← 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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The following information is available for Remal Bidiya Company at the end of October: Unadjusted balance per bank RO 4,550; outstanding checks RO 775; deposits in transit RO 1,250; NSF check RO 80; bank service charge RO 50; credit memo from bank RO 95; a check of RO 105 was recorded erroneously as RO 150 by the company cash balance per books RO 4,500, As a result of this reconciliation, Remal-Bidiya Company will: Select one: O a. Reduce its cash account by RO 90, O b. Increase its cash account by RO 10. Oc Increase its cash account by RO 20. O d. Reduce its cash account by RO 70.
Write the word "True" if the statement is correct and "False" if it is incorrect. 1. Debit memos are items added by the bank but have not been added by the book as of the cut-off date. 2. Credit memos are items that have been deducted by the bank but have not been deducted per book. 3. Debit memos are collections from receivables by the bank on behalf of the company and proceeds from loans directly added by the bank to the account of the depositor. 4. One of the internal control features in every company is a monthly bank reconciliation in which it is created to report that there is no discrepancy between the cash balance per book records and the cash balance per bank records. 5. After all, adjustments have been made. Reciprocal accounts should have the same balance. 6. Bank reconciliation statement is prepared to reconcile the difference between cash book and bank balance. 7. When a company has two bank account, only one bank reconciliation is prepared for all the accounts. 8. The…
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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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