The following are not considered items of "Cash and Cash equivalents", except Select the correct response: Three-month treasury note maturing on January 31 of the succeeding year purchased from the entity on November 15 of the current year Three-year treasury note maturing on January 31 of the succeeding year sold by the entity on November 15 of the current year Post-dated checks issued on the balance sheet date Certificate of time deposit

The following are not considered items of "Cash and Cash equivalents", except Select the correct response: Three-month treasury note maturing on January 31 of the succeeding year purchased from the entity on November 15 of the current year Three-year treasury note maturing on January 31 of the succeeding year sold by the entity on November 15 of the current year Post-dated checks issued on the balance sheet date Certificate of time deposit

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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In preparing its August 31 bank reconciliation, Apex Corp. has available the following balance per bank and reconciling items: Balance per bank Deposit in transit Erroneous charge (deduction) made by bank Outstanding checks Collection from customer by bank The 8/31 unadjusted cash balance per books is: Select one: a. $19,250 b. $18,550 c. $18,050 d. $19,050 e. $17,850 $ 18,050 3,250 100 2,750 600
Indicate whether each transaction would require an adjustment to the bank balance or the book balance when reconciling cash. Interest earned on the cash balance per the bank Choose. statement Minimum balance bank fee charged on the bank Choose. statement Collecton on a note from a customer as indicated on the Choose. bank statement NSF check received from a customer as revealed on the Choose. bank statement Outstanding checks Choose. Bank service charge on the bank statement Choose.
Match each item to a bank statement adjustment, a company books adjustment, or either. Question 8 options: NSF check Bank charges Outstanding checks Error in recording a check Interest revenue Deposit in transit Note collected by the bank 1. bank statement adjustment 2. company books adjustment 3. either
Following is the general format of a four-column bank reconciliation with the various categories and presentation numbered (1) through (8): Per Bank Statement Items to be added: Items to be deducted: Per Books Select one: a. 1 and 3 b. 1 and 4 c. 2 and 4 Balance 10/31 d. 2 and 3 e. 2 and 6 November Receipts SXXXXX 3 Indicate the proper location for the following reconciling items. A 10/31 collection by bank will appear as: November Disbursements SXXXXX 1 2 XXXXX $XXXXX $XXXXX SXXXXX 5 6 Balance 11/30 SXXXXX 7 8 SXXXXX
In the reconciliation of the June bank statement, a deposit made on June 30 did not appear on the June bank statement. How is this deposit in transit shown on the bank reconciliation? Multiple Choice O O Added to the unadjusted bank balance. Subtracted from the unadjusted bank balance. Added to the unadjusted book balance. Subtracted from the unadjusted book balance.
Which of the following is not one fo the examples of cash equivalent? a. a bank certificate of deposit maturing within 60 days of the reporting date. b. a newly issued corporate bond. c. a US Treasury Bill d. commerial paper
A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. Note: Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable. ItemBank BalanceBook BalanceDebit or Credit to Cash AccountShown or Not Shown on Reconciliation1. The company made a month-end accrual for expired insurance coverage. 2. Checks written and mailed to payees on October 2. 3. Night deposit made on September 30 after the bank closed. 4. Checks outstanding on August 31 that cleared the bank in September. 5. Bank service charge for September is not yet recorded by the company. 6. NSF check from a customer is shown on the bank statement but not yet recorded by the company. 7. Bank fees for check printing are not yet recorded by the…
The bank statement showed a non-interest bearing note receivable from a customer that was collected by the bank, which the company listed as a reconciling item on the bank reconciliation statement. The journal entry needed for this reconciling item includes: Multiple Choice a debit to Cash. a credit to Interest Income. a credit to Cash. a debit to Accounts Receivable.
please with explanation
Are 1 year certificates of deposit recorded on bank reconciliation?
A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through 12, indicate whether the item should be added to or subtracted from the book or bank balance, and whether it should or should not appear on the reconciliation. (Select the answers in the appropriate cells. Leave no cells blank. Be certain to select "NA" in fields which are not applicable.)
B. Record the entry for acceptance of promissory note in exchange of accounts receivable from McCormick Industries. C. Record the entry for interest accrued on promissory note received from McCormick Industries. D. Record the entry for interest received , from McCormick Industries , on the note's maturity date. E. Record the entry for payment received from McCormick Industries the principal on the note's maturity date.