Outstanding checks refer to checks that have been: Multiple Choice Written, recorded, sent to payees, and received and paid by the bank. Written and not yet recorded in the company books. Held as blank checks. Written, recorded on the company books, sent to the payee, but not yet paid by the bank. Issued by the bank.

Outstanding checks refer to checks that have been: Multiple Choice Written, recorded, sent to payees, and received and paid by the bank. Written and not yet recorded in the company books. Held as blank checks. Written, recorded on the company books, sent to the payee, but not yet paid by the bank. Issued by the 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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Outstanding checks are checks the company has written and recorded but the bank has not received. Group of answer choices True False
Would a bank service charge be added to or subtracted from the company's books or the bank statement during the construction of a bank reconciliation?
Which of the following should be included as part of outstanding checks in preparing bank reconciliation? i. Undelivered checks; ii. Post-dated checks; iii. Stale checks a.i and ii b.i and iii c.ii and iii d.None of the above
After preparing a bank reconciliation, journal entries are necessary to record Bank service charges Deposits in transit Outstanding checks Both B and C are correct A, B, and C are correct
A check that has a future date instead of the actual date; it should not be deposited until the date on the check, is known as ____________. Electric Funds Transfer (EFT) Check 21 Bank card Post dated check
Which one of the following would not appear on a bank statement for a checking account? a.Deposits b.Service charges c.Outstanding checks d.Interest earned
A check returned by a bank because the issuer’s cash account balance could not cover the check is called a(n) A. canceled check. B. certified check. C. NSF check. D. outstanding check.
In the reconciliation of the June bank statement, a deposit made on June 30 did not appear on the June bank statement. How is this deposit in transit shown on the bank reconciliation? Multiple Choice O O Added to the unadjusted bank balance. Subtracted from the unadjusted bank balance. Added to the unadjusted book balance. Subtracted from the unadjusted book balance.
Which of the following items does NOT cause a difference in the bank balance and the book balance on a bank reconciliation? a. Nonsufficient funds checks b. Deposits in transit c. Canceled checks d. Outstanding checks
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.
What item on the bank statement that may differ from the company's financial records. NSF check interest earned outstanding checks service charge
In preparing a bank reconciliation, what is the proper treatment of an outstanding check?