College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 7, Problem 1MYW
To determine
State whether it is an ethical or legal obligation to inform the bank about the error and also specify the action that must be taken.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
A 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 bank
Suppose you incorrectly recorded a deposit as $450. The bank discovered the correct amount was $480. The bank will send a debit memo to inform you of the error. (True or False)
I need help
Chapter 7 Solutions
College Accounting, Chapters 1-27
Ch. 7 - Prob. 1TFCh. 7 - Prob. 2TFCh. 7 - Prob. 3TFCh. 7 - Prob. 4TFCh. 7 - Prob. 5TFCh. 7 - Prob. 1MCCh. 7 - Prob. 2MCCh. 7 - Prob. 3MCCh. 7 - Prob. 4MCCh. 7 - When the cash short and over account has a debit...
Ch. 7 - Match the following words with their definitions...Ch. 7 - Prob. 2CECh. 7 - Prob. 3CECh. 7 - Prob. 4CECh. 7 - Why must a signature card be filled out and signed...Ch. 7 - Prob. 2RQCh. 7 - Prob. 3RQCh. 7 - Prob. 4RQCh. 7 - What are the most common reasons for differences...Ch. 7 - Prob. 6RQCh. 7 - Prob. 7RQCh. 7 - Name five common uses of electronic funds...Ch. 7 - Prob. 9RQCh. 7 - What should be prepared every time a petty cash...Ch. 7 - At what two times should the petty cash fund be...Ch. 7 - Prob. 12RQCh. 7 - At what two times would an entry be made affecting...Ch. 7 - What does a debit balance in the cash short and...Ch. 7 - CHECKING ACCOUNT TERMS Match the following words...Ch. 7 - Prob. 2SEACh. 7 - Prob. 3SEACh. 7 - Prob. 4SEACh. 7 - Prob. 5SEACh. 7 - Prob. 6SEACh. 7 - CASH SHORT AND OVER ENTRIES Based on the following...Ch. 7 - Prob. 8SPACh. 7 - Prob. 9SPACh. 7 - Prob. 10SPACh. 7 - Prob. 11SPACh. 7 - CHECKING ACCOUNT TERMS Match the following words...Ch. 7 - Prob. 2SEBCh. 7 - Prob. 3SEBCh. 7 - Prob. 4SEBCh. 7 - Prob. 5SEBCh. 7 - Prob. 6SEBCh. 7 - CASH SHORT AND OVER ENTRIES Based on the following...Ch. 7 - Prob. 8SPBCh. 7 - Prob. 9SPBCh. 7 - Prob. 10SPBCh. 7 - CASH SHORT AND OVER ENTRIES Listed below are the...Ch. 7 - Prob. 1MYWCh. 7 - Prob. 1MPCh. 7 - Prob. 1CP
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
- Which of the following will NOT require an adjusting entry when reconciling the bank statement? Interest earned Outstanding checks O NSF check from customer Bank service chargesarrow_forwardHow will the following items affect the pass book balance? Direct payment by customer into the back account. Interest on investment collected by the bank.arrow_forwardIn the normal operation of business, you receive a check from a customer and deposit it into your checking account. With your bank statement, you are advised that this check for $775 is "NSF." The bank also informs you that due to the amount of activity on your business account the monthly service charge is $75. During a bank reconciliation, you will Oa. add both values to balance according to bank Ob. add both values to balance according to books Oc. subtract both values from balance according to books Od. subtract both values from balance according to bankarrow_forward
- I need the answer as soon as possiblearrow_forwardWhich of the following statements is true? O A certified check should be included in the outstanding checks in preparing a bank reconciliation. A certified check is a liability of the of the depositor's bank. A certified check will be less acceptable by many persons who would otherwise accept a personal check. A certified check has been withdrawn by the holder.arrow_forwardIn reconciling a bank statement, when a check from the previous month appears on the bank statement (but not the cash balance due to timing), how would you state it on the reconciliation? The note that was given: The difference in the beginning balances in the company’s records and the bank statement relates to checks #469 and #470, which are outstanding as of April 30, 2021 (prior month). Attached is an image of my current progress.arrow_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_forwardAssume you are a new hire in the accounting department of an organization. One of your responsibilities is the reconciliation of the operating account. After the end of the month you are given a copy of the bank statement and the cancelled checks, and are instructed to perform your reconciliation. You notice that there are some faint markings on a portion of the bank statement that could be alterations. What steps would you take in performing the reconciliation?arrow_forwardWhen a business endorses a note and transfers it to a bank, the process is called a discounting a note receivable. b. dishonoring a note receivable e cosigning a note receivable d. collecting a note receivablearrow_forward
- The 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_forwardIndicate whether each transaction would require an adjustment to the bank balance or the book balance when reconciling cash. Interest earned on the cash balance per the bank Choose. statement Minimum balance bank fee charged on the bank Choose. statement Collecton on a note from a customer as indicated on the Choose. bank statement NSF check received from a customer as revealed on the Choose. bank statement Outstanding checks Choose. Bank service charge on the bank statement Choose.arrow_forwardThe bank statement showed a non-interest bearing note receivable from a customer that was collected by the bank, which the company listed as a reconciling item on the bank reconciliation statement. The journal entry needed for this reconciling item includes: Multiple Choice a debit to Cash. a credit to Interest Income. a credit to Cash. a debit to Accounts Receivable.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
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,
College Accounting (Book Only): A Career ApproachAccountingISBN:9781305084087Author:Cathy J. ScottPublisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
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,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cengage Learning