АСТIVIY 1 Instructions: Analyze the effects of the given reconciling items. Write on the column affecte OVERSTATED if the reported amount is more than the true amount; or UNDERSTATED if t reported amount is less than the true amount. Reconciling Items 1. Outstanding Checks 2. Credit Memo 3. Bank Charges 4. Deposits in Transit 5. Deposited collection returned by bank due to "no sufficient fund" 6. Debit Memo 7. Book Errors (debited P12,570 instead of P12,750) 8. Interest Income earned by the deposits 9. Bank Errors (credited the account of the depositor) 10. Bank paid your bill on your behalf Вook Bank

АСТIVIY 1 Instructions: Analyze the effects of the given reconciling items. Write on the column affecte OVERSTATED if the reported amount is more than the true amount; or UNDERSTATED if t reported amount is less than the true amount. Reconciling Items 1. Outstanding Checks 2. Credit Memo 3. Bank Charges 4. Deposits in Transit 5. Deposited collection returned by bank due to "no sufficient fund" 6. Debit Memo 7. Book Errors (debited P12,570 instead of P12,750) 8. Interest Income earned by the deposits 9. Bank Errors (credited the account of the depositor) 10. Bank paid your bill on your behalf Вook Bank

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 one of the following would not appear on a bank statement for a checking account? a.Deposits b.Service charges c.Outstanding checks d.Interest earned
multiple choice question a.The difference between the bank statement balance and the balance in Bank account in the general ledger may be due to: unpresented payments. outstanding receipts. errors done by the bank and the entity. all of the choices given.
7-4 A
Assess the following statement as true or false. Enter T for true or F for false. 1. 2. 3. 4. Bank reconciliation is one of documentation procedure control. A cash budget contributes to more effective internal control. of segregation of duties. 5. to apply. Allow only one check signer has access to cash recording is an example The assumption of inventory method (i.e. FIFO etc.) may not match the physical flow of goods. Technology has make the perpetual inventory more popular and easier
To minimize errors in the accounts payable function, which of the following procedures should be performed? approving the purchase requisition following up on open purchase orders double checking the math on the bank reconciliation matching the supplier’s invoice to the receiving report