The adjusting entries for a bank reconciliation Select the correct response: May include a debit to office expense for bank service charge. May include a credit to accounts receivable for an NSF customer check. Are taken from the "balance per bank" section only. May include a debit to accounts payable for an NSF customer check.

The adjusting entries for a bank reconciliation Select the correct response: May include a debit to office expense for bank service charge. May include a credit to accounts receivable for an NSF customer check. Are taken from the "balance per bank" section only. May include a debit to accounts payable for an NSF customer check.

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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Bank Reconciliation REQUIRED: A. Based on the application of the necessary procedures and appreciation of the above data, you are to provide the answers to the following: 1. How much is the unadjusted book receipts for August? 2. How much is the unadjusted book disbursements for August? 3. How much is the adjusted book receipts for August? 4. How much is the adjusted book disbursements for August? 5. How much is the adjusted cash balance as of August 31, 2022? B. Show the four column proof of cash as of August 31, 2022. C. Show the correct bank reconciliation, in good form, on August 31, 2022.
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Items on company bank statement: 1. Bank correction of an error from posting another customers check(disbursement) to the company account 2. EFT deposit 3. Loan proceeds 4. NSF. Using the following format indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company account.
After preparing a bank reconciliation, journal entries are necessary to record Bank service charges Deposits in transit Outstanding checks Both B and C are correct A, B, and C are correct
prepare a bank reconciliation.
An adjusting entry is required for: Select one© a. Deposit în transit.O b. Outstanding checksO c. Bank errorsO d. Collection of a note by the bank
Which of the following items that appeared on the bank reconciliation did not require a journal entry? Select one: A. bank service charges B. deposits in transit C. Not sufficient funds(NSF) checks D. a check for $630, recorded in the check register for $360
method of preparing bank reconciliation wherein the bank balance is adjusted to agree with the book balance a. bank to book method b. adjusted method c. bank to bank method
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In a two-step bank reconciliation, identify the items that might be necessary to adjust the bank balance to the corrected cash balance. Identify the items that might be necessary to adjust the book balance to the corrected cash balance.
In a bank reconciliation, to adjust for a customer's NSF check requires: reducing the bank balance by the amount increasing the bank balance by the amount reducing the book balance by the amount increasing the book balance by the amount
Which one of the following items requires an adjustment on the bank side of the bank reconciliation? A. interest earned B. a bank service charge C. a note collected by the bank D. deposits in transit