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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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these are the drop down options
- Accounts Payable
Accounts Receivable - Cash
- Cash Short and Over
- Miscellaneous Expense
- Accounts Payable
- Cash
- Cash Short and Over
- Interest Revenue
- Notes Receivable

Transcribed Image Text:Bank Reconciliation
The following data were gathered to use in reconciling the bank account of Crystal Company:
Balance per bank
$28,240
Balance per company records
10,280
Bank service charges
60
Deposit in transit
6,500
Note collected by bank with $530 interest
11,170
Outstanding checks
13,350
a. What is the adjusted balance on the bank reconciliation?
b. Journalize any necessary entries for Crystal Company based on the bank reconciliation. If an amount box does not require an entry, leave it blank.
Expert Solution
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- multiple choice quetion a.When preparing a bank reconciliation statement and the closing bank statement balance is an overdraft, we begin with the balance in the bank statement and then: add unpresented cheques and deduct outstanding receipts. add outstanding receipts and deduct unpresented cheques. add all receipts and deduct all payments. 4.add all payments and deduct all receiptsarrow_forwardNotes Receivables & Accounts Receivables How are accounts receivables like notes receivables, in that notes receivables can be sold to other parties and are used to extend credit to customers? Please explain.arrow_forwardA ____ is an interest-bearing checking account. Group of answer choices NOW account certificate of deposit Treasury bill regular checking account Series EE US savings bondarrow_forward
- 1.Based on the sales forecast, the finance manager estimates the receipt of cash based on cash and ________. Group of answer choices accounts receivables inventory sales credit sales net incomearrow_forwarddo i add the opening balance after the difference of opening balance of bank statement and cash book gives me zero when i update the cash book?arrow_forwardAs a company accounts payable manager, which of the following credit terms are most likely to entice you to take the cash discount? A. 2/10 net 90 B. 1/10 net 45 C. 2/10 net 60 D. 1/10 net 30arrow_forward
- The Allowance for Doubtful Accounts account is a contra-account that offsets: Multiple Choice Bad Debt Expense. Cash. Net Income. Accounts Receivable.arrow_forwardCash realizable value is calculated as Accounts Receivable plus Allowance for Doubtful Accounts True Falsearrow_forwardReceivables are valued and reported in the statement of financial position at their gross amount less any sales returns and allowances and less any cash discounts. True or Falsearrow_forward
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