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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:An adjusting entry is required for:
Select one:
a. Deposit in transit.
O b.Outstanding checks.
O c Bank errors.
O d. Collection of a note by the bank.
Expert Solution

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- 3-9) i Outstanding checks are checks the bank has paid and deducted from the customer's account. True or False True Saved Falsearrow_forwardA check returned by the bank marked "NSF" means Select one: a. not satisfactorily filled-out. b. not sufficient funds. C. no service fee. d. no signature found.arrow_forwardBank Reconciliation For a through g, indicate whether its amount (1) affects the bank or book side of a bank reconciliation, (2) is an addition or subtraction in a bank reconciliation, and (3) requires a journal entry. a. Interest on cash balance b. Bank service charges c. Minimum balance bank fee d. Outstanding checks e. Collection of note by bank f. NSF checks g. Deposits in transit Bank or Book Side Add or Subtract Entry or Notarrow_forward
- A written order for a bank or other financialinstitution to pay a stated dollar amountto a specified business or person is called aa. check.b. deposit slip.c. notes receivable.d. receipt.e. debit memorandumarrow_forwardIn a bank reconciliation, a bank service charge for printing checks is: A. added to the bank balance. B. added to the book balance. C. subtracted from the book balance. D. suthrachod from the bank balance.arrow_forwardWhich of the following should be included as part of outstanding checks in preparing bank reconciliation? i. Undelivered checks; ii. Post-dated checks; iii. Stale checks a.i and ii b.i and iii c.ii and iii d.None of the abovearrow_forward
- An adjusting entry is required for: Select one© a. Deposit în transit.O b. Outstanding checksO c. Bank errorsO d. Collection of a note by the bankarrow_forwardNeed assistancearrow_forwardA check that has a future date instead of the actual date; it should not be deposited until the date on the check, is known as ____________. Electric Funds Transfer (EFT) Check 21 Bank card Post dated checkarrow_forward
- A check returned by a bank because the issuer’s cash account balance could not cover the check is called a(n) A. canceled check. B. certified check. C. NSF check. D. outstanding check.arrow_forwardmultiple choice question a.The difference between the bank statement balance and the balance in Bank account in the general ledger may be due to: unpresented payments. outstanding receipts. errors done by the bank and the entity. all of the choices given.arrow_forwardWhich option below correctly indicates how an unfavourable balance of the bank account in the general ledger at 31 May 2021 should be dealt with when doing a bank reconciliation? Select one: a. By debiting the bank reconciliation statement as at 31 May 2021 b. By crediting the bank statement for May 2021 c. By crediting the bank reconciliation statement as at 31 May 2021 d. By debiting the bank statement for Please don't provide solution image based thnkuarrow_forward
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