Rush Corporation borrowed $25,000 from the bank. Which of the following accurately shows the effects of the transaction? a. Increase cash by $25,000 and decrease notes payable by $25,000. b. Increase cash by $25,000 and increase notes payable by $25,000. c. Decrease cash by $25,000 and decrease notes payable by $25,000. d. Decrease cash by $25,000 and increase notes payable by $25,000.
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- Xanthe Corporation had the following transactions occur in the current year: 1. Cash sale of merchandise inventory. 2. Sale of delivery truck at book value. 3. Sale of Xanthe common stock for cash. 4. Issuance of a note payable to a bank for cash. 5. Sale of a security held as an available-for-sale investment. 6. Collection of loan receivable. How many of the above items will appear as a cash inflow from investing activities on a statement of cash flows for the current year? Question 128 options: Five items Four items Three items Two itemsHorton Corporation is preparing a bank reconciliation and has identified the following potential reconciling items. For each item, indicate if it is (1) added to balance per bank statement, (2) deducted from balance per bank statement, (3) added to balance per books, or (4) deducted from balance per books. a.Deposit in transit $5,500. b.Bank service charges $25. c.Interest credited to Horton's account $31. d.Outstanding checks $7,422. e.NSF check returned $377 Use the information above for Horton Corporation. Prepare any entries necessary to make Horton's accounting records correct and complete.28. On receipt of bank statements, a company has identified that bank has collected interest OMR 100, but was not recorded in the cash book. How do you treat this item while preparing bank reconciliation statement? a. Add to the cash book balance b. Deduct from the bank statement balance c. Add to the bank statement balance d. Deduct from the cash book balance
- 19. A bank deducted OMR 50 from the customer’s account as a bank charge and customer noticed this only on the receipt of bank statements. How to reconcile this item in the bank reconciliation statement? a. Deduct from the bank statement balance b. Add to the bank statement balance c. Deduct from the cash book balance d. Add to the cash book balanceAssume that Johnson and Johnson company received the cheque of OMR 197 form it's debtor ( Accounts receivables ) . But the accountant of the company recorded it as OMR 179 and sent to bank for deposit How will you adjust the above reconciliation item in Bank reconciliation statement ? a . Add OMR 197 to cash book balance b . Add OMR 18 to cash book balance c . Deduct OMR 18 from Bank statement balance d . Less OMR 179 from bank statement balanceAssume you are doing a Bank Reconciliation. The bank balance at end of a month is $0 and the Book balance for same date is $150. Based on the the following two partial transactions, find what is the reconciling DIFFERENCE: (a) Bank made an error of $200 by clearing a cheque in the amount of $600 instead of the correct amount of $400. (b) Book also made an error of recording an entry incorrectly, i.e. it recorded a deposit of $50 incorrectly as $125. Please solve this question
- While preparing its bank reconciliation, Maynard Company determined that its bank had collected a $650 account receivable for the company and deducted a $25 collection fee. Which of the following shows the effect of this transaction on the financial statements? Assets = A. (25) B. 625 C. (25) D. 625 Multiple Choice Balance Sheet Liabilities + N/A N/A N/A N/A Option C Option B Option A Option D Stockholders Equity (25) 625 (25) 625 Revenue N/A 650 N/A 650 Income Statement Expense = Net Income Statement of Cash Flows 25 625 OA 25 650 OA 25 650 OA 25 625 OA (25) 625 (25) 625The following items may appear on a bank statement: 1. Bank correction of an error from recording a $6,200 deposit as $2,600 2. EFT payment 3. Note collected for company 4. Service charge Using the following format, indicate whether each item would appear as a debit or credit memo on the bank statement and whether the item would increase or decrease the bal- ance of the company's account: Appears on the Bank Statement as Increases or Decreases the Balance of the Company's Bank Account a Debit or Credit Memo Item No.4) Eastern Company's bank statement for the month of December included the following information: Ending balance Bank service charge for December Interest paid by the bank to Eastern for December 2,800,000 12,000 10,000 In comparing the bank statement to its own cash records, Eastern Company found the following: Deposits made but not yet recorded by the bank Checks written and mailed but not yet recorded by bank 350,000 650,000 In addition, Eastern Company discovered that it had drawn and erroneously recorded a check for P46,000 that should have been recorded for P64,000. What is the cash balance per ledger on December 31? A. 970,000 B. 610,000 C. 2,520,000 D. 2,500,000
- . A company's bank statement shows a balance of $10,000, while its cash account in the company's records indicates a balance of $9,500. Upon further analysis, the following discrepancies are identified: Outstanding checks total $1,200. • The bank erroneously recorded a deposit of $500 as $50. • The company recorded a check for $800 as $80. • The bank charged a service fee of $25. Calculate the adjusted cash balance after reconciling these discrepancies. Remember to subtract any outstanding checks and bank errors, and add any unrecorded deposits or adjustments to the cash balance to arrive at the adjusted cash balance.1. A company makes a sale to a customer on credit and borrows cash (70-90% of the amount of sales) from a bank using receivables as security. When the company receives the customer payment, it sends this money to the lender. This transaction is an example of what? Factoring with recourse Securitization Collateralized borrowing Nonrecourse factoring 2. Which of the following statements about the direct and indirect methods for presenting Cash Flow Statement is NOT true? According to the indirect method, cash flows begin with net income or loss and is followed by subsequent additions to or deductions from that amount for non-cash revenue and expense items, resulting in cash flow from operating activities. The direct method is based on use of actual cash inflows and outflows from a company’s operations. Using direct and indirect methods leads to different amounts shown as cash flow from operations, investing, and financing activities.…Bank Reconciliation Activity The accounting records and bank statement of Entity A shows the following information: (The attached picture) Additional Information:a. The payments of P2,000 and P50,000 shown on the bank statement pertain to the cost of checkbook requested from the bank and the monthly amortization of a bank loan,respectively. The loan payment includes payment for interest of P8,000. b. Deposits shown on the bank statement but not on the cash ledger represent collections of accounts receivable. Requirements:1. Prepare the bank reconciliation.2. Prepare the journal entries to record the adjusting entries on the books of Entity A.