Indicate whether the statement is TRUE OR FALSE. 9. Creditor is the maker of the check. a. true b. false 10. Check is good as cash. a. true b. false
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Indicate whether the statement is TRUE OR FALSE.
9. Creditor is the maker of the check.
a. true
b. false
10. Check is good as cash.
a. true
b. false
Step by step
Solved in 2 steps
- 7. Which statement is true? a. Bank service charge will cause the cash balance per ledger to be higher than that reported by the bank, all other things being equal b. Outstanding checks will cause the cash balance per ledger to be greater than the balance reported by the bank, all other things being equal c. An error made by the bank by charging an amount to the depositor’s account requires a correcting entry in the depositor’s own records d. The cash amount shown in the balance sheet must be the balance reported in the bank statement3-9) i Outstanding checks are checks the bank has paid and deducted from the customer's account. True or False True Saved False13 - Which of the following transactions does the above record belong to ? a) Giving the checks received as collateral B) Payment of checks received NS) Getting a loan by endorsing the check D) Withdrawing a loan from the bank TO) The endorsement of the received check against the bank loan debt
- Suppose you incorrectly recorded a deposit as $450. The bank discovered the correct amount was $480. The bank will send a debit memo to inform you of the error. (True or False)Which one of the following would not appear on a bank statement for a checking account? a.Deposits b.Service charges c.Outstanding checks d.Interest earnedWhich of the following would be included in a journal to record an NSF check? a. A debit to Accounts payable and a credit to Cash b. A debit to Cash and a credit to Accounts receivable c. A debit to Accounts receivable and a credit to Cash d. A debit to Miscellaneous expense and a credit to Cash
- Match the following words with their definitions by entering the correct number in the spaces below. 1.deposit ticket 2.ATM 3.check 4.bank statement 5.blank endorsement _____ a.A document ordering a bank to pay cash from a depositors account. _____ b.An endorsement where the payee simply signs the back of the check, making the check payable to any bearer. _____ c.Automated teller machinea machine used by depositors to make withdrawals or deposits at any time. _____ d.A statement of account issued by a bank to each depositor once a month. _____ e.A form showing a detailed listing of items being deposited.Which of the following items are found on a book side of the bank reconciliation? A. beginning bank balance B. outstanding checks C. interest income D. error made by bankWhat does a debit balance in the cash short and over account represent? What does a credit balance in this account represent?
- Distinguish among the following: (1) a general checkingaccount, (2) an imprest bank account, and (3) a lockboxaccount.What entry is required in the company's accounts to record outstanding checks? Select one: A. no entry required B. debit Cash; credit Accounts Receivable C. debit Cash; credit Accounts Payable D. debit Accounts Receivable; credit Cash1. How much is the total bank debit memos? 2. How much is the total book adjustments? 3. How much should be the correct balance per books.
