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.

1. Why it is necessary to prepare a bank reconciliation? 2. What are the causes that bs is differ from cb? 3. How does bank statement (bs) differ from cash book (cb)? Illustrate ur answer. 4. Differentiate outstanding checks from deposit in transit. 5. Enumerate the 7 steps .

Check shall produce the effect of payment:I. When the check has been encashedII. When through the fault of the creditor the check has been impairedIII. When a check has been cleared and credited to creditor’s accountIV. When the creditor accepts the check as payment

A 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.

Bank 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 Not

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 memorandum

Which of the following will increase the balance of accounts receivable? Group of answer choices Note discounted was dishonored by issuer at due date. Receipts of notes receivable as settlement of outstanding customer account. Sale of goods for cash. Collection of outstanding receivables.

What is the adjusting entry of Bank Reconciliation : Credit Memo- Proceed Bank Loan

In 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.

Which 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 above