Dennis, a sole trader, repaid a bank loan of $10,000 with a personal cheque of $4,000 and the balance with a business cheque. What is the effect of the transaction on the accounting equation?
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Dennis, a sole trader, repaid a bank loan of $10,000 with a personal cheque of $4,000 and the balance with a business cheque. What is the effect of the transaction on the
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- The bank statement would function as the primary source document for which two of the following transactions? Select more than one: a. Monthly bank fees b. Sale made to a customer, using his debit card c. Interest received on current account balance d. Purchase from a supplier, by chequeWhich one of the following would not appear on a bank statement for a chequing account? a.Deposits b.Interest earned c.Service charges d.Outstanding chequesFrom a company’s point of view, which of the following statements best describes an “outstanding cheque”? a cheque written by the company but not yet presented to the bank for payment a cheque written by a customer to the company that has been presented to the bank for payment a cheque written by the company and presented to the bank for payment a cheque written by a customer to the company but not yet been presented to the bank for payment
- On March 31 of the current year, Fresh Flowers received a bank statement dated March 30. Prepare a bank statement reconciliation. Use Mar. 31 of the current year as the date. The following information is obtained from the March 30 bank statement and from the records of 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 Deduction by the bank Addition by the bank O Deduction by the business O Addition by the businessForest Beach Company experienced an event that had the following effects on its financial statements.
- Entity Cake is preparing its February 28, 2023 bank reconciliation statement. The following information was determined: • Cash balance per accounting books, Feb. 28, 2023- P260,000 • Cash balance per bank statement, Feb. 28, 2023- P205,000 When investigating the difference, the accountant determined the following: a. A customer deposited P30,000 to Entity Cake's bank account as payment for an account receivable. This is not yet recorded in the books of accounts. b. A P102,500 check deposited by Entity Cake during the month is not yet credited Cake's account. Entity c. A check drawn in the amount of P22,500 is not yet presented to the bank for payment. d. The bank returned a check deposit amounting to P5,000 because of insufficiency in the funds of the drawer. The check was received from a customer as payment for accounts receivable. How much is the adjusted cash balance on February 28, 2023?Rush Corporation borrowed $25,000 from the bank. Which of the following accurately shows the effects of the transaction?Determine whether the firm reports each of the following items as part of cash and cash equivalents in the balance sheet. Item Cash or Cash Equivalent? (yes/no) 1. Currency 2. Inventory for sale to customers 3. Balance in savings account 4. Checks 5. Accounts receivable 6. Investments purchased with maturities of less than three months 1. _________________ 2.__________________ 3.__________________ 4.__________________ 5.__________________ 6.__________________
- Falcon Incorporated has the following transactions with Wildcat Corporation. Transactions Falcon’s Related Account 1. Falcon purchases common stock of Wildcat. 2. Falcon borrows from Wildcat by signing a note. 3. Falcon provides services to Wildcat. 4. Falcon pays interest to Wildcat on borrowing. Investment Notes payable Service revenue Interest expense Required:1. For each transaction, indicate whether Falcon would report the related account in the balance sheet or income statement.2. For accounts in the balance sheet, indicate whether it would be classified as an asset, liability, or stockholders’ equity. For accounts in the income statement, indicate whether it would be classified as a revenue or an expense.3. Indicate whether each transaction is classified as operating, investing, or financing activity.I need help with questionThe accountant at Fidel Trading has received the November 2010 bank statement. She immediately investigates the difference between the bank account balance of the cash book and the balance of the bank statement. The accountant has found the following discrepancies: i. A cheque for $3,000 received from a debtor was deposited at the bank but no journal entry was made to record the transaction in the cash book. ii. The repayment of a mortgage is made on behalf of the business by the bank on the authority of a standing order. The payment of $18,000 for the month of November 2010 was not recorded in the cash book. iii. A $36,900 deposit made to the bank on November 30, 2010, did not appear on the bank statement. iv. A cheque for $67,000 which was paid to a creditor was incorrectly recorded in the cash book as $76,000. v. Bank charges of $2,400 appeared on the bank statement only. vi. The direct transfer of $10,000 from Fidel’s bank to the bank of the supplier was not recorded in the cash…