← Quiz 3 - Chapter 7-9Question 4 of 20View PoliciesCurrent Attempt in Progress< >(b)Wildhorse Inc. mistakenly recorded a cheque as $686 that was written for $800 in payment of a payable owing to one of thecompany's suppliers. In addition, the company noticed that the bank had mistakenly deducted a cheque for $500 from its bank accountthat was written by another company.Identify any entries required on Wildhorse's books to correct these errors. (List all debit entries before credit entries. Credit account titlesare automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titlesand enter 0 for the amounts.)Account Titles and ExplanationTo correct-/4 =DebitCredit;01:37 ← Quiz 3 - Chapter 7-9Question 3 of 20View PoliciesCurrent Attempt in Progress<Deposit in transit $eTextbook and MediaSave for Later>For the months of January and February, Cullumber Ltd. recorded cash deposits in its books of $5,100 and $5,100, respectively. Forthe same two months, the bank reported deposits totalling $3,700 and $4,400, respectively. Assuming that there were no deposits intransit at the beginning of January, what was the amount of deposits in transit at the end of January and at the end of February?January$-/1February123Attempts: 0 of 1 used=:Submit Answer30

The correction entries are made for error in the books of the company . If there is an error made by…

ent Attempt in Progress Idhorse Inc. mistakenly recorded a cheque as $686 that was written for $800 in payment of a payable owing to one of the mpany's suppliers. In addition, the company noticed that the bank had mistakenly deducted a cheque for $500 from its bank accour at was written by another company. entify any entries required on Wildhorse's books to correct these errors. (List all debit entries before credit entries. Credit account titles automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles denter 0 for the amounts.) ccount Titles and Explanation Debit Credit

ent Attempt in Progress Idhorse Inc. mistakenly recorded a cheque as $686 that was written for $800 in payment of a payable owing to one of the mpany's suppliers. In addition, the company noticed that the bank had mistakenly deducted a cheque for $500 from its bank accour at was written by another company. entify any entries required on Wildhorse's books to correct these errors. (List all debit entries before credit entries. Credit account titles automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles denter 0 for the amounts.) ccount Titles and Explanation Debit Credit

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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If the company's accountant mistakenly recorded an $71 deposit as $111, the error would be shown on the bank reconciliation as a(n): Multiple Choice $40 addition to the book balance. $111 addition to the book balance. $40 deduction from the book balance. $111 deduction from the book balance.
Which of the following items will not appear on the Books side of the reconciliation? A a non-sufficient funds check of $75 was returned to the bank and deduct it from the bank balance. Be a deposit was in transit in not yet deposited in the bank. See the bank charge a service fee of $20 on the bank statement. D the bank collected in notes receivable of $1000 for the business
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The bank reconciliation shows the following adjustments: Deposits in transit: $892 Notes receivable collected by bank: $1,030; interest: $25 Outstanding checks: $590 Error by bank: $340 Bank charges: $34 Prepare the correcting journal entries. If an amount box does not require an entry, leave it blank.
For which of the following errors would the appropriate amount be added to the balance per books on a bank reconciliation? Deposit of $770 recorded by the bank as $77. O Check written for $73, but recorded by the company as $37. O A returned $470 check recorded by the bank as $47. Check written for $57, but recorded by the company as $75.
Current Attempt in Progress Identify whether each of the following items would be (a) added to the book balance, or (b) deducted from the book balance in a bank reconciliation. 1. 2 3. 4. 5. EFT transfer to a supplier. Bank service charge. Check printing charge. Error recording check # 214 which was written for $260 but recorded for $620. Collection of note and interest by the bank on the company's behalf.
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