Question 1

The journal entry to record the entry of a customer's nonsufficient funds check would include a:

Accepted Answer

A) debit to Revenue. 
B) credit to Cash. 
C) debit to Accounts Payable. 
D) credit to Accounts Receivable. 
A) debit to Revenue. 
B) credit to Cash. 
C) debit to Accounts Payable. 
D) credit to Accounts Receivable.

Question 2

List the various steps and procedures included in the bank reconciliation process.
What are the advantages in preparing a monthly bank reconciliation?

Accepted Answer

1.Prepare a list of deposits in transit.

Question 3

The May bank statement for Rental shows a balance of $6,300,but the balance per books shows a cash balance of $7,980.Other information includes:
1)A check for $200 to pay the electric bill was recorded on the books as $20.
2)Included on the bank statement was a note collected by the bank for $400 plus interest of $30.
3)Checks outstanding totaled $260.
4)Bank service charges were $50.
5)Deposits in transit were $2,140.
Which item(s)will require a journal entry to update the balance in the Cash account?

Accepted Answer

A) Checks outstanding and deposits in transit 
B) Bank service charges,note collected by the bank,and deposits in transit 
C) Bank service charges,note collected by the bank,and error made by Accounting Services 
D) None of these answers is correct. 
A) Checks outstanding and deposits in transit 
B) Bank service charges,note collected by the bank,and deposits in transit 
C) Bank service charges,note collected by the bank,and error made by Accounting Services 
D) None of these answers is correct.

Question 4

When a bank credits your account,it is decreasing the balance.

Accepted Answer

A) True 
 B)False

Question 5

The bank deducted another company's check from our account.This would be included on the bank reconciliation as a(n):

Accepted Answer

A) addition to the balance per books. 
B) subtraction from the balance per books. 
C) addition to the balance per bank. 
D) subtraction from the balance per bank. 
A) addition to the balance per books. 
B) subtraction from the balance per books. 
C) addition to the balance per bank. 
D) subtraction from the balance per bank.

The journal entry to record the entry of a customer's nonsufficient funds check would include a:

List the various steps and procedures included in the bank reconciliation process. What are the advantages in preparing a monthly bank reconciliation?

When a bank credits your account,it is decreasing the balance.

The bank deducted another company's check from our account.This would be included on the bank reconciliation as a(n):

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property,plant,equipment,and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values,dividends,treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters

Exam 6: Banking Procedure and Control of Cash

The journal entry to record the entry of a customer's nonsufficient funds check would include a:

List the various steps and procedures included in the bank reconciliation process. What are the advantages in preparing a monthly bank reconciliation?

When a bank credits your account,it is decreasing the balance.

The bank deducted another company's check from our account.This would be included on the bank reconciliation as a(n):

Accounting Concepts and Procedures

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property,plant,equipment,and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values,dividends,treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

Filters