LO 6-3 Exercise 6-9A Adjustments to the balance per bank Required Identify which of the following items are added to or subtracted from the unadjusted bank balance to arrive at the true cash balance. Distinguish the additions from the subtractions by placing a + beside the items that are added to the unadjusted bank balance and a - beside those subtracted from it. The first item is recorded as an example. Reconciling Items Bank service charge Outstanding checks Deposits in transit Debit memo Credit memo Certified checks Petty cash voucher NSF check from customer Interest revenue Bank Balance Adjusted? No Added or Subtracted? ΝΑ

LO 6-3 Exercise 6-9A Adjustments to the balance per bank Required Identify which of the following items are added to or subtracted from the unadjusted bank balance to arrive at the true cash balance. Distinguish the additions from the subtractions by placing a + beside the items that are added to the unadjusted bank balance and a - beside those subtracted from it. The first item is recorded as an example. Reconciling Items Bank service charge Outstanding checks Deposits in transit Debit memo Credit memo Certified checks Petty cash voucher NSF check from customer Interest revenue Bank Balance Adjusted? No Added or Subtracted? ΝΑ

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

:46:46 In a Bank Reconciliation, which item is deducted from the Book Balance: Multiple Choice Bank Service charges. Outstanding checks Deposit in transits. EFT Receipts.
Interest on Loan account, debited by the bank will a. Decrease in Bank book balance. b. Increase in Bank book balance. c. Increase in Cash book balance. d. Decrease in Cash book balance.
multiple choice question a.The difference between the bank statement balance and the balance in Bank account in the general ledger may be due to: unpresented payments. outstanding receipts. errors done by the bank and the entity. all of the choices given.
What are the two (2) adjustments required to reconcile the Cash Book with the Bank Statement? Explain what each adjustment represents.
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
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.
In preparing a bank reconciliation, the amount of outstanding checks is added to the balance per bank statement. OTrue False
Identify transaction NOT belonging to Cash Equivalents O a. Bank Balance O b. Bank Overdraft O c. Short-term deposits in bank Od. Interest paid
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.
11-When the note receivable is dishonored the following account is debited. a. Account receivable b. Note receivable c. Interest Revenue . d. Cash
Solve this problem with correct solution
QUESTION 5 On the bank reconciliation, deposits in transit are: a. an addition to the balance per bank statement b. a deduction to the balance per bank statement c. an addition to the company's records d. a deduction to the company's records