Which of the following transactions does the above record belong to ? a) Withdrawing a loan from the bank B) Getting a loan by endorsing the check NS) The endorsement of the received check against the bank loan debt D) Payment of checks received TO) Guaranteeing the received checks

Which of the following transactions does the above record belong to ? a) Withdrawing a loan from the bank B) Getting a loan by endorsing the check NS) The endorsement of the received check against the bank loan debt D) Payment of checks received TO) Guaranteeing the received checks

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: are deducted from the balance per books in a bank reconciliation. O Notes collected by the bank O…

A: Bank reconciliation: It is the process of comparing company's bank statement to company's records…

Q: Outstanding checks: Group of answer choices Have not been received by the bank for processing Are…

A: Outstanding checks are those that the business has written to a supplier but these have not been…

Q: On a bank reconciliation, which of the following is added to the balance per book? Interest earned…

A: In order to make sure that their bank records—bank statements—and their own accounting…

Q: Which of the following would be added to the balance per books on a bank reconciliation? Question…

A: In Cash Book we maintain Cash and Bank columns. The Bank columns incudes bank…

Q: a) Using the following information, prepare a bank reconciliation (i) Balance per bank statement,…

A: Bank Reconciliation Statement is a statement prepared to reconcile the difference between the…

Q: -Identify the external source of audit evidences to reconcile the imbalance in the cash book and…

A: External source of audit evidences are collected by the auditor outside the client's organization.

Q: The bank reconciliation Select one: A. is sent to the bank for verification B. is for information…

A: Introduction:- Bank reconciliation play vital role in every organization. It identify the balance of…

Q: The journal entries for a bank reconciliation . are taken from the "balance per bank" section only.…

A: A bank reconciliation is a statement that is prepared to match the bank balance as per the books of…

Q: Prepare a Bank Reconciliation Statement using: a. Adjusted Balance Method b. Book to Bank Method…

A: Bank reconciliation statement is a statement prepared to reconcile or agree the bank balance as…

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: Which type of source document is best for providing evidence of disbursements of funds from petty…

A: Source documents are those documents which have the physical basis and upon which the transactions…

Q: Which of the following are found on the bank side of the bank reconciliation? Group of answer…

A: The bank reconciliation statement is prepared at a specific interval, Where the balance of books is…

Q: Which is the correct action to reconcile the bank statement for a Bank service charge? OA) Add to…

A: Explanation of each item are provided as below : A. Added to Book Balance : In Bank reconciliation,…

Q: Accompanying the bank statement was a debit memo for bank service charges. On the bank…

A: Bank service charge: Bank service charge is charges levied by the bank for the services provided or…

Q: Indicate what effect each situation will have on the bank reconciliation process. Place the number…

A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…

Q: In a bank reconciliation, a deposit in transit is A. deducted from the bank balance on the bank…

A: Bank reconciliation is prepared to reconcile the balance as per bank book and balance as per cash…

Q: Which of the following items is subtracted from the “cash balance from bank statement” on a bank…

A: Deposits in transit: Deposit in transit means the money received by a company and recorded in the…

Q: What is “Deposit in transit” in bank reconciliation? Select one: A. Subtracted From the Cash…

Q: In reconciling a business' cash book with the bank statement, which of the following items could…

A: Bank reconciliation is performed to obtain the correct balance in the bank account.

Q: Outstanding checks are checks the bank has paid and deducted from the customer's account. True or…

A: Outstanding checks are checks that have been issued for payment but have not yet been presented to…

Q: Which of the following is an appropriate reconciling item to the balance per bank in a bank…

A: Bank reconciliation refers to the method used by the company to match the bank statement as well as…

Q: When preparing the bank reconciliation, a "deposit in transit" represents a deposit that is recorded…

A: The bank reconciliation statement is prepared to equate the balances of the cash book and pass book…

Q: 13 - Which of the following transactions does the above record belong to ? a) Giving the…

A: Journal entry means the entry in prime book with chronological order. Journal entry should have…

Q: Bank Reconciliation For a through g, indicate whether its amount (1) affects the bank or book side…

A: Bank reconciliation is the process of comparing your own financial records with the bank's statement…

Q: Which one of these documents is not required for bank reconciliation? (A) Bank Column of cash book…

A: Bank reconciliation is a process of comparing and adjusting differences between the bank statement…

Q: QUESTION 1 a) Explain the reasons for the difference between the cash book and bank statement. b)…

A: Cash book is the book in which all the transactions of the business which involves cash is recorded.…

Q: Which of the following accounts will not be used in case a security is discounted or collected to…

A: The bank will provide a facility for short-term loans by taking the accounts or notes receivables of…

Q: The term deposits in transit refer to: a. Deposits that were made after the bank statement was…

A: In accounting we make bank reconciliation statements. We come across the term “deposit in transit”…

Q: Q- 4211 Which journal entry recognizes that an NSF check had been deposited by a company and…

A: NSF check stands for non-sufficient funds check. It is recorded when a check is deposited by the…

Q: Items on company bank statement: 1. Bank correction of an error from posting another customers…

A: Introduction: A bank statement is a document that is generally provided by the bank to the account…

Q: Which of the following should be included as part of outstanding checks in preparing bank…

A: An outstanding check is something that has been issued but has not been cashed-deposited by the bank…

Q: Question 11: Which statement about making deposits is TRUE? Answer: A. B. C. D. Funds received…

A: For making deposits we have to deposit funds in bank account.

Q: red on the bank reconciliation did not require a journal entry? Select one: A. bank service charges…

A: A "deposit in transit" is an accounting term that refers to checks or other non-cash payments…

Q: method of preparing bank reconciliation wherein the bank balance is adjusted to agree with the book…

A: A bank reconciliation statement is prepared by management at a certain time period. It is used to…

Q: 10. The following are bank reconciling items, except: a. Deposit in transit b. Bank errors…

A: a. Deposit in transit - These are not recognised in bank reconciliation statement…

Q: :46:46 In a Bank Reconciliation, which item is deducted from the Book Balance: Multiple Choice Bank…

A: Here's a breakdown of the options:Bank Service Charges: Deducted from the Book Balance because these…

Q: Knowledge Check 01 Match the term and the definition. DEFINITION 1. Subtract outstanding checks from…

A: Bank Reconciliation Statement :— It is the statement that shows reconciliation of balance as per…

Q: Based on the following information, what amount would be subtracted from the bank statement side of…

A: The Bank Reconciliation prepared at the end of period to match cash balance as per ledger with cash…

Q: Which one is the correct formula for BRS Select one: O a. Balance as per Books- Interest Income from…

A: BRS is a statement that compares the cash balance on a company’s balance sheet.

Q: In a bank reconciliation, an EFT cash payment is A. added to the bank balance in the general ledger…

A: Bank reconciliation is prepared to reconcile the balance as per bank book and balance as per cash…

Q: g would not appear on a bank statement for a checking account? a.Deposits

A: The correct answer is C. outstanding checks An outstanding check may be a check payment that's…

Q: In which of the following withdrawal of funds by a person from a bank can be made on maturity date…

A: Withdrawals from current deposits and saving deposits can be done at any point of time depending on…

Q: Which one of the following items requires an adjustment on the bank side of the bank…

A: An error on the bank side or any omission in the bank statement requires an adjustment on the bank…

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

40-1

Which of the following transactions does the above record belong to ?

a)	Withdrawing a loan from the bank

B)	Getting a loan by endorsing the check

NS)	The endorsement of the received check against the bank loan debt

D)	Payment of checks received

TO)	Guaranteeing the received checks

Debt
receivable
300 Bank Loans Hs.
220.000
101 Checks Received
220.000

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

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps with 1 images

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

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
6. Bank statements provide information about all of the following, except Group of answer choices bank charges for the period NSF checks errors made by the depositor checks cleared during the period
Which of the following items does NOT cause a difference in the bank balance and the book balance on a bank reconciliation? a. Nonsufficient funds checks b. Deposits in transit c. Canceled checks d. Outstanding checks
During a bank reconciliation process, Oa. outstanding checks and deposits in transit are subtracted from the bank statement balance Ob. outstanding checks are added and deposits in transit are subtracted from the bank statement balance Oc. outstanding checks and deposits in transit are added to the bank statement balance Od. outstanding checks are subtracted and deposits in transit are added to the bank statement balance
Current Attempt in Progress Identify whether each of the following items would be (a) added to the book balance, or (b) deducted from the book balance in a bank reconciliation. 1. 2 3. 4. 5. EFT transfer to a supplier. Bank service charge. Check printing charge. Error recording check # 214 which was written for $260 but recorded for $620. Collection of note and interest by the bank on the company's behalf.
What item on the bank statement that may differ from the company's financial records. NSF check interest earned outstanding checks service charge
Accompanying the bank statement was a debit memorandum for an NSF check received from a customer. This item would be included on the bank reconciliation as a(n) ____.
nk.9 A check written correctly for $50 was recorded in the general ledger as $55. This would appear on a bank reconciliation as a(an) a)addition to the book balance. b)deduction from the book balance c)deduction from the bank balance. d)addition to the bank balance.
6 When preparing a bank deposit which of the following is a best practice? Select one: a. Deposit all customer payments one at a time using the Bank Deposit form b. Group all customer payments with the same payment method together in one deposit c. Leave payments in the undeposited funds account d. Group customer payments with the payment method of checks and credit card payments in one deposit and group all the cash payment methods in a separate deposit
QUESTION 5 On the bank reconciliation, deposits in transit are: a. an addition to the balance per bank statement b. a deduction to the balance per bank statement c. an addition to the company's records d. a deduction to the company's records