Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Question
Chapter 7, Problem 7.2BE
To determine
To determine: Whether items appear as debit/credit memo on the bank statement and whether items increase/decrease the balance of the company’s account.
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Items on Company's Bank Statement
The following items may appear on a bank statement:
1. Bank correction of an error from posting another customer's check (disbursement) to the company's account
2. EFT deposit
3. Loan proceeds
4. NSF check
Indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company's account:
Item
Appears on the Bank Statementas a Debit or Credit Memo
Increases or Decreases theBalance of the Company's Bank Account
1. Bank correction of an error from posting another customer's check (disbursement) to the company's account
2. EFT deposit
3. Loan proceeds
4. NSF check
Items on company bank statement: 1. Bank correction of an error from posting another customers check(disbursement) to the company account 2. EFT deposit 3. Loan proceeds 4. NSF. Using the following format indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company account.
The following items may appear on a bank statement:
1. Bank correction of an error from posting another customer's check (disbursement) to
the company's account
2. EFT deposit
3. Loan proceeds
4. NSF check
Using the following format, indicate whether each item would appear as a debit or credit
memo on the bank statement and whether the item would increase or decrease the bal-
ance of the company's account:
Appears on the
Bank Statement as
a Debit or Credit
Increases or Decreases the
Balance of the Company's
Bank Account
Item No.
Memo
Chapter 7 Solutions
Corporate Financial Accounting
Ch. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Why should the responsibility for maintaining the...Ch. 7 - Assume that Brooke Miles, accounts payable clerk...Ch. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 10DQ
Ch. 7 - Prob. 7.1BECh. 7 - Prob. 7.2BECh. 7 - Prob. 7.3BECh. 7 - Prob. 7.4BECh. 7 - Prob. 7.1EXCh. 7 - Prob. 7.2EXCh. 7 - Prob. 7.3EXCh. 7 - Prob. 7.4EXCh. 7 - Prob. 7.5EXCh. 7 - Prob. 7.6EXCh. 7 - Prob. 7.7EXCh. 7 - Prob. 7.8EXCh. 7 - Prob. 7.9EXCh. 7 - Prob. 7.10EXCh. 7 - Prob. 7.11EXCh. 7 - Entry for cash sales; cash short The actual cash...Ch. 7 - Entry for cash sales; cash over The actual cash...Ch. 7 - Prob. 7.14EXCh. 7 - Prob. 7.15EXCh. 7 - Prob. 7.16EXCh. 7 - Prob. 7.17EXCh. 7 - Prob. 7.18EXCh. 7 - Prob. 7.19EXCh. 7 - Prob. 7.20EXCh. 7 - Prob. 7.21EXCh. 7 - Prob. 7.22EXCh. 7 - Prob. 7.23EXCh. 7 - Prob. 7.24EXCh. 7 - Prob. 7.1APRCh. 7 - Prob. 7.2APRCh. 7 - Prob. 7.3APRCh. 7 - Prob. 7.4APRCh. 7 - Prob. 7.5APRCh. 7 - Prob. 7.1BPRCh. 7 - Prob. 7.2BPRCh. 7 - Prob. 7.3BPRCh. 7 - Prob. 7.4BPRCh. 7 - Prob. 7.5BPRCh. 7 - Prob. 7.1ADMCh. 7 - Prob. 7.2ADMCh. 7 - Prob. 7.3ADMCh. 7 - Nike, lululemon, and Under Armour: Days cash on...Ch. 7 - Ethics in Action Tehra Dactyl is an accountant for...Ch. 7 - Prob. 7.3TIF
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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_forwardMatch 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_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
- Leann Company received the following bank statement. Using the information from PB11 and PB12, prepare the bank reconciliation.arrow_forwardPrepare the journal entry to reconcile the bank statement in EB7.arrow_forwardHajun Company received the following bank statement. Using the information from PB9 and PB10, prepare the bank reconciliation.arrow_forward
- Identify where each of the following transactions would be found on the bank reconciliation. Table 8.1arrow_forwardPrepare the journal entry required to reconcile the book balance to the bank balance.arrow_forwardDomingo Company received the following bank statement. Using PA9, prepare the bank reconciliation.arrow_forward
- When a business borrows money from a bank on a non-interest-bearing note, how are the bank discount and proceeds calculated?arrow_forwardItems on Company's Bank Statement The following items may appear on a bank statement: 1. Bank correction of an error from recording a $6,200 deposit as $2,600 2. EFT payment 3. Note collected for company 4. Service charge Indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company's account: Item Appears on the BankStatement as a Debitor Credit Memo Increases or Decreasesthe Balance of theCompany's Bank Account 1. Bank correction of an error from recording a $6,200 deposit as $2,600 2. EFT payment 3. Note collected for company 4. Service chargearrow_forwardThe following items may appear on a bank statement: Bank correction of an error from recording a $3,200 deposit as $2,300 EFT payment Note collected for company Service charge Using the format shown below, indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company’s account.arrow_forward
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