College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 7, Problem 4TF
To determine
Identify whether the given statement is true or false.
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On the Excel worksheet are the T- accounts for cash and other accounts need to record the bank reconciliation. Also, the format for the bank reconciliation is provided. Complete the bank reconciliation, using formulas when possible.
On a bank reconciliation, which of the following is added to the balance per book?
Interest earned on the bank balance.
EFT payments to vendors.
Deposits in transit.
Outstanding checks.
What is the adjusting entry for Bank Reconciliation:
Debit Memo- Cost of Checkbook
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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- Which of the following items are found on a book side of the bank reconciliation? A. beginning bank balance B. outstanding checks C. interest income D. error made by bankarrow_forwardPrepare the journal entry required to reconcile the book balance to the bank balance.arrow_forwardInner Resources Company received the following bank statement. Using the information from PA11 and PA12, prepare the bank reconciliation.arrow_forward
- 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_forwardWhat steps are followed in posting cash receipts from the general journal to the accounts receivable ledger?arrow_forward
- A fee the bank charges for maintaining bank records and processing bank statement items for the depositor is known as _____________. Stop payment order Outstanding deposits Reconciling the bank statement Bank service chargearrow_forwardAccompanying the bank statement was a debit memorandum for an NSF check received from a customer. This item would be included on the bank reconciliation as a(n) ____.arrow_forwardWhen 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_forward
- More info a. Outstanding checks, $670. b. Deposits in transit, $1,500. C. NSF check from customer, no. 548, for $175. d. Bank collection of note receivable of $800, and interest of $80. Interest earned on bank balance, $20. e. f. g. h. Service charge, $10. The business credited Cash for $200. The correct amount was $2,000. The bank incorrectly decreased the business's by $350 for a check written by another business. Xarrow_forwardIn preparing a bank reconciliation, outstanding checks are deducted from the balance per bank. added to the balance per bank. deducted from the balance per books. added to the balance per books.arrow_forwardThe 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_forward
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