Identify where each of the following transactions would be found on the bank reconciliation by selecting "Yes" in the correct column. Select "No" for the other three columns.Increase toDecrease toIncrease toDecrease toTransactionBank SideBank SideBook SideBook SideOutstandingcheckInterestincomeNFS checkDeposit intransitBankcharges

The adjustments are made to bank and book side for the transactions that needed to be adjusted. The…

Answered: Identify where each of the following…

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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Question: 1.What is the correct source documents for bank charges from business bank account. option: a) invoice received by the business X. b) invoice issued by business X. c) Receipts received by business X. d) Receipts issued by business X. e) Bank Debit advice. f) Bank credit advice. g) internal memo. h) cash sales slip. i) Cheque butt. j) credit note issued by business X. reqiured: please answer this question by choosing the correct source documents.
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prepare a bank reconciliation.
Assign the letter to indicate whether the following items would be added from the company's books or the bank statement during the construction of a bank reconciliation. Clear All Charges for some other company's safe deposit box were posted to your account A $1,000 note from one of Added to the bank your customers was statement balance collected by the bank Added the company's Interest revenue earned by books the note above EFT deposit from a customer
Reconciliation Items per Bank - Deposits in Transit Question; What does it mean when it says to compare individual deposits on the bank statement with: 1) the deposits in transit from the preceding bank reconciliation. AND 2) the current month's deposits recorded in the company's books. Please explain e.g's would be helpful as well.
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Based on the following information, what amount would be subtracted from the bank statement side of the bank reconciliation? ATM withdrawal $31; Outstanding checks $135; Interest $4; Deposit in-transit $87.Multiple Choice $139 $166 $87 $135 $31
Which one is the correct formula for BRS Select one: O a. Balance as per Books- Interest Income from Bank- error in cheques+ Bank Collection Fee- NSF Check D. Balance as per Books+ Interest Income from Bank+ error in cheques- Bank Collection Fee- NSF Check O b. Balance as per Books+ Interest Income from Bank- error in cheques- Bank Collection Fee- NSF Check O c. Balance as per Books+ Interest Income from Bank+ error in cheques+ Bank Collection Fee- NSF Check Clear my choice
On the Excel worksheet are the T- accounts for cash and other accounts need to record the bank reconciliation. Also, the format for the bank reconciliation is provided. Complete the bank reconciliation, using formulas when possible.
multiple choice quetion a.When preparing a bank reconciliation statement and the closing bank statement balance is an overdraft, we begin with the balance in the bank statement and then: add unpresented cheques and deduct outstanding receipts. add outstanding receipts and deduct unpresented cheques. add all receipts and deduct all payments. 4.add all payments and deduct all receipts
Which one of the following items requires an adjustment on the bank side of the bank reconciliation? A. interest earned B. a bank service charge C. a note collected by the bank D. deposits in transit
Control Features of a Bank Account: Reconciling the Bank Account (Entries from Bank Reco Knowledge Check A bank reconciliation from Ware, Inc. is provided here. Cash balance per bank statement Add: Deposits in transit $18,200 2,100 20,300 Less: Outstanding checks 1,050 Adjusted cash balance per bank 19,250 Cash balance per books 17,000 Add: Electronic funds transfer received $2,650 Interest earned 30 2,680 19,680 Less: NSF check-J. King 400 Bank charges 30 430 Adjusted cash balance per books $19,250 Prepare all necessary journal entries as a result of the bank reconciliation. (List all debit entries before credit entries. Credi titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Nov 30 Cash Debit Credit

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