Part 1- Questions (Short Answer)1. How does a savings account differ from a checking account?2. What is the use of a deposit slip?3. What is the use of a withdrawal slip?4. What is a bank check?5. What are the information required in filling up a bank check?

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Answered: Part 1- Questions (Short Answer) 1. How…

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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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
A ____ is an interest-bearing checking account. Group of answer choices NOW account certificate of deposit Treasury bill regular checking account Series EE US savings bond
Which of the following adjusts the bank’s balance of cash in a bank reconciliation? a. NSF checks. b. Service fees. c. An error by the company. d. Checks outstanding.
Explain why the money listed under assets on a bank balance sheet may not actually be in the bank?
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
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) ____.
A prenumbered document that tells the bank to pay the designated party a specific amount is a A. check B. deposit ticket C. routing number D. remittance advice
what happen to the account if the owner pay trade payable using own personal bank?
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.
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
Describe situations in which you might use a certified check, cashiers check or money order.

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Part 1- Questions (Short Answer) 1. How does a savings account differ from a checking account? 2. What is the use of a deposit slip? 3. What is the use of a withdrawal slip? 4. What is a bank check? 5. What are the information required in filling up a bank check?