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- Prepare the journal entry to reconcile the bank statement in EA7.OFF-BALANCE-SHEET BUSINESS Explain how bills of endorsement work. Are they classified as Off-Balance-Sheet (OBS) assets or OBS liabilities for the providing bank and why?Which one of the following journal entries is correct when payment for share issue expenses are made? Select one: a. Debit: Share issue expense; Credit: Bank b. Debit: Trade payables; Credit: Bank c. Debit: Bank; Credit: Trade payables d. Debit: Bank; Credit: Share- issue expense
- How does the FASB codification ASC 310-10-05-4 apply to banks and their accounting transactions? If possible explain using visual aids i.e. debits/credits or t-charts.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 memorandumIncorporate the following data into Bank X's revenue statement. Each item should be labelled and placed in the proper category and order. Commission ,exchange and brokerage received.Income on InvestmentsInterest paid on depositsPayments to and provisions for employeesInterest paid on BBI/ interbank borrowingsInterest/discount received on advances/billsIncome from leasing/hire purchaseInterest paid-othersProfit on exchange transactionsRent, taxes, lightingInsuranceLaw chargesProfit on sale of land, buildings and other assetsMiscellaneous incomeAuditor’s fees and expensesPrinting and stationaryProfit on sale of investmentsDepreciation on bank’s propertyIncome by way of dividends and subsidiariesAdvertisement and PublicityInterest earned – othersDirector’s fees, allowances and expensesMiscellaneous incomeRepairs and maintenanceOther expensesPostage, telegram, telephone and other communication expensesInterest received on balances with RBI and interbank funds.
- Underwriting an issue is the domain of a. the central bank b. the stock exchange c. an investment bank d. a commercial bankIn the deposit function, the bank is the _____ and the depositors are the ______ a. drawee - payees b. debtor - creditors c. payee - drawers d. creditor - debtorsWhen an entity's bank account in the general ledger has a credit balance, this means that the entity owes the bank money. A. True B. False
- A bank statement Select one: A. is a bill from the bank for services rendered B. shows a company the financial position of the bank as of a certain date C. shows the activity that increased or decreased the company's account balance D. is a credit reference letter written by the company's bankBANK RECONCILIATION STATEMENT (definition and provide example) BANK STATEMENT (definition and provide ex;) BANK RECONCILIATION (definition and provide example)The type of deposit account preferred by business organizations is: Current deposits Savings bank deposits Fixed deposits Recurring deposits