Personal Finance (MindTap Course List)
13th Edition
ISBN: 9781337099752
Author: E. Thomas Garman, Raymond Forgue
Publisher: Cengage Learning
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Chapter 5.4, Problem 2CC
Summary Introduction
To Explain: Thesteps that should be taken if there is a mistake in monthly statement regarding an electronic transaction.
Concept Introduction:Bank statement is an account statement that is sent by the bank to the account holder every month by summarizing the transactions of the month.
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Chapter 5 Solutions
Personal Finance (MindTap Course List)
Ch. 5.1 - Prob. 1CCCh. 5.1 - Explain the circumstances when it would be...Ch. 5.1 - Prob. 3CCCh. 5.1 - Summarize your insurance protections when you have...Ch. 5.2 - Explain why opening a checking account and a money...Ch. 5.2 - Prob. 2CCCh. 5.2 - Prob. 3CCCh. 5.2 - Prob. 4CCCh. 5.3 - Prob. 1CCCh. 5.3 - Prob. 2CC
Ch. 5.4 - Prob. 1CCCh. 5.4 - Prob. 2CCCh. 5.4 - Prob. 3CCCh. 5.4 - Prob. 4CCCh. 5.5 - Prob. 1CCCh. 5.5 - Prob. 2CCCh. 5 - Invest Now or Later? Twins Natalie and Kaitlyn are...Ch. 5 - Prob. 2DTMCh. 5 - Reconciling a Checking Account. Andrew Parker, of...Ch. 5 - Saving for College. You want to create a college...Ch. 5 - Prob. 5DTMCh. 5 - Prob. 1FPCCh. 5 - Prob. 2FPCCh. 5 - Prob. 3FPCCh. 5 - Prob. 4FPCCh. 5 - Prob. 5FPCCh. 5 - Prob. 6FPCCh. 5 - Prob. 7FPCCh. 5 - Prob. 8FPCCh. 5 - Keep Your Accounts Current. Go online every few...
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- Place a check mark next to any account(s) requiring adjustment. Explain why those accounts must be adjusted.arrow_forwardThe adjusting entry to record an NSF check includes a credit to accounts payable a debit to vash a debit to accounts receivable a debit to miscellaneous expensearrow_forwardRead the following statements carefully: Recalculate the allowance of accounts receivables. Vouch sales journal entries to sales invoices. Inspect the Bank statement in the client’s file. Trace sales invoices to accounting receivable ledger. Ask the payroll department to make a report about the calculating criteria of the overtime. Inspect the disclosure of inventories in the financial statements. Ask management about inventories the client has a legal title on it. Observe that Inventory quantities include all products, materials, and supplies on hand. Instructions: 1-Indicate the type of Procedure for each statement. 2-Indicate the type of Evidence for each statement. 3-Indicate the type of Assertion for each statement. 4-Indicate the source of Document for each statement (obtained directly by the auditor, external circulated internally, internally circulated externally, entirely internal). No. Type of Procedure Type of Evidence Type of Assertion The source of…arrow_forward
- To gather audit evidence related to accounts receivable, the client should mail the confirmation requests. TRUE OR FALSE? WHY?arrow_forwardAn adjusting entry is required for: Select one© a. Deposit în transit.O b. Outstanding checksO c. Bank errorsO d. Collection of a note by the bankarrow_forwardWhy is it important to review your checking account statement? What fees might this help you avoid?arrow_forward
- A customer issued a note for an overdue account. Which of the following procedures is correct? A. The note is credited in the general journal by a debit to accounts receivable B. The amount will be posted to the credit side of the customer's card C. The amount will be posted to the debit side of the customer's card D. This will be posted to the accounts receivable general ledger on the debit side.arrow_forwardAn adjusting entry is required for: Select one: a. Deposit in transit. O b.Outstanding checks. O c Bank errors. O d. Collection of a note by the bank.arrow_forwardWhich of the following best describes a voucher? A supporting document prepared for each cash receipt or disbursement A promise to pay an amount owed within a discount period A written authorization prepared for each check written A written record sent to a payee along with the signed checkarrow_forward
- When matching bank or credit card downloaded transactions to a transaction already recorded in QuickBooks Online, what are the possible actions that appear in the Action column?arrow_forwardHow will the following items affect the pass book balance? Direct payment by customer into the back account. Interest on investment collected by the bank.arrow_forwardIn which journal is the receipt of a promissory note from a customer on account recorded ? a. revenue journal b. cash receipts journal c. general journal d. purchases journalarrow_forward
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