Which of the Following Items Would Require a Journal Entry

question 14

Multiple Choice

Which of the following items would require a journal entry following preparation of the bank reconciliation statement?

• A) Error by the bank
• B) Error by the company
• C) Unpresented cheques at end of the month
• D) Receipts not yet banked

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Definitions:

Excess Cash

Funds that exceed the normal operational needs of a business, which may be used for investment or other purposes.

Earnings Per Share

A financial metric that calculates the portion of a company's profit allocated to each outstanding share of common stock, indicating the company's profitability.

Stock Repurchase

A transaction in which a company buys back its own shares from the market, often to increase the value of remaining shares by reducing the supply.