ah- ELearningThe proper treatment of outstanding cheques Is to report them in the bank reconcilation as which of the following?o a. An addition to the balance as per cash bookO b. A deduction from the balance as per bank statementO C. An addition to the balance as per bank statemento d. A deduction from the balance as per cash bookA OMR 40,000, interest-bearing notes payable is signed on December 26, 2002. If the note is a 120-day note, what is the maturity datefor this short term liability?ofO a. April 26O b. March 25O c. March 26O d. April 255.Oman Air purchased aeroplane for OMR 200,000, on July 1, 2015. The company expects the service life of the airplane to be 5 years.During that time, it is expected that the aeroplane's useful life will be 40,000 hours. The anticipated salvage value is OMR 10,000. Theaeroplane is disposed of after five years of use. Calculate the book value of aeroplane as on 31-12-2017? Use declining-balancedepreciation method of charging depreciation at 30%. The accounting year-end is December 31 of each year:out of0 a. OMR 119,000Ob OMR 180,300O c. OMR 170,000O d. OMR 83,300R 4) GCOF7F8F9F10F11F2F3F4F5F6CLIO144

"Since you have asked multiple questions, we will solve first question for you. If you want any…

The proper treatment of outstanding cheques Is to report them in the bank reconcillation as which of the following? o a. An addition to the balance as per cash book O b. A deduction from the balance as per bank statement O C. An addition to the balance as per bank statement o d. A deduction from the balance as per cash book

The proper treatment of outstanding cheques Is to report them in the bank reconcillation as which of the following? o a. An addition to the balance as per cash book O b. A deduction from the balance as per bank statement O C. An addition to the balance as per bank statement o d. A deduction from the balance as per cash book

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter6: Cash And Internal Control

Section: Chapter Questions

Problem 6.3E

See similar textbooks

Similar questions

Which of the following accounts are used when a short-term note payable with 5% interest is honored (paid)? A. short-term notes payable, cash B. short-term notes payable, cash, interest expense C. interest expense, cash D. short-term notes payable, interest expense, interest payable
Assume that Johnson and Johnson company received the cheque of OMR 197 form it's debtor ( Accounts receivables ) . But the accountant of the company recorded it as OMR 179 and sent to bank for deposit How will you adjust the above reconciliation item in Bank reconciliation statement ? a . Add OMR 197 to cash book balance b . Add OMR 18 to cash book balance c . Deduct OMR 18 from Bank statement balance d . Less OMR 179 from bank statement balance
6. Which will not require an adjusting entry on the depositor’s books? a. NSF check from customer b. Check in payment of account payable amounting to P50,000 is recorded by the depositor as P5,000 c. Deposit of another entity credited to the account of the depositor d. Bank service charge
Match each item to a bank statement adjustment, a company books adjustment, or either. Question 8 options: NSF check Bank charges Outstanding checks Error in recording a check Interest revenue Deposit in transit Note collected by the bank 1. bank statement adjustment 2. company books adjustment 3. either
A debit order of R1500 for payment of rates will appear in ____________during the bank reconciliation process
A check drawn by a depositor for $810 in payment of a liability was recorded by the depositor as $180. The $630 difference would be included on the bank reconciliation as a(n) ____.
For each of the items in the following list, identify where it is included on a bank reconciliation: 1. EFT payment made by a customer. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Bank debit memorandum for service charges. Outstanding cheques from the current month. Bank error in recording a $1,779 deposit as $1,977. Outstanding cheques from the previous month that are still outstanding. Outstanding cheques from the previous month that are no longer outstanding. Bank error in recording a company cheque made out for $160 as $610. Bank credit memorandum for interest revenue. Company error in recording a deposit of $160 as $1,600. Bank debit memorandum for a customer's NSF cheque. Deposit in transit from the current month. Company error in recording a cheque made out for $630 as $360.
7. Accompanying the bank statement was a credit memorandum for a short-term, noninterest-bearing note collected by the bank. What entry is required in the depositor’s accounts?a. Debit Cash; credit Miscellaneous Incomeb. Debit Cash; credit Notes Receivablec. Debit Accounts Receivable; credit Cashd. Debit Notes Receivable; credit Cash 8. On January 1, 2020, Point Luna Corporation sold inventory costing P1,800,000 with a list price of P2,200,000 and a cash price of P2,000,000 in exchange for a P2,400,000 noninterest-bearing note due on December 31, 2022. How much is the initial measurement of the receivable?a. 1,800,000b. 2,200,000 c. 2,000,000 d. 2,400,000 9. On January 1, 2020, ABC Co. sold a transportation equipment with a historical cost of P1,000,000 and accumulated depreciation of P300,000 in exchange for cash of P100,000 and a noninterest-bearing note receivable of P800,000 due on January 1, 2023. The prevailing rate of interest for this type of note is 12%. How much is the…
If a bank reconciliation included a deposit in transit of $790, the entry to record thisreconciling item would includea. a credit to Cash for $790.b. a credit to Prepaid insurance for $790.c. a debit to Cash for $790.d. No entry is required
Accompanying the bank statement was a credit memorandum for a short-term note collected by the bank for the depositor. This item would be included on the bank reconciliation as a(n) ____. a.addition to the cash balance per bank b.deduction from the cash balance per books c.deduction from the cash balance per bank d.addition to the cash balance per books
As on 31 May 2020 the deposits awaiting clearance is RO15,240 and cheques yet to be presented for payment is RO17,590; while the bank balance as recorded in the Cash book was RO 5,480. How much should be the bank balance as on 31 May 2020 as per bank statement? a. RO 6130 b. RO 6130 Overdraft c. RO 7830 d. RO 7830 overdraft -fast-
prepare the adjusted cash book account. prepare a Bank Reconciliation Statement as at 31 December 2020. state three reasons of dishonored cheques.