For each of the following, indicate if the statement reflects an input component, output component, or storage component of the
A. Online customer check ordering system.
B. Approved loan applications.
C. Report of customers with savings accounts over $5,000.
D. Desktop hard drive on computer used by bank president’s administrative assistant.
E. List of the amount of money withdrawn from all of the bank’s ATMs on a given day.
Want to see the full answer?
Check out a sample textbook solutionChapter 7 Solutions
Principles of Accounting Volume 1
Additional Business Textbook Solutions
Operations Management: Processes and Supply Chains (12th Edition) (What's New in Operations Management)
Corporate Finance (4th Edition) (Pearson Series in Finance) - Standalone book
MARKETING:REAL PEOPLE,REAL CHOICES
Gitman: Principl Manageri Finance_15 (15th Edition) (What's New in Finance)
Engineering Economy (17th Edition)
Financial Accounting, Student Value Edition (5th Edition)
- 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_forwardTransactions related to revenue and cash receipts completed by Sycamore Inc. during the month of March 20Y8 are as follows: Prepare a single-column revenue journal and a cash receipts journal to record these transactions. Use the following column headings for the cash receipts journal: Fees Earned Cr., Accounts Receivable Cr., and Cash Dr. Place a check mark () in the Post. Ref. column to indicate when the accounts receivable subsidiary ledger should be posted.arrow_forwardCalculator 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.arrow_forward
- Examine and Understand the Bank Statement and the Cash-in-bank Ledger. Prepare a Bank Reconciliation Statement. Use the space provided after the illustrations for your answer. Cash-in-bank (IPB Bank) Dec. 4 Check No. 6 Check No. 8 Check No. 9 Check No. Dec. 1 Deposit 90,000 45,000 9,000 72,000 4,500 13,500 324003 36,000 9,100 324005 27,000 324006 22,500 324001 12 Deposit 324002 23 Deposit 27 Deposit 324004 12 Check No. 20 Check No. 28 Check No. 324007 45,000 Bank Statement Date Check No. Withdrawals Deposits 90,000 Balance 90,000 Dec. 1 10 324004 9,100 80,900 20 324001 4,500 22,500 76,400 53,900 22 324006 27 45,000 98,900 29 9,000 107,900 29 324003 36,000 71,900 29 27,000 CM 98,900 31 1800 SC 97,100 CM - Credit Memo DM - Debit Memo SC - Service Charge RT - Returned Check Legend:arrow_forwardIndicate what effect each situation will have on the bank reconciliation process. Place the number of your choice beside the items listed. 1. Add to bank balance 2. Deduct from bank balance 3. Add to checkbook balance 4. Deduct from checkbook balance a. deposit in transit b. bank service charge c. NSF check d. Check written for $95 recorded on the company's ledger as $59 e. Outstanding checks f. Check written for $80 recorded as $800 g. Check printing charges h. Interest earned on checking accountarrow_forwardUsing the following information: a. The bank statement balance is $4,340. b. The cash account balance is $4,999. c. Outstanding checks amount to $607. d. Deposits in transit are $1,197. e. The bank service charge is $60. f. A check for $36 for supplies was recorded as $27 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Line Item Description Cash balance according to bank statement Candace Co. Bank Reconciliation May 31 Adjusted balance Cash balance according to company's records Total deductions Adjusted balance Amount Amount $arrow_forward
- Upon receipt of customers’ checks in the mail room, a responsible employee should prepare a remittance list that is forwarded to the cashier. A copy of the list should be sent to thea. Internal auditor to investigate the list for unusual transactions.b. Treasurer to compare the list with the monthly bank statement.c. Accounts receivable bookkeeper to update the subsidiary accounts receivable records.d. Entity’s bank to compare the list with the cashier’s deposit slip.arrow_forwardEach of the following documents is a control for a bank account excepta. signature card.b. geographic location of ATMs.c. bank statement.d. bank reconciliation.arrow_forwardThe April 30 bank statement of Counselling Service Association(CSA) has just arrived from SoctiaBank. Using the pictures provided to prepare the Bank Reconciliations for CSA and Journalise the April 30 transections needed to update update CSA's Cash Accountarrow_forward
- Nonearrow_forwardWhat's New Directions: Write the letter "T" if the statement is correct and "F" if it is incorrect. VWrite the answer in the space provided before each number. True or False. 1. Bank reconciliation statements are prepared to reconcile the difference between cash book and bank balance. 2. Bank reconciliation statement is prepared by the account holder. 3. Bank reconciliation statement keeps the record of transactions between the bank and current account holder. 4. A business receives bank staterment ard upoutes its cask book. 5. Notes collected from the clients on the company's behalf in a bank statement would cause the balance of the bank more than the balance of the book. 6. A bank reconciliation statement is a statement showing the causes of difference between the cash book and the passbook balance. 7. Bank reconciliation statement detects errors which have been committed. 8. Bills that are collected by the bank on behalf of the customer is one of the reasons why differences arise…arrow_forwardUsing the following information: a. The bank statement balance is $4,265. b. The cash account balance is $4,448. c. Outstanding checks amount to $835. d. Deposits in transit are $954. e. The bank service charge is $55. f. A check for $37 for supplies was recorded as $28 in the ledger. Prepare a bank reconciliation for Candace Co. for May 31. Candace Co. Bank Reconciliation Line Item Description May 31 Amount Amount Cash balance according to bank statement Adjusted balance Cash balance according to company's records Total deductions Adjusted balancearrow_forward
- Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage LearningCollege Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,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 ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College PubCollege Accounting (Book Only): A Career ApproachAccountingISBN:9781305084087Author:Cathy J. ScottPublisher:Cengage LearningFinancial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning