Match each item to a bank statement adjustment, a company books adjustment, or either. Clear AllOutstanding checksNSF checkbank statement adjustmentError in recording a checkcompany books adjustmentBank chargeseitherNote collected by the bankInterest revenueDeposit in transit On the first day of the fiscal year, Alpha Corporation purchased a machine with a cost of $65,000. The machine, which will be installed in Alpha Corporation's operating plant has an estimated salvage value of $5,000 and an estimated life of5 years or 15,000 hours. During the first year, the machine was operated for 5,000 hours. During the second year the machine was operated for 7,500 hours. The machine is to be depreciated by the straight-line method. What is theamount of depreciation for the first full year?Question.O s26,000Os13,000Os24,000Os12,000The dates of importance in connection with a cash dividend of $50,000 on a corporation's common stock are January 15, February 15, and March 15. Journalize the entries required on each date.Ir no entry is required, select "No Entry Required" and leave the amount boxes blank or enter "O".Jan. 15Feb. 15Mar. 15

These are related to bank reconciliation statements .

Answered: Match each item to a bank statement…

Business

Accounting

Match each item to a bank statement adjustment, a company books adjustment, or either.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: On a bank reconciliation, which of the following is added to the balance per book? Interest earned…

A: In order to make sure that their bank records—bank statements—and their own accounting…

Q: How to prepare the journal entry for the reclassification of long-term notes payable to current…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: The "principal" of a note receivable refers to: a.the amount of cash borrowed. b.the present value…

A: The principal amount of a note receivable is the amount of cash borrowed.

Q: Which of the following statements is true? Group of answer choices Companies typically report gross…

A: The objective of the question is to identify the correct statement about how companies typically…

Q: An adjusting entry is required for: Select one: a. Deposit in transit. O b.Outstanding checks. O c…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: Timing difference occurs when the bank records an amount before the company does. Group of answer…

A: Bank reconciliation statement: This statement shows the deposits, withdrawals and other charges and…

Q: Which is the correct action to reconcile the bank statement for a Bank service charge? OA) Add to…

A: Explanation of each item are provided as below : A. Added to Book Balance : In Bank reconciliation,…

Q: What is the difference between an account receivable and a note receivable?

A: Receivable: It can be defined as the amount that is owed by the customers from the business.

Q: What is the adjusted balance on the bank reconciliation? (See image of additional info)

A: Cash balance as per bank statement 12,175 Add: Deposits in transit 1800 13,975 Less:…

Q: Define Allowance for Uncollectible Accounts.

A: Allowance for uncollectible accounts: Allowance for uncollectible accounts is a contra-asset…

Q: Discuss, using practical example the effect of prepayment figures on the preparation of a financial…

A: Note: As per the policy we are supposed to solve one question at a time, Kindly repost the further…

Q: Which adjustments need to be recorded in the accounting records? Those that affected the bank…

A: Introduction: All the paperwork and books used to create financial statements or records necessary…

Q: journal entries that should be made as a result of the bank reconciliation

A: General JournalDebitCreditOffice expenses31 Cash31(To record service charges deducted by bank)

Q: How did you calculate the deposits and checks outstanding

A: The deposit which are deposited by company on last date of month may not be reflected the in bank…

Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Match each item to a bank statement adjustment, a company books adjustment, or either.

Clear All
Outstanding checks
NSF check
bank statement adjustment
Error in recording a check
company books adjustment
Bank charges
either
Note collected by the bank
Interest revenue
Deposit in transit

On the first day of the fiscal year, Alpha Corporation purchased a machine with a cost of $65,000. The machine, which will be installed in Alpha Corporation's operating plant has an estimated salvage value of $5,000 and an estimated life of
5 years or 15,000 hours. During the first year, the machine was operated for 5,000 hours. During the second year the machine was operated for 7,500 hours. The machine is to be depreciated by the straight-line method. What is the
amount of depreciation for the first full year?
Question.
O s26,000
Os13,000
Os24,000
Os12,000
The dates of importance in connection with a cash dividend of $50,000 on a corporation's common stock are January 15, February 15, and March 15. Journalize the entries required on each date.
Ir no entry is required, select "No Entry Required" and leave the amount boxes blank or enter "O".
Jan. 15
Feb. 15
Mar. 15

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

In a bank reconciliation, an EFT cash payment is A. added to the bank balance in the general ledger B. deducted from the bank balance on the bank statement C. added to the bank balance on the bank statement D. deducted from the bank balance in the general ledger
How to determine the unadjusted balances of accounts receivable by using the percent of sales method and the analysis of receivables method , please , thank You!
In the reconciliation of a bank statement, "deposits in transit" should be:a. added to the unadjusted book balanceb. subtracted from the unadjusted bank balancec. added to the unadjusted bank balanced. subtracted from the unadjusted bank balance
Does it go under balance per bank statement or balance per books for reconciliation worksheet?
Do items reported as a credit memorandum on the bank statement represents (a) additions made by the bank to the company’s balance or (b) deductions made by the bank from the company’s balance? Explain.
List some common examples of other receivables, besides accounts receivable and notes receivable.
Accompanying the bank statement was a debit memorandum for an NSF check received from a customer. This item would be included on the bank reconciliation as a(n) ____.
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 transaction types should be recorded using the Bank Deposit form?