College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter 6, Problem 4E
To determine
Indicate a check mark for the given reconciling items that would be reported on the bank reconciliation.
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An NSF check returned by the bank should be entered in the depositor's accounting records by a debit to:A. Accounts Receivable.B. An expense account.C. Cash.D. Cash Over and Short.
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
Match the following in the correct order.
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...
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- Which 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_forwardWhich of the following are found on the bank side of the bank reconciliation? A. NSF check B. interest income C. wire transfer into clients account D. deposit in transitarrow_forwardMatch the following words with their definitions by entering the correct number in the spaces below. 1.deposit ticket 2.ATM 3.check 4.bank statement 5.blank endorsement _____ a.A document ordering a bank to pay cash from a depositors account. _____ b.An endorsement where the payee simply signs the back of the check, making the check payable to any bearer. _____ c.Automated teller machinea machine used by depositors to make withdrawals or deposits at any time. _____ d.A statement of account issued by a bank to each depositor once a month. _____ e.A form showing a detailed listing of items being deposited.arrow_forward
- Identify where each of the following transactions would be found on the bank reconciliation. Table 8.1arrow_forwardWhich of the following does not explain the differences between the bank statement balance and the customers cash balance? a. Deposit in transit b. Canceled checks c. An NSF check d. Errors e. Interest incomearrow_forwardWhat should be done if differences are found between the bank statement and the book account?arrow_forward
- The following items may appear on a bank statement: 1. Bank correction of an error from posting another customer's check (disbursement) to the company's account 2. EFT deposit 3. Loan proceeds 4. NSF check Using the following format, indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the bal- ance of the company's account: Appears on the Bank Statement as a Debit or Credit Increases or Decreases the Balance of the Company's Bank Account Item No. Memoarrow_forwardOn the Excel worksheet are the T- accounts for cash and other accounts need to record the bank reconciliation. Also, the format for the bank reconciliation is provided. Complete the bank reconciliation, using formulas when possible.arrow_forwardWhen preparing a bank reconciliation statement, outstanding checks would: a. increase the cash balance according to the bank statement. b. deduct the cash balance according to the bank statement. c. increase the cash balance according to the company statement. d. deduct the cash balance according to the company statement.arrow_forward
- The amount for the bank error will be recorded on the bank reconciliation statement on the ....arrow_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_forwardThe amount of the outstanding checks is included on the bank reconciliation as a(n)arrow_forward
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