College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 7, Problem 2MC
To determine
Identify the option that can be subtracted from the ending book balance.
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In the reconciliation of a bank statement, "deposits in transit" should be:a. added to the unadjusted book balanceb. subtracted from the unadjusted bank balancec. added to the unadjusted bank balanced. subtracted from the unadjusted bank balance
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 charges
An adjusting entry is required for:
Select one:
a. Deposit in transit.
O b.Outstanding checks.
O c Bank errors.
O d. Collection of a note by the bank.
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
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- In a bank reconciliation, an outstanding check isa. deducted from the book balance.b. deducted from the bank balance.c. added to the bank balance.d. added to the book balance.arrow_forwardIn a bank reconciliation, outstanding checks are ? a) Added to the bank balance b) Subtracted from the bank balance c) Added to the book balance d) Ignored entirelyarrow_forwardWhich of the following will increase the balance of accounts receivable? Group of answer choices Note discounted was dishonored by issuer at due date. Receipts of notes receivable as settlement of outstanding customer account. Sale of goods for cash. Collection of outstanding receivables.arrow_forward
- Which one of the following would not appear on a bank statement for a chequing account? a.Deposits b.Interest earned c.Service charges d.Outstanding chequesarrow_forwardWhich is the correct action to reconcile the bank statement for a Bank service charge? OA) Add to Book Balance OD) Deduct from Bank Balance OB) Deduct from Book Balance OC) Add to Bank Balancearrow_forward46.The entry to record the dishonor of a note receivable assuming the payee expects eventual collection includes a debit to a. Cash b. Notes Receivable c. Accounts Receivable d. Allowance for Doubtful Accountsarrow_forward
- Debit order is an example of an adjusting difference. True or False Bank understates a deposit on the bank statement is an example of a timing difference. True or Falsearrow_forwardWhich of the following items does NOT cause a difference in the bank balance and the book balance on a bank reconciliation? a. Nonsufficient funds checks b. Deposits in transit c. Canceled checks d. Outstanding checksarrow_forwardWhich of the following reconciling items may not result from bank side reccords of a bank account? a. Outstanding deposits b. Outstanding checks C. Errors made by bank accountant d. Non Sufficient Funds checksarrow_forward
- In a bank reconciliation, a deposit in transit is A. deducted from the bank balance on the bank statement B. added to the bank balance in the general ledger C. added to the bank balance on the bank statement D. deducted from the bank balance in the general ledgerarrow_forwardWhat is the normal procedure for handling the collectionof accounts receivable previously written off usingthe direct write-off method? The allowance method?arrow_forwardIn preparing a bank reconciliation, the amount of deposits in transit is deducted from the balance per bank statement. True Falsearrow_forward
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