Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 8, Problem 16MC
Which of the following are found on the bank side of the bank reconciliation?
A. NSF check
B. interest income
C. wire transfer into client’s account
D. deposit in transit
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Which of the following are found on the bank side of the bank reconciliation?
Group of answer choices
1.NSF check
2.interest income
3.wire transfer into client’s account
4.deposit in transit
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
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.
Chapter 8 Solutions
Principles of Accounting Volume 1
Ch. 8 - Which of the following would a fraudster perceive...Ch. 8 - Internal control is said to be the backbone of all...Ch. 8 - What is the best way for owners of small...Ch. 8 - Which of the following is not considered to be...Ch. 8 - There are several elements to internal controls....Ch. 8 - A company is trying to set up proper internal...Ch. 8 - There are three employees in the accounting...Ch. 8 - Which one of the following documents is not needed...Ch. 8 - What is the advantage of using technology in the...Ch. 8 - Which of the following assets require the...
Ch. 8 - Which of the following is true about the...Ch. 8 - The external auditor of a company has certain...Ch. 8 - Petty cash is used to ________. A. avoid having to...Ch. 8 - A company has decided to start a petty cash fund...Ch. 8 - Which of the following items are found on a book...Ch. 8 - Which of the following are found on the bank side...Ch. 8 - What would be a reason a company would want to...Ch. 8 - What would be a reason a company would want to...Ch. 8 - At what point does revenue recognition occur? A....Ch. 8 - What is an example of perceived opportunity as one...Ch. 8 - What is an example of rationalization as one of...Ch. 8 - What is an example of incentive as one of the...Ch. 8 - Why is it important to have a very sound and...Ch. 8 - The information technology departments of all...Ch. 8 - What are the functions of the internal control?Ch. 8 - Discuss the importance of a company having proper...Ch. 8 - What is the role of the Sarbanes-Oxley Act and the...Ch. 8 - Why is it important to have a petty cash fund...Ch. 8 - Is it required to have only one petty cashier or...Ch. 8 - Technology can be used to support a strong...Ch. 8 - What is the purpose of the bank reconciliation?Ch. 8 - What should be done if differences are found...Ch. 8 - Record the following transactions: A. Started a...Ch. 8 - Record the following transactions: A. Started a...Ch. 8 - Record the following transactions: A. Started a...Ch. 8 - Record the following transactions: A. Started a...Ch. 8 - The bank reconciliation shows the following...Ch. 8 - The bank reconciliation shows the following...Ch. 8 - Using the following information, prepare a bank...Ch. 8 - Prepare the journal entry to reconcile the bank...Ch. 8 - Using the following information, prepare a bank...Ch. 8 - Prepare the journal entry to reconcile the bank...Ch. 8 - Using the following information, prepare a bank...Ch. 8 - Prepare the journal entry to reconcile the bank...Ch. 8 - Record the following transactions: A. Started a...Ch. 8 - Record the following transactions: A. Started a...Ch. 8 - Record the following transactions: A. Started a...Ch. 8 - Record the following transactions: A. Started a...Ch. 8 - The bank reconciliation shows the following...Ch. 8 - The bank reconciliation shows the following...Ch. 8 - Using the following information, prepare a bank...Ch. 8 - Prepare the journal entry to reconcile the bank...Ch. 8 - Using the following information, prepare a bank...Ch. 8 - Prepare the journal entry to reconcile the bank...Ch. 8 - Using the following information, prepare a bank...Ch. 8 - Prepare the journal entry to reconcile the bank...Ch. 8 - On September 1, French company has decided to...Ch. 8 - On May 2 Kellie Company has decided to initiate a...Ch. 8 - Domingo Company started its business on January 1,...Ch. 8 - Prepare a trial balance using the journal entries...Ch. 8 - Inner Resources Company started its business on...Ch. 8 - PA6. 8.4 Prepare a trial balance using the journal...Ch. 8 - Identify where each of the following transactions...Ch. 8 - Which of the following transactions will require a...Ch. 8 - Domingo Company received the following bank...Ch. 8 - Prepare the journal entry required to reconcile...Ch. 8 - Inner Resources Company received the following...Ch. 8 - Prepare the journal entry required to reconcile...Ch. 8 - On June 1 French company has decided to initiate a...Ch. 8 - On July 2 Kellie Company has decided to initiate a...Ch. 8 - Hajun Company started its business on May 1, 2019....Ch. 8 - Prepare a trial balance using the journal entries...Ch. 8 - Lavender Company started its business on April 1,...Ch. 8 - Prepare a trial balance for Lavender Company using...Ch. 8 - Identify where each of the following transactions...Ch. 8 - Which of the following transactions will require a...Ch. 8 - Hajun Company received the following bank...Ch. 8 - Prepare the journal entry required to reconcile...Ch. 8 - Leann Company received the following bank...Ch. 8 - Prepare the journal entry required to reconcile...Ch. 8 - A retail store normally has three people working...Ch. 8 - Visit a favorite eatery. Describe some of the...Ch. 8 - A manufacturing plant was finding a huge increase...Ch. 8 - The vice president of finance asks the accounts...Ch. 8 - Even though technology has improved the internal...Ch. 8 - A bank reconciliation takes time and must balance....Ch. 8 - The bank reconciliation revealed that one deposit...
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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_forwardWhat is the purpose of the bank reconciliation?arrow_forwardLeann Company received the following bank statement. Using the information from PB11 and PB12, prepare the bank reconciliation.arrow_forward
- Which 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_forwardHajun Company received the following bank statement. Using the information from PB9 and PB10, prepare the bank reconciliation.arrow_forwardOn a bank reconciliation. Deposit in transit is.....?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_forwardWhich one of the following items requires an adjustment on the bank side of the bank reconciliation? A. interest earned B. a bank service charge C. a note collected by the bank D. deposits in transitarrow_forwardWhich 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 checksarrow_forward
- What is a bank Reconciliation statement? What are the different transactions which are included in bank reconcilation statement?arrow_forwardIn preparing a bank reconciliation, what is the proper treatment of a bank service charge?arrow_forwardAfter preparing a bank reconciliation, journal entries are necessary to record Bank service charges Deposits in transit Outstanding checks Both B and C are correct A, B, and C are correctarrow_forward
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