The correct amount of the check
Q: Explain receivables conversion period
A: It is the time interval connecting the sale of the last item using a credit card and cash receipts…
Q: tstanding checks
A: The bank reconciliation statement is prepared to equalize the cash book and pass book balances.
Q: What are outstanding checks?
A: The bank reconciliation statement is prepared to equalize the cash book and pass book balances.
Q: With respect to signing checks - how are duties segregated?
A: Segregation of Duties: Segregation of duties is a part of internal controls. In segregation of…
Q: One word to indicate that a security is salable on short notice.
A: Investment- Investment is the sum which is expended by the manufacturer for the acquisition of those…
Q: The need to physically check bills of lading and other documents can be eliminated by using RFID.…
A: We first need to understand RFID technology and how it works. Radio frequency identification (RFID)…
Q: List three typical reasons for abnormal deposit drains?
A: Abnormal deposit means the depositee isn't to return the particular cash saved, however he is to…
Q: What are the steps taken to ensure control over purchases and payments by check?
A: Internal Control: Internal control is a process which ensures continuous reliability of…
Q: Identify and describe any four areas validity checks can be applied?
A:
Q: What are outstanding checks?
A: The bank reconciliation statement is prepared to adjust the balances of cash book and pass book to…
Q: How is a credit check in the advanced technology system fundamentally different from a credit…
A: Definition: Credit check: Credit check is defined as the process of examining the financial…
Q: How does Target record repairs and maintenance expense?
A: Revenue expenditures: These costs are incurred to maintain the long-term asset in good condition…
Q: Describe the accounting for correction of errors.
A: The accounting for correction of errors will be explained:
Q: Distinguish between the different types of security orders and explain how a confirmation statement…
A: A confirmation statement refers to a document that consists of general information related to…
Q: Which of the following checks can not be encashed but instead merely deposited? . Stale check…
A: Banks: Banks are the financial institutions that regulate the money supply in an economy. It accepts…
Q: Question: What would be the correct system flowchart for this given process: Accounts Payable and…
A: The question is based on the concept of preparation of flow chart. A flowchart is a graphical…
Q: How to calculate the mark up
A: The markup is calculated with the following formula:
Q: Explain precautionary balance
A: Precautionary balance refers to the reserves kept by the firm or individual to meet any contingency.…
Q: What is the purpose of the following control procedures (i.e., what threats is it designed to…
A: CONTROL PROCEDURE ARE METHODS USED BY THE COMPANY TO MAINTAIN CONTROL AND CHECK THE VALIDITY AND…
Q: What are the different types of pending checks
A: The bank reconciliation statement is prepared to equalize the cash book and pass book balances.
Q: Explain, on what criteria or by what internal controls in place, where Billing could be responsible…
A: It is the process followed by the organization in order to ensure the reliability of the financial…
Q: audit risk.
A: First option is wrong because the inherent risk is the risk of material misstatements that may exist…
Q: I. When the check has been encashed II. When through the fault of the creditor the check has been…
A: A cheque is an instrument or document that orders the bank to pay the specific amount mentioned in…
Q: What alternative procedures should be applied to accounts that do not return confirmations?
A: Confirmation of accounts receivable: When the auditor has examined the documents of the clients…
Q: Given the above results, which of the following statements regarding the accounts receivable…
A: Auditor has to check the accounts as well as the balances shown on there so that the room and space…
Q: What are the three steps to follow in preparing a check?
A: There are various steps that are required to be followed while preparing the cheques, the main three…
Q: What task can the AR department engage in to verify that all customers’ checks have been…
A: Definition: Accounts receivable department: Accounts receivable department sends the business orders…
Q: Which of the following cannot be encashed but instead merely deposited? stale checks post dated…
A: The checks that can only be deposited not encashed are crossed checks. It is also called an account…
Q: Define Current Receivables.
A: Current receivables are recorded under current assets of the company.
Q: an account should be referred to a professional collection agency if
A: an account should be referred to a professional collection agency in following case
Q: how do you write a check
A: Solution:- The following guide will show you step-by-step how to fill out a check
Q: (a) Identify three risks typically encountered when receiving and recording payments. (b) Analyse…
A: Three risks typically encountered when receiving and recording payments :- Risks in payment systems…
Q: what are checks and balances ?
A: Checks and Balances:-It is a system where each branch of government has power and helps in…
Q: Explain the advantages of an electronic billing cycle
A: The electronic billing cycle is the use of of technology. it is the process in which the bills are…
Q: check and who are the parties involved in the issuance of a check
A: Check is a negotiable instrument usually used in transactions involving bank.
Q: 2) A proper manual payment certification includes whose signature? [List the types of…
A: The certifying officer
Q: What is the purpose of a check digit?
A: A check digit is a form of control check which is used for the purpose of error detection on…
Q: Define security instrument (or trust receipt)
A: A trust receipt is a notification of the release of goods from a bank to a purchaser, with the bank…
Q: Define detachable warrant
A: A detachable warrant may be a by-product that's connected to a security which supplies the holder…
Q: What control best prevents paying for items ordered, but not yet received? all PO's should be…
A: Solution : Concept Control to prevent paying for items ordered but not yet received…
Q: Which of the following tasks should the cash disbursement clerk NOT perform?a. review the supporting…
A: Cash disbursement: It can be defined as an outflow of cash that is made in exchange for the goods…
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- Miss Corina Cruz bank statement on September 30 showed a balance of P 26,091.20.Her checkbook showed a balance of P 23,305.70.She had noticed that checks # 13 for P 1,168.00 and # 18 for P 1,628.50 were outstanding.There was also a service charge of P 11.00. Prepare a bank reconciliation statement.On august 31, baginski aunt company receives its bank statement on below. The company deposit it’s receipts in the bank and makes all payments by check. The debit memo for $95 is for an NSF check written by L. Pets. Check number 925 for $47, payable to Jordan company(a creditor) was recorded in the checkbook and journal as $74. The ledger balance of cash as of august 31st are no. 928, $150 and no. 929, $292. The accountant notes that the deposit of august 31 for $599 did not appear on the bank statement. How would I prepare a bank reconciliation as of august 31, assuming that the debit memos have not been recorded, as well as journal the entries, as well as complete the bank form to determine the adjusted balance of cash?The beginning checkbook balance of Shamma Co. was $5,559.10. The bank statement showed a bank balance of $7,888.44. The bookkeeper of Shamma Co. noticed a $111.10 deposit in transit along with check numbers 90 and 97 for $499.88 and $1,256.45, respectively, as outstanding. The bank statement credited Shamma's account for $750.99 for a note collected. The bank statement revealed a check printing charge of $66.88. The reconciled balance is:
- On November 3, Micah Asuncion received from the bank her bank statement for the month of October. She compared her checkbook to the bank statement and discovered the following: Prepare a bank reconciliation. CHECKBOOK Balance P333,203.50 Balance P369,725.56 Deposits: Deposits: 10/3 P59,600.00 10/3 P59,600.00 10/10 P53,740.00 10/10 P53,700.00 10/26 P27,610.00 10/16 P46,030.00 10/31 P30,260.00 10/26 P27,610.00 Check Issued and Recorded: Checks Cancelled: No.3 P14,435.00 No.5 P38,206.00 No.5 P38,026.00 No.16 P17,300.00 No.16…On October 1, Jessica Clay received her bank statement showing a balance of $374.52.Her checkbook records indicate a balance of $338.97. There was a service charge for themonth of $4.40 on the statement. The outstanding checks were for $47.10, $110.15, $19.80,and $64.10. The deposits in transit totaled $125.50. There was a $75.70 debit for automaticpayment of her telephone bill. Use the following form to reconcile Jessica's checking account.Debits Checks OutstandingAmount AmountSvc. Chg.Total TotalCHECKBOOK BALANCE STATEMENT BALANCEAdd: Interest & Other Credits Add: Deposits in TransitSUB TOTAL SUB TOTALDeduct: Service Charges & Other Debits Deduct: Outstanding ChecksADJUSTED CHECK BOOK BALANCE ADJUSTED STATEMENT BALANCEUsing the T-accounts of the First National Bank and theSecond National Bank given in this chapter, describewhat happens when Jane Brown writes a check for $90on her account at the First National Bank to pay herfriend Joe Green, who in turn deposits the check in hisaccount at the Second National Bank
- On December 10, you receive your bank statement showing a balance of $2,984.86. Your checkbook shows a balance of $2,773.73. Outstanding checks are $389.81 and $172.56. The account earned $124.88. Deposits in transit amount to $471.12, and there is a service charge of $5.00. Calculate the reconciled balance. O $211.13 O $2,653.85 O $2,893.61 O $4,018.353. Your checkbook balance was $492.16 on September 3. Use the check register below to record the following transactions: On 9/5, check # 442 for $102.06, payable to Lenny's Deli; on 9/6, check # 443 for $228.00, payable to Merchant's Bank; on 9/10, a deposit of $350.00; on 9/12, check #444 for $35.79, payable to Home Pharmacy. Trans Type Date Description of Transaction Payment / Debit ✓ Deposit / Credit (+) or Check # (-) Balance Brought Forward BalanceDottie's Yarn Shop deposits all receipts in the bank and makes all payments by check. On July 31 the cash account had a balance of $5,537.43. The bank statement on July 31 reported a balance of $4,319.80. Upon comparing the bank statement to the books, the following items were found. a. A bank debit memo issued for $16.25 for bank service charges. b. A bank credit memo issued for interest of $8.50 earned during the month. During the evening of July 30, a deposit of $1,305.62 was made, which is not shown on the bank statement. A bank debit memo issued for an NSF check from a customer of $19.02. C. d. ITEM e. Checks for the amounts of $87.50, $11.00, and $16.26 were written during July but have not yet been received by the bank. Required: 1. Prepare a bank reconciliation as of July 31. Dottie's Yarn Shop Bank Reconciliation Statement July 31, 20xx GENERAL JOURNAL ENTRY REQUIRED? (Yes or No) yes yes no yes no
- Using the following information: a. The bank statement balance is $4,265. b. The cash account balance is $4,448. c. Outstanding checks amount to $835. d. Deposits in transit are $954. e. The bank service charge is $55. f. A check for $37 for supplies was recorded as $28 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation Line Item Description May 31 Amount Amount Cash balance according to bank statement Adjusted balance Cash balance according to company's records Total deductions Adjusted balanceUsing the following information, prepare the journal entries to reconcile the bank statement. Bank balance: $4,687 Book balance: $404 Deposits in transit: $1,546 Outstanding checks: $958 Interest income: $52 NSF check: $456 If an amount box does not require an entry, leave it blank. fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12Using the following information: a. The bank statement balance is $4,144. b. The cash account balance is $4,565. c. Outstanding checks amounted to $807. d. Deposits in transit are $1,198. e. The bank service charge is $21. f. A check for $72 for supplies was recorded as $63 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31.