Question 8 Which 3 statements are correct regarding reconciling a bank account in QuickBooks Online? To begin the reconcile process, you need to enter the statement ending date and ending balance from the relevant bank statement Reconciliations must only be run at period end to estimate tax owed The primary admin can undo reconciliations Transactions added or matched in the Banking center are automatically marked tentatively cleared To view the reconciliation report, select History by account Bank accounts can be reconciled only if they are connected through bank feeds

Question 8 Which 3 statements are correct regarding reconciling a bank account in QuickBooks Online? To begin the reconcile process, you need to enter the statement ending date and ending balance from the relevant bank statement Reconciliations must only be run at period end to estimate tax owed The primary admin can undo reconciliations Transactions added or matched in the Banking center are automatically marked tentatively cleared To view the reconciliation report, select History by account Bank accounts can be reconciled only if they are connected through bank feeds

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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Exercise 1-12 Based on the following information, prepare a bank reconciliation statement for ROSAL COMPANY as of Dec. 31, 2019, Use the bank to book format. 1. Balance per bank statement, Dec. 31, 2019, P85,938.46. 2. Balance per books, Dec. 31, 2019, PSB,489.12. 3. Outstanding checks, Dec. 31, P31,108.42. 4. Receipts of Dec. 31, 2019 deposited Jan. 5, 2015, P5,317.20. S. Service charges for Nov. per bank DM of Dec. 15, 2019, P203.85 6. Proceeds of bank loan, Dec. 15, 2019, omitted from the company's books, P9,875.00. 7, Deposit of Dec. 23, 2019 omitted from the bank statement, P2,892.41. 8. Check of Rome Products Co., returned by the bank for lack of countersignature. No entry was made on the books to record the return, P417.50. 9. Error on bank statement in entering deposit of Dec, 16, 2019: Correct amount P3,182.40 Entered as 3,181.40 10. Check no. 3917 of Camila Company charged by bank in error to Rosal Company, P2,690.00. 11. Proceeds of Natalia Company note, collected by bank on…
Problems on Bank Reconciliation Q1 From the following particulars of Al Nava Industries LLC, prepare bank reconciliation statement as on December 31, 2018 -Bank balance as per cash book RO 32,500 -Cheques deposited into bank but not credited up to December 31, 2018 is RO 8,900. -Cheques issued but not presented for payment RO 12,500.* -Bank credited RO 5,000 for receiving dividend through Electronic Clearing System. * -Bank charges debited by Bank RO 400.
Which option below correctly indicates how an unfavourable balance of the bank account in the general ledger at 31 May 2021 should be dealt with when doing a bank reconciliation? Select one: a. By debiting the bank reconciliation statement as at 31 May 2021 b. By crediting the bank statement for May 2021 c. By crediting the bank reconciliation statement as at 31 May 2021 d. By debiting the bank statement for Please don't provide solution image based thnku
Question Help please explain entries and calculations In seperate boxes for numbers 1-4 so i can learn to do it Thank You. 1.) Bank Reconciliation 2.) General Journal 3.) Bad Debt Calculations 4.) Notes Recievable Calculations In June, Bill commented to you that he could never figure out his bank statement, “it never matches the balance in my accounting records” he tells you. So you explain that a bank reconciliation is a tool used to balance the bank statement to the accounting books. He gives you his bank statement for June, 2014 (shown below). The general ledger shows a balance for the account cash of $14,319.00 on June 30, 2014 (detail transactions below). Bill’s business only has one checking account and no other cash accounts. Bill has begun to have problems collecting some of his credit accounts and is considering writing off a couple of customer account balances. He asks you how these bad debts should be recorded and has asked you to begin recording bad debt using the allowance…
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Instructions: Calculate the following Reconciliation for Hancock, Reid, & Carson for the period ending March 31, 2021. Prepare the March bank reconciliation statement on the blank statement provided for Hancock, Reid, & Carson Ltd. according to the following information: • Royal Bank of Canada statement says the current balance is $17,864.12. • There was an NSF cheque #1706 from Peter Bartrum in the amount of $1,870.54. There are bank service charges of $60.00; there are overdraft interest charges of $86.90; there is a preauthorized loan payment charge of $617.44; the bank paid Hancock, Reid & Carson Ltd. $204.12 interest on a revolving T-bill investment, and there is a charge of $54.00 for the annual rental of a safety deposit box. Upon comparing the bank statement to the company's cheque register, you noted that the final balance in the cheque register was $16,627.01 and that cheques #588 for $198.27, #592 for $i,846.40, #596 for $374.80 and #599 for $1,320.40 are outstanding. You…
Bank reconcjliation Instructions Chart of Accounts First Question Journal Instructions The following data were gathered to use in reconciling the bank account of Reddan Company: Balance per bank $17,350 Balance pir company records 10,035 Bank service charges 35 Deposit in transit 3,350 Note collected by bank with $190 interest 4,600 Outstanding checks 6,100 Instructions a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for Reddan Company based on the bank reconciliation. Refer to the Chart of Accounts for exact wordina of Check My Work
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Bank Reconciliation The following data were gathered to use in reconciling the bank account of Bradford Company: Balance per bank $ 17,400 Balance per company records 8,195 Bank service charges Deposit in transit Note collected by bank with $130 interest Outstanding checks a. What is the adjusted balance on the bank reconciliation? 45 3,100 4,900 7,450 b. Journalize any necessary entries for Bradford Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.
The bank reconciliation shows the following adjustments: • Deposits in transit: $882 • Notes receivable collected by bank: $1,040; interest: $35 • Outstanding checks: $580 • Error by bank: $310 • Bank charges: $40 Prepare the correcting journal entries. If an amount box does not require an entry, leave it blank. Accounts Payable Accounts Receivable Bank Service Charges Cash Interest Income II II II II