What possible findings can you give if given the chance to investigate the effects of the outstanding checks to cash balances of book and bank as of August 31, 2021? Choices:Bank: no effect; Book: overstatedBook: understated; Bank: overstatedBook: overstated; Bank: understatedBank: overstated; Book: no effect FOR NUMBERS 11-13. The cash disbursement journal of ABM Corporationreflected the following collections for the month of August 2021:Check Date08/08/202108/09/202108/19/202108/24/202108/29/2021Check No.РаyeeMr. AAmount24,00012,00014,00037,00018,000121421121422121423Ms. BMr. C121424121425Ms. DMr. EThe bank statement for October 2019 revealed following checks presented tothe bank for payment:Date08/09/202108/10/202108/28/2021Amount24,00012,00037,000

Bank Reconciliation Statement The purpose of preparing the bank reconciliation statement is to…

What possible findings can you give if given the chance to investigate the effects of the outstanding checks to cash balances of book and bank as of August 31, 2021? Choices: Bank: no effect; Book: overstated Book: understated; Bank: overstated Book: overstated; Bank: understated Bank: overstated; Book: no effect

What possible findings can you give if given the chance to investigate the effects of the outstanding checks to cash balances of book and bank as of August 31, 2021? Choices: Bank: no effect; Book: overstated Book: understated; Bank: overstated Book: overstated; Bank: understated Bank: overstated; Book: no effect

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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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…
Which of the following statements about reconciling items is true? A Debit memoranda should be subtracted from the book side of the bank reconciliation. B An NSF check returned to the bank should be added back to book cash. C If a company discovers errors in its general ledger Cash account, it should call the bank to have the errors corrected. D Adjustments to the bank side of the bank reconciliation should be booked as adjustments to the general ledger Cash account. Please advise, the answer D is correct?
What is “Deposit in transit” in bank reconciliation? Select one: A. Subtracted From the Cash Book Balance B. Added to Bank Balance C. Subtracted From Bank Balance D. Added to Cashbook Balance
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
Assume that Oman Formaldehyde Chemical Company LLC sold the chemical of OMR 540 to the customer and received the check to the same amount. The cheque deposited in the bank immediately but the cheque received from the customer was misreported in the cash receipts journal as OMR 450. Therefore while preparing the Bank Reconciliation statement, what adjustment the accountant will do? Choose the correct answer from the following given options. a. Add OMR 540 to the cash book balance b. Deduct OMR 90 from the cash book balance c. Deduct OMR 540 from the cash book balance d. Add OMR 90 to the cash book balance Clear my choice
Ef 297.
Which of the following is an appropriate reconciling item to the balance per bank in a bank reconciliation? a. Bank service charge b. Chargeback for NSF check c. Deposit in transit d. Bank interest
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Please answer the following 2 questions. Thank you
A check written by the company for $165 is incorrectly recorded by a company as $156. On the bank reconciliation, the $-9 error should be added to the balance per books. added to the balance per bank. deducted from the balance per books. deducted from the balance per bank.
1. Why it is necessary to prepare a bank reconciliation? 2. What are the causes that bs is differ from cb? 3. How does bank statement (bs) differ from cash book (cb)? Illustrate ur answer. 4. Differentiate outstanding checks from deposit in transit. 5. Enumerate the 7 steps .
A check written by the company for $272 is incorrectly recorded by a company as $227. On the bank reconciliation, the $45 error should be added to the balance per bank. added to the balance per books. deducted from the balance per bank. deducted from the balance per books. O O O O