Items on Company's Bank Statement The following items may appear on a bank statement: 1. Bank correction of an error from posting another customer's check (disbursement) to the company's account 2. EFT deposit 3. Loan proceeds 4. NSF check Indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company's account: Item Appears on the Bank Statementas a Debit or Credit Memo Increases or Decreases theBalance of the Company's Bank Account 1. Bank correction of an error from posting another customer's check (disbursement) to the company's account 2. EFT deposit 3. Loan proceeds 4. NSF check
Items on Company's Bank Statement The following items may appear on a bank statement: 1. Bank correction of an error from posting another customer's check (disbursement) to the company's account 2. EFT deposit 3. Loan proceeds 4. NSF check Indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company's account: Item Appears on the Bank Statementas a Debit or Credit Memo Increases or Decreases theBalance of the Company's Bank Account 1. Bank correction of an error from posting another customer's check (disbursement) to the company's account 2. EFT deposit 3. Loan proceeds 4. NSF check
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Items on Company's Bank Statement
The following items may appear on a bank statement:
1. Bank correction of an error from posting another customer's check (disbursement) to the company's account
2. EFT deposit
3. Loan proceeds
4. NSF check
Indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the balance of the company's account:
Item |
Appears on the Bank Statement as a Debit or Credit Memo |
Increases or Decreases the Balance of the Company's Bank Account |
| 1. Bank correction of an error from posting another customer's check (disbursement) to the company's account | ||
| 2. EFT deposit | ||
| 3. Loan proceeds | ||
| 4. NSF check |
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