If $2,000 is withdrawn from the bank by a customer, the bank'sO Assets riseAssets and liabilities decreaseAssets decrease and liabilities riseO Liabilities decrease and assets rise

When the customer withdraws money, in his books, the cash account is debited and bank account is…

Answered: If $2,000 is withdrawn from the bank by…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Credit balance of bank account in cash book shows :(i) Overdraft(ii) Cash deposited in our bank(iii) Cash withdrawn from bank(iv) None of these
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ThstructionS: 1. Prepare a bank reconciliation. Deaver Consulting Bank Reconciliation October 31, 20Y6 Cash balance according to bank statement 31,095 Add: Deposit of October 31, not recorded by bank 4,120 35,215 Add: Outstanding checks 10,125 Deduct: Bank error in charging check as $230 instead of $320 90 10,215 Adjusted balance 25,000 Cash balance according to Deaver Consulting 15,750 Add: Proceeds of note collected by bank, including $400 interest 10,000 10.400 Deduct: Error in recording check by the company as $120 instead of $1,200 1,080 Deduct: Bank service charges 70 1,150 Adjusted balance 25,000 2. Illustrate the effects on the accounts and financial statements of the bank reconciliation. If no account or activity is affected, select "No effect" from the dropdown and leave the co
SHOW FORMULAS USING EXCELNO FORMULAS = NO UPVOTESKIP IF YOU ALREADY DID THIS OR ELSE DOWNVOTE
Instructions: Calculate the following Reconciliation for Hancock, Reid, & Carson for the period ending March 31, 2021. Prepare the March bank reconciliation statement on the blank statement provided for Hancock, Reid, & Carson Ltd. according to the following information: • Royal Bank of Canada statement says the current balance is $17,864.12. • There was an NSF cheque #1706 from Peter Bartrum in the amount of $1,870.54. There are bank service charges of $60.00; there are overdraft interest charges of $86.90; there is a preauthorized loan payment charge of $617.44; the bank paid Hancock, Reid & Carson Ltd. $204.12 interest on a revolving T-bill investment, and there is a charge of $54.00 for the annual rental of a safety deposit box. Upon comparing the bank statement to the company's cheque register, you noted that the final balance in the cheque register was $16,627.01 and that cheques #588 for $198.27, #592 for $i,846.40, #596 for $374.80 and #599 for $1,320.40 are outstanding. You…
12- Interest on Fixed deposit account, credited by the bank will a. Decrease in Cash book balance. b. Increase in Cash book balance. c. Increase in Bank book balance. d. Decrease in Bank book balance.
Show new balance sheet if bank uses purchased liquidity management to offset expected drain of $12 million net deposit. Also explain effect on the size and composition of assets and liab
The changes in the Cash in Bank account are reported in the statement of changes in owners equity. True or false?
Prepare a bank reconciliation statement of Mr.Kumar from the following: 1.Balance as per cash book 1,500 2.Cheques deposited but not cleared 100 3.Cheques issued but not presented for payment 150 4.Interest allowed by bank 20
The bank reconciliation statement shows a debit balance of RM2,470 as per the cash book, unpresented cheque amounting to RM858, and a credit balance of RM1,198 as per the bank statement. What is the amount of the deposits not yet credited ? O RM2,810 O RM2,130 O RM4,526 O RM414

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If $2,000 is withdrawn from the bank by a customer, the bank's Assets rise O Assets and liabilities decrease )Assets decrease and liabilities rise Liabilities decrease and assets rise