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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Question 11: Which statement about making deposits is TRUE? Answer: A. B. C. D. O Funds received through sales are held in Savings, and you must move them to Checking. Funds received through sales are held in Undeposited Funds, and you must move them to your bank account. O Funds received through sales are held in Accounts Payable, and you must move them to your bank account. Funds received through sales are held in Accounts Receivable, and you must move them to your bank account.
8 Ay Required information A bank reconciliation proves the accuracy of the depositor's and the bank's records. The bank statement balance is adjusted for items such as outstanding checks and unrecorded deposits made on or before the bank statement date but not reflected on the statement. The book balance is adjusted for items such as service charges, bank collections for the depositor, and interest earned on the account. Steps in Preparing Bank Reconciliation: 1. Enter bank balance taken from the bank statement. 2. Add unrecorded deposits and bank errors understating the bank balance. 3. Subtract any outstanding checks and bank errors overstating the bank balance from the bank balance. 4. Compute the adjusted bank balance. 5. Enter cash account book balance taken from the accounting records. 6. Add any unrecorded cash receipts and errors understating the book balance to the book balance. 7. Subtract any unrecorded bank fees, NSF checks, and errors overstating the book balance and…
On the Excel worksheet are the T- accounts for cash and other accounts need to record the bank reconciliation. Also, the format for the bank reconciliation is provided. Complete the bank reconciliation, using formulas when possible.
How do you record a debit card purchase in Quickbooks? A. Use the Enter Bills window to enter the information, then immediately go to the Pay Bills window and prepare th check. B. Prepare a journal entry to debit the expense account of the purchase and credit cash. C. Wait until you do the bank reconciliation and enter one journal entry for all of your debit card purchases. D. Using the Write Checks window, in the No. field,type “Debit.” Enter the vendor name and amount in the check area.
Matching Question Match the banking term on the left with its definition on the right. Drag and drop application. Deposit ticket Deposit ticket drop zone empty. Check Check drop zone empty. Bank account Bank account drop zone empty. Remittance advice Remittance advice drop zone empty. Electronic funds transfer Electronic funds transfer drop zone empty. Lists currency, coins and checks deposited into an account Explains the reason for payment Used to deposit money for safekeeping and help control withdrawals. A document signed by the depositor instructing the bank to pay a specified amount of money Electronic transfer of cash from one party to another
Balance per bank Balance per company records Bank service charges Deposits in transit NSF checks Outstanding checks $14,355 14,010 80 4,100 775 5,300 Required: 1. What is the adjusted balance on the bank reconciliation? Bank section of reconciliation Company section of reconciliation 2. Journalize any necessary entries for Build-A-Lot based on the bank reconciliation. If an amount box does not require an entry, leave it bl
To minimize errors in the accounts payable function, which of the following procedures should be performed? approving the purchase requisition following up on open purchase orders double checking the math on the bank reconciliation matching the supplier’s invoice to the receiving report
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…
Comprehensive Problem 3Part 3: Note: You must complete parts 1 and 2 before completing part 3 of this comprehensive problem. Based on the bank reconciliation prepared in (2), journalize the entry or entries to be made by Kornett Company. Use the Miscellaneous Administrative Expense account to record bank service charges. If an amount box does not require an entry, leave it blank. Date Description Debit Credit Dec. 31
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 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
6 When preparing a bank deposit which of the following is a best practice? Select one: a. Deposit all customer payments one at a time using the Bank Deposit form b. Group all customer payments with the same payment method together in one deposit c. Leave payments in the undeposited funds account d. Group customer payments with the payment method of checks and credit card payments in one deposit and group all the cash payment methods in a separate deposit