RUE OR FALSE 2. JOY Trading collected P 10,000 but forgot to deposit it at the end of the month. This is outstanding check. 3. The bank deducted twice the check issued by JOY Trading. This is a book error. 4. NSF check is allowed by banks.
RUE OR FALSE 2. JOY Trading collected P 10,000 but forgot to deposit it at the end of the month. This is outstanding check. 3. The bank deducted twice the check issued by JOY Trading. This is a book error. 4. NSF check is allowed by banks.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
TRUE OR FALSE
2. JOY Trading collected P 10,000 but forgot to deposit it at the end of the month. This is outstanding check.
3. The bank deducted twice the check issued by JOY Trading. This is a book error.
4. NSF check is allowed by banks.
5. Interest Income increases the cash balance per book.
6. JOY Trading paid a check to a supplier in the amount of P 2,000. The supplier withdrew it on the following month. This is an outstanding check that decreases the bank balance for the month.
7.
8. One way of safeguarding cash is the separation of responsibility. A cashier is not a bookkeeper.
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