Examlex
Using the code letters below, indicate how each of the items listed would be handled in preparing a bank reconciliation. Enter the appropriate code letter in the space to the left of each item.
A Add to cash balance per books
B Deduct from cash balance per books
C Add to cash balance per bank
D Deduct from cash balance per bank
E Does not affect the bank reconciliation
Items:
1. Outstanding checks.
2. Bank service charge.
3. Check for $420 correctly written and paid by the bank but incorrectly entered in the cash payments journal for $240.
4. Deposit in transit.
5. Bank returns deposited check marked NSF.
6. Bank collects notes receivable and interest for depositor.
7. Bank debit memorandum for check printing fees.
8. Petty cash custodian has $91 in paid petty cash vouchers that have not been reimbursed.
9. Bank charged a check against the company which should have been charged to another company.
10. A check for $246 was correctly paid by the bank but was incorrectly entered in the cash payments journal for $264.
Accuracy
The degree to which the result of a measurement, calculation, or specification conforms to the correct value or a standard.
Independent Variable
In an experiment, it is the variable that is manipulated or changed to observe its effect on the dependent variable.
Dependent Variable
In experimental and statistical research, the variable that is being tested and measured, expected to change as a result of manipulations in the independent variable.
Vocabulary Learning
The process of acquiring new words and phrases to improve communication and comprehension abilities in a language.
Q6: If a company has net sales of
Q33: The adjusted trial balance of J. W.
Q33: Specific Identification must be used for inventory
Q59: Gross profit rate is computed by dividing
Q81: The journal entry to record a return
Q99: For each of the following, determine the
Q129: Under the allowance method, the cash realizable
Q172: The Hartley Clinic purchased a new surgical
Q182: When a note receivable is honored, Cash
Q244: Inventory is reported as a long-term asset