In a bank reconciliation, a bank service charge for printingchecks is:A. added to the bank balance.B. added to the book balance.C. subtracted from the book balance.D. suthrachod from the bank balance.

Bank Reconciliation:Bank reconciliation is a method that involves comparing accounting records and…

Answered: In a bank reconciliation, a bank…

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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Similar questions

In a bank reconciliation, to adjust for a customer's NSF check requires: reducing the bank balance by the amount increasing the bank balance by the amount reducing the book balance by the amount increasing the book balance by the amount
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
When a business endorses a note and transfers it to a bank, the process is called a discounting a note receivable. b. dishonoring a note receivable e cosigning a note receivable d. collecting a note receivable
Match each item to a bank statement adjustment, a company books adjustment, or either. Question 8 options: NSF check Bank charges Outstanding checks Error in recording a check Interest revenue Deposit in transit Note collected by the bank 1. bank statement adjustment 2. company books adjustment 3. either
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.
When a company records a bank deposit, it will: O A. credit the Cash account on the company's books. O B. debit the Accounts Receivable account on the company's books. OC. debit the Cash account on the company's books. O D. credit the Accounts Payable account on the company's books.
7) Adjusting entries are made: A) For the differences between the bank statement cash balance and adjusted cash balance on the bank reconciliation. B) For the difference between the book (financial statement) cash balance and the adjusted cash balance on the bank reconciliation. C) Both A and B are true. D) Neither A, nor B, is true.
The bank statement showed a non-interest bearing note receivable from a customer that was collected by the bank, which the company listed as a reconciling item on the bank reconciliation statement. The journal entry needed for this reconciling item includes: Multiple Choice a debit to Cash. a credit to Interest Income. a credit to Cash. a debit to Accounts Receivable.
When journal entries for items in the Ledger Balance of Cash section of the bank reconciliation are made, the additions are: a.credited to the Capital account. b.debited to the Capital account. c.debited to the Cash account. d.credited to the Cash account.
After you have completed a bank reconciliation, there can be numerous un‐ reconciled bank statement debits. In your own words, explain the difference between a debit order and a stop order.
More info a. Outstanding checks, $670. b. Deposits in transit, $1,500. C. NSF check from customer, no. 548, for $175. d. Bank collection of note receivable of $800, and interest of $80. Interest earned on bank balance, $20. e. f. g. h. Service charge, $10. The business credited Cash for $200. The correct amount was $2,000. The bank incorrectly decreased the business's by $350 for a check written by another business. X
Which of the following is a book reconciling item? a.notes receivable collected by the bank b.cash on hand awaiting deposit c.collections already forwarded to the bank for deposit but too late to appear in the bank statement d.Checks drawn and already given to payees but not yet presented for payment

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In a bank reconciliation, a bank service charge for printing checks is: A. added to the bank balance. B. added to the book balance. C. subtracted from the book balance. D. suthrachod from the bank balance.