Answered: A cheque drawn by the business from…

A cheque drawn by the business from RM609 for payment of a liability was recorded in the journal as RM906. This item would be included in the bank reconciliation as a/an _____?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 9PB: Hajun Company received the following bank statement. Using the information from PB9 and PB10,...

See similar textbooks

Related questions

Q: A deposit of $25,000 made by Federal Trading appeared on the bank statement of Fidel Trading. tell…

A: This question deals with the concept of bank reconciliation. Bank reconciliation is made to match…

Q: In the draft accounts for the year ended 31st August, 2020 of Azay Ltd, the balance at the bank…

A: At the year end the cash book and the bank statement may not match in closing balances, this may be…

Q: The company has an unadjusted book balance of P200,000.00. It has a deposit in transit worth…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: A cheque in the amount of $455 was returned by the bank marked "NSF". A bank service fee of $15 was…

A: As per relevant accounting principles, in case of cheque returned due to non-sufficient funds in the…

Q: Suga Corp. had a checkbook balance on December 31, 2021 of P10,000,000 and held the following items…

A: Check Book balance as on Dec 31,2021 10000000 Less: Check oayable to Duga on Jan 04,2021 (3000000)…

Q: How will you adjust the above reconciliation item in bank reconciliation statement? a. Deduct OMR…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : A…

Q: A cheque drawn by the business from RM609 for payment of a liability was recorded in the journal as…

A: Answer: an addition to the balance per the company's records

Q: A check drawn by a company for $340 in payment of a liability was recorded in the journal as $430.…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: i. On November 30, you are supplied with the following information by your employer, Mary Martha…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: The following information was taken from the books of Zia Traders on 30 June 2019: 1. The items…

A: BRS: A statement which matches the balances of the cash book and bank book is called as bank…

Q: ENcel ter ons P9-18. As the bookkeeper of Rose Company of Drumheller, you received the bank state-…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: In preparing its August 31, 2022 bank reconciliation, AA Corp. has available following information:…

A: Bank reconciliation statement helps the identify the difference between bank account and book…

Q: A check drawn by a company for $340 in payment of a liability was recorded in the journal as $430.…

A: Bank reconciliation statement refers to a financial statement which showcases a detailed summary of…

Q: it stated Customer note, includes 40000 note collected by the bank erroneously credited by the bank…

A: Step 1 A correcting entry is a journal entry that is made in order to fix an erroneous transaction…

Q: The following information was taken from the books of Zia Traders on 30 June 2019: 1. The items…

A: Particulars Amount ( R) Bank balance as per bank statement (25400) (-) Outstanding deposit…

Q: Accompanying a bank statement for Santee Company is a credit memo for $15,120 representing the…

A: A journal entry is prepared by the company to record the non-economic & economic transactions of…

Q: Record any differences identified in the bank reconciliation process in a supplementary cashbook…

A: Bank Reconciliation Statement: It is a statement which is done by the customer of the bank in order…

Q: he deposit in transit balance for the previous and current months are P200,000 and P100,000,…

A: Total Book deposits = Deposit in transit for current month + Total deposits acknowledged by Bank -…

Q: XYZ company is closing its books and must prepare a bank reconciliation for the following items. a.…

A: Bank Reconciliation:-It is a statement where bank balance appears in passbooks get matches with the…

Q: An entity provided the following data on December 31, 2020: Checkbook balance P5,000,000 Bank…

A: Cash and cash equivalent does not include = check book,sinking fund cash, time deposit and time…

Q: Q.2.1 Calculate the correct bank balance at 30 June 2019. Hint – Start by calculating the bank…

A: BRS as on May 31, 2019: Working notes:The outstanding deposit of R5,700 is subtracted because…

Q: If a company record a $200 cheque by debiting salary expense and credit cash for $20, what will it…

A: Lets understand the basics. For understanding how it influence the bank reconciliation statement, we…

Q: current year, Bright and White Laundry received a bank statement dated August 28. Information nas…

A: Bank Reconciliation Statement- Bank Statement Statement is a statement prepared by the account…

Q: From the following information, construct a bank reconciliation for P.J. Co. as of March 31, 2022:…

A: A bank reconciliation statement is prepared by the management at a particular time period. It helps…

Q: Which of the following is an example of a book item, an item that is found on the bank statement…

A: Bank service charge is available in the bank statement that is not records in the books yet. Cash…

Q: Zel Enterprise most recently reconciled its bank statement and book balances of cash on 30 June 2019…

A: Bank Reconciliation statement: Bank reconciliation statement is a report that summarized the banking…

Q: The bank reconciliation statement shows a debit balance of RM2,470 as per the cash book, unpresented…

A: Bank reconciliation: It is a statement which is prepared to reconcile the balance as per cash book…

Q: You are the bookkeeper of Holmes Traders. You undertake a bank reconciliation at the end of every…

A: The bank reconciliation statement is prepared to adjust the balances of cash book and pass book to…

Q: From the following particulars, prepare a bank reconciliation statement of Mr. Jones as on 31st…

A: Ideally cash balance as per cash book and bank balance as per bank statement should reconcile with…

Q: In the draft accounts for the year ended 31 October 20X9 of Thomas P Lee, garage proprietor, the…

A: Balance at bank refers to the amount which a firm or person has in the bank. A firm deposits cash in…

Q: 2. The company has an unadjusted book balance of P200,000.00. It has a deposit in transit worth…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: The checking account balance per bank statement is P3,874,000. Included in the bank statement are a…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: The bank statement balance is $3,500 and shows a service charge of $24 , interest earned of $3,…

A: Bank reconciliation: It is a statement which is prepared to reconcile the balance as per cash book…

Q: The following information was included in the bank reconciliation for EEECompany for October and…

A: Bank: Total Checks and charges recorded by bank in November 1,375,000 Less: Service charge…

Q: The bank statement for Meranti Development Bhd shows a balance per bank of RM38,682.10 on 31 May…

Q: Use the information given above to complete the following for January 2020:

A: Given: The information on the items using code is taken from the Underwood trader's book.

Q: A debit order of R1500 for payment of rates will appear in ____________during the bank…

A: Answer:- Bank reconciliation:- A bank reconciliation is the process of reconciling the bank account…

Q: A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.…

A: A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.…

Q: Indicate whether the following items would be added (1) or subtracted (2) from the company’sbooks or…

A: Organizing items on the Bank Reconciliation: Reconciling Items Bank Statement Company's…

Q: A check drawn by a company for $340 in payment of a liability was recorded in the journal as $430.…

A: Answer: The company has liability of $340 for which the entry has been made in journal as $430,…

Q: Merry Company's checkbook balance at December 31, 2021 was P190,000. In addition, Merry Company held…

A: Bank reconciliation statement is a statement which is prepared in order to match the book balance…

Q: In examining the records of ABC Company on December 31, 2021, the following data are gathered:…

A: Solution: Adjusted cash balance = balance per books - bank charges + customer note collected by bank…

Q: The bank statement contained an adjustment of $410 for a note receivable collected by the bank on…

A: The adjustment of $410 is collected by the bank and omitted in the cash book therefore the complete…

Q: The bank statement on 31 October 20X7 showed an overdraft of $800. On reconciling the bank…

A: The bank reconciliation statement is prepared to adjust the balances of cash book and pass book to…

Q: A cheque drawn by the business from RM609 for payment of a liability was recorded in the journal as…

A: Bank reconciliation is the summary showing the balances as per books of the entity and the pass book…

Q: A check drawn by a depositor for $810 in payment of a liability was recorded by the depositor as…

A: The answer for the question on Bank Reconciliation Statement is given hereunder : The check…

Q: Are 1 year certificates of deposit recorded on bank reconciliation?

A: Bank reconciliation statement is a statement in which the cash balance as per books of accounts is…

Q: With the information below, discuss each item whether it is a book reconciling or a bank reconciling…

A: The difference between transactions that are book reconciling and that are Bank reconciling: Those…

Q: The bank reconciliation statement shows a debit balance of RM2,470 as per the cash book, unpresented…

A: Bank reconciliation: It is a statement which is prepared to reconcile the balance as per cash book…

Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

A cheque drawn by the business from RM609 for payment of a liability was recorded in the journal as RM906. This item would be included in the bank reconciliation as a/an _____?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

When a business borrows money from a bank on a non-interest-bearing note, how are the bank discount and proceeds calculated?
Leann Company received the following bank statement. Using the information from PB11 and PB12, prepare the bank reconciliation.
Hajun Company received the following bank statement. Using the information from PB9 and PB10, prepare the bank reconciliation.
A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer was able to negotiate with the company and transferred the accounts receivable into a note that includes interest, along with an up-front cash payment of $6,000. The note maturity date is 24 months with a 15% annual interest rate. What is the entry to recognize this transfer?
A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of the honored note at maturity date? A. Interest Revenue, Interest Expense, Cash B. Interest Receivable, Cash, Notes Receivable C. Interest Revenue, Interest Receivable, Cash, Notes Receivable D. Notes Receivable, Interest Revenue, Cash, Interest Expense