Journal Entries That Arise from Reconciling Items on the Book

question 249

True/False

Journal entries that arise from reconciling items on the book side of the bank reconciliation include either a debit to Cash or a credit to Cash.

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Definitions:

Enter Bills

The act of recording amounts owed for goods and services received but not paid for in the accounting software.

Write Checks

The process of creating a check to pay a specified amount to a payee from the writer’s bank account.

Record Services

The process of documenting the services provided by a business, often for billing or accounting purposes.

Enter Bills

The process in accounting software where incoming invoices from suppliers are recorded ahead of payment.