Discuss three reasons why it is important for companies to prepare monthly bank reconciliations.

Prepare any journal entries that should be made as a result of the bank reconciliation.

In preparing a bank reconciliation, outstanding checks are deducted from the balance per bank. added to the balance per bank. deducted from the balance per books. added to the balance per books.

Please answer the following 2 questions. Thank you

In the normal operation of business you receive a check from a customer and deposit it into your checking account. With your bank statement you are advised that this check for $775 is NSF. The bank also informs you that due to the amount of activity on your business account the monthly service charge is $75. During a bank reconciliation, you will: a. add both values from balance according to books. b. subtract both values from balance according to books. c. add both values from balance according to bank. d. subtract both values from balance according to bank.

The following is a list of activities that companies perform in relation to their receivables.Match each of the activities listed below with a purpose of the activity listed below. 1.   Selling receivables to a factor.   select a purpose                                                           Determine to whom to extend creditEvaluate the liquidity of receivablesMonitor collectionsAccelerate cash receipts from receivable when necessaryEstablish a payment period 2.   Reviewing company ratings in The Dun and Bradstreet Reference Book of American Business.   select a purpose                                                           Establish a payment periodEvaluate the liquidity of receivablesMonitor collectionsDetermine to whom to extend creditAccelerate cash receipts from receivable when necessary 3.   Collecting information on competitors’ payment period policies.   select a purpose                                                           Establish a payment…

If a company made a bank deposit on September 30 that did not appear on the bank statement dated September 30, in preparing the September 30 bank reconciliation, the company should: Multiple Choice Add the deposit to the bank statement balance. Skip the bank reconciliation this month. Add the deposit to the book balance of cash. Deduct the deposit from the bank statement balance. Deduct the deposit from the September 30 book balance and add it to the October 1 book balance.

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Why should a company prepare a bank reconciliation for each account every period? What types of issues are avoided by doing this? please no plagrisim and don't copy someone else work, I need a new work for my homework

In a bank reconciliation, interest revenue earned on your bank balance isa. added to the book balance.b. deducted from the book balance.c. deducted from the bank balance.d. added to the bank balance.