FINANCIAL & MANAGERIAL ACCOUNTING (ACCES
9th Edition
ISBN: 9781265484040
Author: Wild
Publisher: MCG
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Chapter 6, Problem 13E
To determine
Concept Introduction
Journal entries: The entries that explain the impact of transactions and the way they influence accounts are stated as journal entries. They serve as a record of all transactions made by a business. The information in journal entries serves as the foundation for all financial reporting. In a business journal, transactions are often entered using the double-entry method.
To Prepare: The
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Prepare any journal entries that should be made as a result of the bank reconciliation.
You have been asked to write the Bank Reconciliation policy and procedure. When writing, ensure you have considered all the steps involved. Provide References.
After preparing a bank reconciliation, journal entries are necessary to record
Bank service charges
Deposits in transit
Outstanding checks
Both B and C are correct
A, B, and C are correct
Chapter 6 Solutions
FINANCIAL & MANAGERIAL ACCOUNTING (ACCES
Ch. 6 - Prob. 1QSCh. 6 - Prob. 2QSCh. 6 - Prob. 3QSCh. 6 - Prob. 4QSCh. 6 - Prob. 5QSCh. 6 - Prob. 6QSCh. 6 - Prob. 7QSCh. 6 - Prob. 8QSCh. 6 - Prob. 9QSCh. 6 - Prob. 10QS
Ch. 6 - Prob. 11QSCh. 6 - Prob. 12QSCh. 6 - Prob. 13QSCh. 6 - Prob. 14QSCh. 6 - Prob. 15QSCh. 6 - Prob. 16QSCh. 6 - Prob. 1ECh. 6 - Prob. 2ECh. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - Prob. 8ECh. 6 - Prob. 9ECh. 6 - Prob. 10ECh. 6 - Prob. 11ECh. 6 - Prob. 12ECh. 6 - Prob. 13ECh. 6 - Prob. 14ECh. 6 - Prob. 15ECh. 6 - Prob. 16ECh. 6 - Prob. 17ECh. 6 - Prob. 1PSACh. 6 - Prob. 2PSACh. 6 - Prob. 3PSACh. 6 - Prob. 4PSACh. 6 - Prob. 5PSACh. 6 - Prob. 1PSBCh. 6 - Prob. 2PSBCh. 6 - Prob. 3PSBCh. 6 - Prob. 4PSBCh. 6 - Prob. 5PSBCh. 6 - Prob. 6SPCh. 6 - Prob. 1GLPCh. 6 - Prob. 1.1AACh. 6 - Prob. 1.2AACh. 6 - Prob. 1.3AACh. 6 - Prob. 1.4AACh. 6 - Prob. 1.5AACh. 6 - Prob. 2.1AACh. 6 - Prob. 2.2AACh. 6 - Prob. 3.1AACh. 6 - Prob. 3.2AACh. 6 - Prob. 3.3AACh. 6 - Prob. 3.4AACh. 6 - Prob. 1DQCh. 6 - Prob. 2DQCh. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - Prob. 7DQCh. 6 - Prob. 8DQCh. 6 - Prob. 9DQCh. 6 - Prob. 10DQCh. 6 - Prob. 11DQCh. 6 - Prob. 12DQCh. 6 - Prob. 13DQCh. 6 - Prob. 14DQCh. 6 - Harriet Knox, Ralph Patton, and Marcia Diamond...Ch. 6 - Prob. 2BTNCh. 6 - Prob. 3BTNCh. 6 - Prob. 4BTN
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Similar questions
- What are the step(s) when using the Sales with Payment customer workflow? A. Create sales receipts deposited to the Undeposited Funds account > Create Bank Deposit B. Create Sales Receipt deposited to the checking account C. Create Bank Deposit D. Create Invoice > Receive Payment deposited to the Undeposited Funds account > Create Bank Depositarrow_forwardIt is the basis for the preparation of Journal Entry Voucher for the final recording in the cash disbursement journal. A. Report of disbursement B. Cash disbursement record C. Check disbursement journal D. Cash journalarrow_forwardA journal entry would need to be made for which of the following adjustments on a bankreconciliation?a. Bank service chargesb. Outstanding checksc. Deposits in transitd. Bank error to be corrected by the bankarrow_forward
- Design a report to assist in managing credit sales and cash collections.arrow_forwardA prenumbered document that tells the bank to pay the designated party a specific amount is a A. check B. deposit ticket C. routing number D. remittance advicearrow_forwardWhich of the following tasks should the cash disbursement clerk NOT perform?a. review the supporting documents for completeness and accuracyb. prepare checksc. approve the liabilityd. mark the supporting documents paidarrow_forward
- Which 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_forward6 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 depositarrow_forwardExplain three types of good financial analysis that must be conducted by the credit officer in the bank while performing their periodic review against their business customer.arrow_forward
- The entry to establish the Change Fund includes which of the following? Select one: Debit to Change Fund Credit to Petty Cash Debit to Petty Cash Credit to Change Fundarrow_forwardFor each of the items indicate whether its amount affects the bank or book side of a bank reconciliation and is an addition or a subtraction in a bank reconciliation and whether a journal entry is required: Items a. Minimum balance bank fee b. Bank collected note receivable on behalf of depositor c. Outstanding check written to supplier d. Bank maintenance fee e. Bank service charges f. Deposits in transit g. Interest on cash balance Bank or Book side Addition or Subtraction Entry required or Notarrow_forward6) Examine the cash receipts journal in the accounting system and compare the amounts received to the corresponding amounts invoiced in the revenue accounting system and to the bank statement evidencing the deposit. This is an example of which of the following? A) audit objective B) audit assertion C) audit procedure D) audit programarrow_forward
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