Financial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134728520
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Chapter 7, Problem 1SC
To determine
Determine the document that identifies and explains all differences between the company’s record of cash and the bank’s record of that cash.
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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
Which of the following is an appropriate reconciling item to the balance per bank in a bank reconciliation?
a. Bank service charge
b. Chargeback for NSF check
c. Deposit in transit
d. Bank interest
In a bank reconciliation, an EFT cash payment is
A. added to the bank balance in the general ledger
B. deducted from the bank balance on the bank statement
C. added to the bank balance on the bank statement
D. deducted from the bank balance in the general ledger
Chapter 7 Solutions
Financial Accounting, Student Value Edition (5th Edition)
Ch. 7.A - Prob. 1SECh. 7.A - Prob. 2SECh. 7.A - Prob. 3AECh. 7.A - Prob. 4AECh. 7.A - Prob. 5BECh. 7.A - Prob. 6BECh. 7.A - Prob. 7APCh. 7.A - Prob. 8BPCh. 7 - Which duties should be segregated in the...Ch. 7 - Prob. 2DQ
Ch. 7 - Prob. 3DQCh. 7 - Why does the allowance method of accounting for...Ch. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - How would the net realizable value of Accounts...Ch. 7 - Prob. 9DQCh. 7 - Prob. 10DQCh. 7 - Prob. 1SCCh. 7 - Prob. 2SCCh. 7 - Prob. 3SCCh. 7 - Prob. 4SCCh. 7 - Prob. 5SCCh. 7 - Prob. 6SCCh. 7 - Prob. 7SCCh. 7 - Prob. 8SCCh. 7 - Prob. 9SCCh. 7 - Prob. 10SCCh. 7 - Prob. 11SCCh. 7 - Prob. 12SCCh. 7 - Prob. 1SECh. 7 - Prob. 2SECh. 7 - Prob. 3SECh. 7 - Prob. 4SECh. 7 - Prob. 5SECh. 7 - Prob. 6SECh. 7 - Prob. 7SECh. 7 - Prob. 8SECh. 7 - Prob. 9SECh. 7 - Prob. 10SECh. 7 - Prob. 11SECh. 7 - Prob. 12SECh. 7 - Prob. 13SECh. 7 - Prob. 14SECh. 7 - Prob. 15SECh. 7 - Quick ratio (Learning Objective 7) 510 min....Ch. 7 - Prob. 17SECh. 7 - Prob. 18AECh. 7 - Prob. 19AECh. 7 - Prob. 20AECh. 7 - Prob. 21AECh. 7 - Prob. 22AECh. 7 - Prob. 23AECh. 7 - Prob. 24AECh. 7 - Prob. 25AECh. 7 - Prob. 26AECh. 7 - Prob. 27AECh. 7 - Quick ratio and current ratio (Learning Objective...Ch. 7 - Prob. 29AECh. 7 - Prob. 30BECh. 7 - Prob. 31BECh. 7 - Prob. 32BECh. 7 - Prob. 33BECh. 7 - Prob. 34BECh. 7 - Aging of accounts receivable allowance method...Ch. 7 - Prob. 36BECh. 7 - Prob. 37BECh. 7 - Prob. 38BECh. 7 - Prob. 39BECh. 7 - Quick ratio and current ratio (Learning Objective...Ch. 7 - Prob. 41BECh. 7 - Prob. 42APCh. 7 - Prob. 43APCh. 7 - Prob. 44APCh. 7 - Prob. 45APCh. 7 - Prob. 46APCh. 7 - Accounting for notes receivable (Learning...Ch. 7 - Prob. 48APCh. 7 - Prob. 49BPCh. 7 - Prob. 50BPCh. 7 - Prob. 51BPCh. 7 - Prob. 52BPCh. 7 - Prob. 53BPCh. 7 - Prob. 54BPCh. 7 - Prob. 55BPCh. 7 - Continuing Exercise In this exercise, we continue...Ch. 7 - Prob. 1CPCh. 7 - Prob. 1CFSAPCh. 7 - Prob. 1EIACh. 7 - Prob. 2EIACh. 7 - Financial Analysis Purpose: To help familiarize...Ch. 7 - Industry Analysis Purpose: To help you understand...Ch. 7 - Prob. 1SBACh. 7 - Prob. 1WC
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- Which 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_forwardHajun Company received the following bank statement. Using the information from PB9 and PB10, prepare the bank reconciliation.arrow_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_forward
- What is the purpose of the bank reconciliation?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_forward2. Which of the following items must be added to the cash balance per ledger in preparing a bank reconciliation which ends with the adjusted cash balance? a. Note receivable collected by bank in favor of the depositor and credited to the account of the depositor b. NSF customer check c. Service charge d. Erroneous bank debitarrow_forward
- When the bank reconciliation is being completed, Deposits in Transit would be: Added to the Bank Statement Balance Subtracted from the Bank Statement Balance Added to the Cash General Ledger Balance Subtracted from the Cash General Ledger Balancearrow_forwardcomparing the cash balances on its bank statement with the cash balances in the accounting recordsA. Bank ConfirmationB. Bank ReconcilationProcess of identifying, evaluating and deciding how to manage the risks.A. Risk AssessmentB. Risk Managementarrow_forwardWhich of the following items must be deducted to the balance per ledger in preparing a bank reconciliation, which ends with adjusted cash balance? Interest on deposits Collections from customers Service charges Erroneous bank debitarrow_forward
- When 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_forwardThe term deposits in transit refer to: a. Deposits that were made after the bank statement was mailed b. Deposits that have left the organization and are on their way to the bank c. The individual who is transporting the deposits to the bank d. Funds that have been wired but not yet receivedarrow_forwardThe explanation of the differences between the cash account balance according to the company’s book and the balance reported on the bank statement is a(n): A. Trial reconciliation B. Bank reconciliation C. Bank audit D. Balance Sheetarrow_forward
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