 100,000. However, the company recorded the receipt in its Cash account as P 101,000. How is the difference of P1,000 handled on the bank reconciliation? Blaze Mudlong wrote a check worth P 64,000 and it cleared the bank for P 64,000. However, the company recorded the check in its Cash account as P46,000. How is the difference of P18,000 handled on the bank reconciliation? Bank erroneously posted another company's credit memo to MN Mitz Company's bank account Bank inadvertently charged Mikka Joson Company's bank account for another company's bank fees Bank service charge Deposit in transit Fee charged by bank for returned check Interest credited to bank account Outstanding check The bank collected a Note Receivable for the Acer Garcia Corporation and credited the company's bank account for P 1,000,000.

ADD DEDUC ADD DEDUC то RECONCILING ITEMS T FROM то T FROM BOO BOOK BANK BANK K Jodi Dela Cruz Company had a receipt of P 100,000 and correctly prepared its bank deposit slip for P 100,000. However, the company recorded the receipt in its Cash account as P 101,000. How is the difference of P1,000 handled on the bank reconciliation? Blaze Mudlong wrote a check worth P 64,000 and it cleared the bank for P 64,000. However, the company recorded the check in its Cash account as P46,000. How is the difference of P18,000 handled on the bank reconciliation? Bank erroneously posted another company's credit memo to MN Mitz Company's bank account Bank inadvertently charged Mikka Joson Company's bank account for another company's bank fees Bank service charge Deposit in transit Fee charged by bank for returned check Interest credited to bank account Outstanding check The bank collected a Note Receivable for the Acer Garcia Corporation and credited the company's bank account for P 1,000,000.

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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ATTACHED-LEDGER
When you collected Accounts Receivables, your entry would include? * O Debit Accounts Receivable O Credit Cash O Debit Cash O Credit Accounts Payable
Write the difference between accounts receivable and notes receivable.
Explain how accounts receivable are presented in the financial statements.
Prepaid Expense has the account type of Checking with a starting balance of
Differentiate savings account from a current or checking account.
The bank statement showed a non-interest bearing note receivable from a customer that was collected by the bank, which the company listed as a reconciling item on the bank reconciliation statement. The journal entry needed for this reconciling item includes: Multiple Choice a debit to Cash. a credit to Interest Income. a credit to Cash. a debit to Accounts Receivable.
Which type of debit account is balanced in the income statement columns of a worksheet?
Accompanying the bank statement was a debit memorandum for an NSF check received from a customer. This item would be included on the bank reconciliation as a(n) ____.
More info a. Outstanding checks, $670. b. Deposits in transit, $1,500. C. NSF check from customer, no. 548, for $175. d. Bank collection of note receivable of $800, and interest of $80. Interest earned on bank balance, $20. e. f. g. h. Service charge, $10. The business credited Cash for $200. The correct amount was $2,000. The bank incorrectly decreased the business's by $350 for a check written by another business. X
Provide an example of an account that would be listed under Current Liabilities on a balance sheet and briefly explain why it would be categorized this way. How would we categorize the balance in a Notes Payable account: under Current Liabilities or Noncurrent Liabilities? Why?
Which of the following is most likely to be a general ledger control account? Select one: O a. Prepaid Rent O b. Petty Cash O c. Owners Equity O d. Sundry Debtors