ah- ELearningThe proper treatment of outstanding cheques Is to report them in the bank reconcilation as which of the following?o a. An addition to the balance as per cash bookO b. A deduction from the balance as per bank statementO C. An addition to the balance as per bank statemento d. A deduction from the balance as per cash bookA OMR 40,000, interest-bearing notes payable is signed on December 26, 2002. If the note is a 120-day note, what is the maturity datefor this short term liability?ofO a. April 26O b. March 25O c. March 26O d. April 255.Oman Air purchased aeroplane for OMR 200,000, on July 1, 2015. The company expects the service life of the airplane to be 5 years.During that time, it is expected that the aeroplane's useful life will be 40,000 hours. The anticipated salvage value is OMR 10,000. Theaeroplane is disposed of after five years of use. Calculate the book value of aeroplane as on 31-12-2017? Use declining-balancedepreciation method of charging depreciation at 30%. The accounting year-end is December 31 of each year:out of0 a. OMR 119,000Ob OMR 180,300O c. OMR 170,000O d. OMR 83,300R 4) GCOF7F8F9F10F11F2F3F4F5F6CLIO144

"Since you have asked multiple questions, we will solve first question for you. If you want any…

The proper treatment of outstanding cheques Is to report them in the bank reconcillation as which of the following? o a. An addition to the balance as per cash book O b. A deduction from the balance as per bank statement O C. An addition to the balance as per bank statement o d. A deduction from the balance as per cash book

The proper treatment of outstanding cheques Is to report them in the bank reconcillation as which of the following? o a. An addition to the balance as per cash book O b. A deduction from the balance as per bank statement O C. An addition to the balance as per bank statement o d. A deduction from the balance as per cash book

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: 5)

A: Here's why: Book balance are amount includes items that company know but not yet reflected and…

Q: When preparing bank reconciliation, deposits in transit will: A. Increase the balance per…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: he amount of the outstanding checks is included on the bank reconciliation as a(n) Select one: A.…

A: >Outstanding checks are the checks that have been written and given to a party, but that party…

Q: Which of the following adjusts the bank's balance of cash in a bank reconciliation? (More than one…

A: >Bank reconciliation statement, is a statement prepared on a particular date, to reconcile the…

Q: The following items will result in a difference between the balances in the bank statement and the…

A: Introduction: Bank reconciliation statement: Its a statement prepared by the customer of the bank…

Q: The amount of the outstanding checks is included on the bank reconciliation as a(n)

A: BRS: Bank reconciliation statement is a report that summarizes the banking and business activity…

Q: Which ones have a credit balance? Bills in arrears Promissory notes receivable in advance

A: The different accounts in the business have normal Debit and credit balance. The assets and expenses…

Q: In preparing a bank reconciliation, WHT IS THE PROPER TREATMENT OF A DEPOSIT IN TRANSIT? Subtract…

A: A bank reconciliation statement is a financial document that reconciles the bank statement balance…

Q: In preparing a bank reconciliation, WHT IS THE PROPER TREATMENT OF A DEPOSIT IN TRANSIT? Subtract…

A: A bank reconciliation statement is a financial document that reconciles the bank statement balance…

Q: The "principal" of a note receivable refers to: a.the amount of cash borrowed. b.the present value…

A: The principal amount of a note receivable is the amount of cash borrowed.

Q: In preparing a bank reconciliation, what is the proper treatment of a deposit in transit?

A: Deposit in transit (unrecorded deposit) is the amount that has been entered in the cash book of the…

Q: In a bank reconciliation, a bank service charge is O added to the bank balance. deducted from the…

A: Preparation of bank reconciliation statements is prepared by the management at a particular time…

Q: Reconciling Items per Bank - Outstanding Cheques For a bank reconciliation, how would one account…

A: Bank reconciliation is a statement prepared to reconcile the differences in balance in cash account…

Q: Discuss how Unpresented Cheque and Uncredited Cheque contributes to the disagreement between cash…

A: A bank reconciliation statement is prepared by the company to match the balance as per the bank…

Q: Accompanying the bank statement has a memo for bank service charges. On the bank reconciliation, the…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: When a company earns interest on a note receivable or on a bank account, the debit and credit are as…

A: Note Receivable:-It is a promissory note where the written promise to pay the amount at some future…

Q: Explain

A: Question 1)An NSF fee stands for Non-Sufficient Funds fee. It's a penalty charged by your bank when…

Q: The journal entry to record lending money on a note receivable is… what?

A: Journal book is the book where all the transactions of the company will be recorded in a…

Q: From a bank's viewpoint, a customer's account in the bank is considered a: a.donation. b.liability.…

A: Bank statement: This is a periodic or monthly statement issued by bank reporting the account summary…

Q: The journal entry to record accrued interest on a short-term note payable includes a debit to: A.…

A: Accrued interest is the interest that is accrued over the period.

Q: Another way to describe account reconciliation is bank reconciliation—the process of bringing the…

A: A bank reconciliation statement is prepared by almost every organization at a particular time. It is…

Q: List two items often encountered in reconciling a bank state-ment that may cause cash per the bank…

A: Firm records every transaction in its cash book. Bank also open ledger account for that firm. The…

Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

ah- ELearning
The proper treatment of outstanding cheques Is to report them in the bank reconcilation as which of the following?
o a. An addition to the balance as per cash book
O b. A deduction from the balance as per bank statement
O C. An addition to the balance as per bank statement
o d. A deduction from the balance as per cash book
A OMR 40,000, interest-bearing notes payable is signed on December 26, 2002. If the note is a 120-day note, what is the maturity date
for this short term liability?
of
O a. April 26
O b. March 25
O c. March 26
O d. April 25
5.
Oman Air purchased aeroplane for OMR 200,000, on July 1, 2015. The company expects the service life of the airplane to be 5 years.
During that time, it is expected that the aeroplane's useful life will be 40,000 hours. The anticipated salvage value is OMR 10,000. The
aeroplane is disposed of after five years of use. Calculate the book value of aeroplane as on 31-12-2017? Use declining-balance
depreciation method of charging depreciation at 30%. The accounting year-end is December 31 of each year:
out of
0 a. OMR 119,000
Ob OMR 180,300
O c. OMR 170,000
O d. OMR 83,300
R 4) G
CO
F7
F8
F9
F10
F11
F2
F3
F4
F5
F6
CLIO
144

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2 Introduction

Step 3 Explanation

Step 4 Conclusion

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

1) When all of the cash for an account previously written off under the direct write-off method is unexpectedly collected, the correct entry is: a.dependent on the period in which the cash was collected. b.debit Bad Debt Expense and credit Accounts Receivable. c.debit Accounts Receivable and credit Bad Debt Expense. d.debit Cash and credit Accounts Receivable. 2) To the maker of a note, the note is a(n) ___________________ . a. note payable b. note receivable c. account receivable d. account payable 3) Under the perpetual inventory method, when inventory is purchased, Merchandise Inventory a. and Accounts Payable are debited and Cash is credited. b. is debited and Cash or Accounts Payable is credited. c. is credited and Cash or Accounts Payable is debited. d. and Accounts Payable are credited and Cash is debited.
9
Bug-Off Exterminators CP 11 Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. The following six-column table contains the company's unadjusted trial balance as of December 31, 2015. Cash. Accounts receivable Allowance for doubtful accounts Merchandise inventory Trucks Accum depreciation-Trucks Equipment Accum depreciation-Equipmenc Accounts payable. Estimated warranty liability. Unearned services revenue Interest payable Long-term notes payable D. Buggs. Capital.. D. Buggs. Withdrawals Extermination services revenue Interest revenue Sales (of merchandise) Cost of goods sold Depreciation expense--Trucks Depreciation expense-Equipment Wages expense Interest expense. Renc expense Bad debts expense Miscellaneous expense Repairs expense. Utilities expense Warranty expense Totals BUG-OFF EXTERMINATORS December 31, 2015 Unadjusted Trial Balance $ 17,000 4.000 11.700 32.000 45,000 10.000 46.300 0 0 35,000 0 0 $ 828 12.200…
A company repays its bank borrowings. The entry to record that transaction should be Group of answer choices A debit to bank borrowings and a credit to cash A debit to cash and a credit to bank borrowings.
46.The entry to record the dishonor of a note receivable assuming the payee expects eventual collection includes a debit to a. Cash b. Notes Receivable c. Accounts Receivable d. Allowance for Doubtful Accounts
Receivables are claims that are expected to be collected in cash, and are frequently classified as accounts receivable. O notes receivable. O other receivables. O all of the above.
QUESTION 14 After preparing a bank reconciliation, the collection of a note by the bank on a company's behalf would be recorded with a O Debit to Notes Receivable. O Credit to Cash. O Debit to Interest Receivable. O Credit to Accounts Receivable. O None of the above
In preparing a bank reconciliation, what is the proper treatment of interest earned on the bank account?
A deposit in transit on last period's bank reconciliation is shown as a deposit on the bank statement this period. As a result, in preparing this period's reconciliation, the amount of this deposit should be: a. Added to the book balance of cash b. Deducted from the book balance of cash c. Added to the bank balance of cash d. Deducted from the bank balance of cash e. Not included as a reconciling item
When completing the bank reconciliation, Bank Service Charges would be: Subtracted from the Cash General Ledger Balance Subtracted from the Bank Statement Balance Added to the Cash General Ledger Balance Added to the Bank Statement Balance
If credit side of a bank account is greater than debit side, it indicates: A. Bank overdraft B. Cash at bank C. Bank balance D. Current asset
On a bank reconciliation, the amount of an unrecorded bank service charge should be: Multiple Choice Added to the book balance of cash. Deducted from the book balance of cash. Added to the bank balance of cash. Deducted from the bank balance of cash. Noted in memorandum form only.