College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 7, Problem 2MC
To determine
Identify the option that can be subtracted from the ending book balance.
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Which of the following will NOT require an adjusting entry when reconciling the
bank statement?
Interest earned
Outstanding checks
O NSF check from customer
Bank service charges
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.
In the reconciliation of a bank statement, "deposits in transit" should be:a. added to the unadjusted book balanceb. subtracted from the unadjusted bank balancec. added to the unadjusted bank balanced. subtracted from the unadjusted bank balance
Chapter 7 Solutions
College Accounting, Chapters 1-27
Ch. 7 - Prob. 1TFCh. 7 - Prob. 2TFCh. 7 - Prob. 3TFCh. 7 - Prob. 4TFCh. 7 - Prob. 5TFCh. 7 - Prob. 1MCCh. 7 - Prob. 2MCCh. 7 - Prob. 3MCCh. 7 - Prob. 4MCCh. 7 - When the cash short and over account has a debit...
Ch. 7 - Match the following words with their definitions...Ch. 7 - Prob. 2CECh. 7 - Prob. 3CECh. 7 - Prob. 4CECh. 7 - Why must a signature card be filled out and signed...Ch. 7 - Prob. 2RQCh. 7 - Prob. 3RQCh. 7 - Prob. 4RQCh. 7 - What are the most common reasons for differences...Ch. 7 - Prob. 6RQCh. 7 - Prob. 7RQCh. 7 - Name five common uses of electronic funds...Ch. 7 - Prob. 9RQCh. 7 - What should be prepared every time a petty cash...Ch. 7 - At what two times should the petty cash fund be...Ch. 7 - Prob. 12RQCh. 7 - At what two times would an entry be made affecting...Ch. 7 - What does a debit balance in the cash short and...Ch. 7 - CHECKING ACCOUNT TERMS Match the following words...Ch. 7 - Prob. 2SEACh. 7 - Prob. 3SEACh. 7 - Prob. 4SEACh. 7 - Prob. 5SEACh. 7 - Prob. 6SEACh. 7 - CASH SHORT AND OVER ENTRIES Based on the following...Ch. 7 - Prob. 8SPACh. 7 - Prob. 9SPACh. 7 - Prob. 10SPACh. 7 - Prob. 11SPACh. 7 - CHECKING ACCOUNT TERMS Match the following words...Ch. 7 - Prob. 2SEBCh. 7 - Prob. 3SEBCh. 7 - Prob. 4SEBCh. 7 - Prob. 5SEBCh. 7 - Prob. 6SEBCh. 7 - CASH SHORT AND OVER ENTRIES Based on the following...Ch. 7 - Prob. 8SPBCh. 7 - Prob. 9SPBCh. 7 - Prob. 10SPBCh. 7 - CASH SHORT AND OVER ENTRIES Listed below are the...Ch. 7 - Prob. 1MYWCh. 7 - Prob. 1MPCh. 7 - Prob. 1CP
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- The write-off of defaulted notes receivable must be approved in writing by the accountant of the company. * Is it? A. TRUE B. FALSEarrow_forwardWhich of the following accounting entries is correct? a) Record of issuance of bills receivable B) Cancellation of the rediscount transaction reserved for bills receivable at the beginning of the period NS) Posting of interest on notes receivable D) Register of notes receivable becoming worthless TO) Recording of the rediscount transaction for notes receivable at the end of the periodarrow_forwardIn a bank reconciliation, an outstanding check isa. deducted from the book balance.b. deducted from the bank balance.c. added to the bank balance.d. added to the book balance.arrow_forward
- 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.arrow_forwardWhich one of the following would not appear on a bank statement for a chequing account? a.Deposits b.Interest earned c.Service charges d.Outstanding chequesarrow_forwardWhich is the correct action to reconcile the bank statement for a Bank service charge? OA) Add to Book Balance OD) Deduct from Bank Balance OB) Deduct from Book Balance OC) Add to Bank Balancearrow_forward
- 6. The adjusted bank balance is higher than the unadjusted book balance. Which of the following items is not yet reconciled? Bank service charge a. b. Deposit in transit Outstanding check Interest earned C. d. 7. The adjusted book balance is lower than the unadjusted bank balance. Which of the following items is not yet reconciled? a. Bank service charge b. Deposit in transit Outstanding check Interest earned C. d. 8. a. b. C. d. This is allowance for expected uncollectability that is an inherent risk from selling on credit. Credit Risk Sales Allowance Doubtful Account Sales Returnarrow_forward46.The entry to record the dishonor of a note receivable assuming the payee expects eventual collection includes a debit to a. Cash b. Notes Receivable c. Accounts Receivable d. Allowance for Doubtful Accountsarrow_forwarda) Bank Correction of an error from posting another customer’s check (disbursement) to thecompany’s account.b) EFT depositc) Loan proceedsd) NSF checkUsing the format shown below, indicate whether each item would appear as a debit or credit memoon the bank statement and whether the item would increase or decrease the balance of thecompany’s account. Increases or Decreases theAppears on the Bank Statement Balance of the company’sItem No. as a Debit or Credit Memo Bank Account______________________________________________________________________________arrow_forward
- If a bookkeeper mistakenly recorded a $73 deposit as $37, the error would be shown on the bank reconciliation as a O A. $36 deduction from the book balance. O B. $37 addition to the book balance. O C. $36 addition to the book balance. O D. $37 deduction from the book balance.arrow_forwardWhich of the following items does NOT cause a difference in the bank balance and the book balance on a bank reconciliation? a. Nonsufficient funds checks b. Deposits in transit c. Canceled checks d. Outstanding checksarrow_forwardIn a bank reconciliation, a deposit in transit is A. deducted from the bank balance on the bank statement B. added to the bank balance in the general ledger C. added to the bank balance on the bank statement D. deducted from the bank balance in the general ledgerarrow_forward
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