College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 6, Problem 4QY
What is the
- a. Cash $250 DR; NSF Check $250 CR
- b.
Accounts Receivable $250 DR; Cash $250 CR - c. NSF Check $250 DR; Accounts Receivable $250 CR
- d. Cash $250 DR; Accounts Receivable $250 CR
- e. Cash $250 DR; Miscellaneous Expense $250 DR
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Accompanying the bank statement was a debit memo for an NSF check received from a customer. What entry is required in the
company's accounts?
Oa. debit Cash; credit Other Income
Ob. debit Accounts Receivable; credit Cash
Oc. debit Other Income; credit Cash
Od. debit Cash: credit Accounts Receivable
231 PM
8.
Which of the following is considered cash?
a. Thirty-day certificate of deposits
b. Customer’s post-dated checks
c. Six-month money market savings certificates
d. Money market checking accounts
Use the information from the attached image to answer questions 10 – 14.
This is Mason's monthly bank statement and check register.
What is the ending balance on the statement?
Answers
A. $1,352.61
B. $1,257.23
C. $1,241.66
D. $747.61
Question11.
What is the total of the outstanding deposits?
Answers
A. $20
B. $625
C. $605
D. $8
Question12.
What is the total of the outstanding withdrawals?
Answers
A. $130.95
B. $87.38
C. $8.00
D. $43.57
Question13.
What is the revised statement balance?
Answers
A. $1,241.66
B. $1,277.23
C. $1,233.66
D. $1,352.61
Question14.
What is the revised balance of the check register?
Answers
A. $1,198.09
B. $1,257.23
C. $1,233.66
D. $1,291.66
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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- Match 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_forwardWhich of the following journal entries is recorded as a result of the bank reconciliation process to record a NSF check for $250? A. Cash 250 Accounts Receivable 250 B. Accounts Receivable 250 Petty Cash 250 C. Accounts Receivable 250 Cash 250 D. Cash 250 Accounts Payable 250arrow_forwardConsider the following: Cash in Bank - checking account of $19100, Cash on hand of $510, Post-dated checks received totaling $3540, and certificates of deposit totaling $123000. How much should be reported as cash in the balance sheet? O $23150. O $135400. O $19100. O $19610.arrow_forward
- Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer. What entry is required in the company's accounts? Oa. debit Cash; credit Notes Receivable and Interest Revenue Ob. debit Accounts Receivable; credit Cash Oc. debit Cash; credit Miscellaneous Income Od. debit Notes Receivable; credit Casharrow_forwardreceived a check from the Asif and paid in to the bank journal entryarrow_forwardK Determine the adjusted cash balance per bank for Sheryl's Packaging on November 30, from the following information: Cash balance on the bank statement Customer's check returned-NSF Customer's note collected by the bank Deposits in transit, November 30 Outstanding checks, November 30 A. $1,900 OB. $1,600 O C. $500 OD. $1,800 $3,200 300 600 1,000 3,700arrow_forward
- Accompanying the bank statement was a credit memorandum for a short-term note collected by the bank for the depositor. This item would be included on the bank reconciliation as a(n) ____. a.addition to the cash balance per bank b.deduction from the cash balance per books c.deduction from the cash balance per bank d.addition to the cash balance per booksarrow_forwardNext Question Find the reconciled balance in the checking account based on the information from the check register and bank statement. Balance: $5629.88 Deposits not Recorded Checks ..... Outstanding The correct current balance in the account is $ Number Amount $133.81 Amount 512 $706.42 515 $695.98 $847.55 520 $92.88 $231.55 525 $66.39 Bank Statement: Balance: $4628.23 SC$10.25 ATM$62.00 ATM$151.50 IC$18.56arrow_forwardAn 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.arrow_forward
- IV. Direction: Determine if the bank transaction is to be shown on the debit side or credit side of bankstatement. Write DEBIT or CREDIT on the blank before the number. __________1. NSF check.__________2. Interest on depositor’s account.__________3. Cancelled check.__________4. Deposits made by depositor.__________5. Check booklet fee.__________6. Payment made by debtor to the account of depositor.__________7. Notes collected by bank for the account of depositor.__________8. Bank service charge.__________9. Check from customer honored by bank._________10. Check issued by depositor honored by bankarrow_forwardReconcile the account by adjusting both the balance from the bank statement and the checkbook balance to obtain the current balance. GCCES The current balance based on the statement balance is $ The current balance based on the checkbook balance is $ Check Register Balance $15851.98 Checks Outstanding Number Amount $93.39 $104.01 $40.29 $1170.45 223 225 227 229 Bank Statement Deposits not Recorded Amount $58 44 $409 92 $1967.68 Balance: $14837.40 Bank Charge: $9 45 Interest Credit $22.77arrow_forwardGiven the information here, what should Jason's adjusted checkbook balance be? Bank balance: $ 600 $ 260 $ Outstanding checks: Deposit in transit: ATM fees: Interest earned: Checkbook balance: Select one: a. $300 X b. $171 c. $113 d. $242 e. $440 100 $50 $ 10 $ 480arrow_forward
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