College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 6, Problem 3QY
Which of the following does not explain the differences between the bank statement balance and the customer’s cash balance?
- a. Deposit in transit
- b. Canceled checks
- c. An NSF check
- d. Errors
- e. Interest income
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
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
Which of the following reconciling items may not result from bank side reccords of a bank
account?
a. Outstanding deposits
b. Outstanding checks
C. Errors made by bank accountant
d. Non Sufficient Funds checks
Which of the following must be deducted from the bank statement balance in preparing a bank reconciliation which ends with an adjusted cash balance?
a. Reduction of the loan charged to the account of depositor
b. Outstanding checks
c. Deposit in transit
d. Certified checks
Chapter 6 Solutions
College Accounting (Book Only): A Career Approach
Ch. 6 - Prob. 1QYCh. 6 - Prob. 2QYCh. 6 - Which of the following does not explain the...Ch. 6 - What is the journal entry to record an NSF check,...Ch. 6 - Prob. 5QYCh. 6 - Prob. 6QYCh. 6 - Prob. 7QYCh. 6 - Prob. 8QYCh. 6 - Prob. 1DQCh. 6 - Prob. 2DQ
Ch. 6 - Prob. 3DQCh. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - a. Why would a business use a Petty Cash Fund? b....Ch. 6 - Prob. 8DQCh. 6 - Prob. 1ECh. 6 - Prob. 2ECh. 6 - Prob. 3ECh. 6 - Prob. 4ECh. 6 - Prob. 5ECh. 6 - Prob. 6ECh. 6 - Prob. 7ECh. 6 - a. Describe the entries that have been posted to...Ch. 6 - Prob. 1PACh. 6 - Prob. 2PACh. 6 - Prob. 3PACh. 6 - Prob. 4PACh. 6 - Prob. 5PACh. 6 - Prob. 1PBCh. 6 - Prob. 2PBCh. 6 - Prob. 3PBCh. 6 - Prob. 4PBCh. 6 - Prob. 5PBCh. 6 - Prob. 1ACh. 6 - Prob. 2ACh. 6 - You work as a cashier for a service business. Some...
Additional Business Textbook Solutions
Find more solutions based on key concepts
Interest-bearing notes payable with year-end adjustments P1 Keesha Co. borrows $200,000 cash on November 1, 201...
Financial Accounting: Information for Decisions
This year, Prewer Inc. received a 160,000 dividend on its investment consisting of 16 percent of the outstandin...
Principles Of Taxation For Business And Investment Planning 2020 Edition
Assume you are a CFO of a company that is attempting to race additional capital to finance an expansion of its ...
Financial Accounting, Student Value Edition (4th Edition)
Discussion Analysis A13-41 Discussion Questions 1. How do managers use the statement of cash flows? 2. Describ...
Managerial Accounting (4th Edition)
This year, Prewer Inc. received a 160,000 dividend on its investment consisting of 16 percent of the outstandin...
PRINCIPLES OF TAXATION F/BUS.+INVEST.
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
- What should be done if differences are found between the bank statement and the book account?arrow_forwardWhich of the following items are found on a book side of the bank reconciliation? A. beginning bank balance B. outstanding checks C. interest income D. error made by bankarrow_forwardWhat does a debit balance in the cash short and over account represent? What does a credit balance in this account represent?arrow_forward
- Suppose we collected cash from a charge customer and the debit was to Cash and the credit to Sales. How and when would this error be discovered?arrow_forwardWhich of the following adjusts the bank’s balance of cash in a bank reconciliation? a. NSF checks. b. Service fees. c. An error by the company. d. Checks outstanding.arrow_forwardWhich statement is true? A. Bank service charge will cause the cash balance per ledger to be higher than that reported by the bank, all other things being equal. B. Outstanding checks will cause the cash balance per ledger to be greater than the balance reported by the bank, all other things being equal C. An error made by the bank by charging an amount to the depositor's account requires a correcting entry in the depositor's own records D. The cash amount shown in the balance sheet must be the balance reported in the bank statement.arrow_forward
- Debit order is an example of an adjusting difference. True or False Bank understates a deposit on the bank statement is an example of a timing difference. True or Falsearrow_forwardWhich of the following adjusts the company’s balance of cash in a bank reconciliation? a. Interest earned. b. Checks outstanding. c. Deposits outstanding. d. An error by the bank.arrow_forward28.Which of the following would NOT be classified as cash? a. Company's post-dated checks b. Customer's checks drawn against insufficient funds c. Manager's checks d. Traveler's checksarrow_forward
- Which of the following is supported with a debit memorandum? a.proceeds of bank loan b.collections already forwarded to the bank for deposit but too late to appear in the bank statement c.matured time deposits transferred by bank to the current account d.notes receivable collected by the bank in favor of the depositor e.charges for penaltyarrow_forwardThe process of determining any differences between a bank statement balance and a checkbook balance is known as _______________. Calculating bank service charge Calculating outstanding deposits Reconciling the bank statement Issuing a stop payment orderarrow_forwardBank errors should: Group of answer choices be adjusted in book but not in bank proof of cash. be adjusted in book proof of cash only. be adjusted in bank proof of cash only. be adjusted to both book and bank proof of cash.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Internal Control Components; Author: Accounting Instruction, Help, & How To;https://www.youtube.com/watch?v=D8SSaqpE6L8;License: Standard Youtube License