I need help with question Question:A check drawn by a company for $340 in payment of liability was recorded in thejournal as $430. This item would be included on the bank reconciliation as a(n)?a. addition to the balance per the company's records.b. addition to the balance per the bank statement.c. deduction from the balance per the bank statement.d. deduction from the balance per the company's records.

Step 1: Introduction to the Bank Reconciliation:A bank reconciliation involves comparing the balance…

Answered: Question: A check drawn by a company…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 2SEQ

See similar textbooks

Similar questions

Which of the following items are found on a book side of the bank reconciliation? A. beginning bank balance B. outstanding checks C. interest income D. error made by bank
Leann Company received the following bank statement. Using the information from PB11 and PB12, prepare the bank reconciliation.
When a business borrows money from a bank on a non-interest-bearing note, how are the bank discount and proceeds calculated?
Hajun Company received the following bank statement. Using the information from PB9 and PB10, prepare the bank reconciliation.
The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of the deposit. Should this be of concern? Why, or why not?
Can some Explain!
A check drawn by a company for $340 in payment of a liability was recorded in the journal as $430. This item would be included on the bank reconciliation as a(n) a.deduction from the balance per the bank statement b.addition to the balance per the company's records c.deduction from the balance per the company's records d.addition to the balance per the bank statement
A check drawn by a company for $340 in payment of a liability was recorded in the journal as $430. This item would be included on the bank reconciliation as a(n) Select one: A. addition to the balance per the bank statement B. deduction from the balance per the bank statement C. addition to the balance per the company's records D. deduction from the balance per the company's records
A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. This item would be included in the bank reconciliation as a(n) a. addition to the balance per the bank statement b. deduction from the balance per the bank statement c. addition to the balance per the company's records d. deduction from the balance per the company's records
Assume that Johnson and Johnson company received the cheque of OMR 197 form it's debtor ( Accounts receivables ) . But the accountant of the company recorded it as OMR 179 and sent to bank for deposit How will you adjust the above reconciliation item in Bank reconciliation statement ? a . Add OMR 197 to cash book balance b . Add OMR 18 to cash book balance c . Deduct OMR 18 from Bank statement balance d . Less OMR 179 from bank statement balance
If a company recorded a check they wrote as $729 when it should have been recorded as being written for $279, which of the following must occur when reconciling its bank statement? A. Add $450 to the bank statement balance. B. Deduct $450 from the bank statement balance. C. Deduct $450 from the company’s records. D. Add $450 to the company’s records.
This question is related to reconciliation of the Bank Statement to the General Ledger. Place the correct letter next to each number. Letters can be used more than once or not at all. a. Addition to the bank statement balance b. Deduction from the bank statement balance c. Addition to the company’s book balance d. Deduction from the company’s book balance ______ 12-1. The service charge by the bank was $8. ______ 12-2. A $1,700 note receivable was collected for the company by the bank. ______ 12-3. There were two outstanding checks totaling $3,200. ______ 12-4. A $355 NSF check drawn by a customer was deducted from the company’s bank account and returned to the company. ______12-5. A deposit of $725 was made after banking hours on March 31st. ______12-6. A check for $342 was erroneously recorded in the company’s books as $324.

SEE MORE QUESTIONS

Recommended textbooks for you

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Survey of Accounting (Accounting I)

Accounting

ISBN:

9781305961883

Author:

Carl Warren

Publisher:

Cengage Learning

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Financial And Managerial Accounting

Accounting

ISBN:

9781337902663

Author:

WARREN, Carl S.

Publisher:

Cengage Learning,

Financial Accounting

Accounting

ISBN:

9781337272124

Author:

Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:

Cengage Learning

Auditing: A Risk Based-Approach (MindTap Course L…

Accounting

ISBN:

9781337619455

Author:

Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS