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- Prepare the journal entry to reconcile the bank statement in EB7.When a business borrows money from a bank on a non-interest-bearing note, how are the bank discount and proceeds calculated?Which of the following is true of a maturity date? A. It must be calculated in days, not in months or years. B. It is the date when principal and interest on a note are to be repaid to the lender. C. It is the date of establishment of note terms between a lender and customer. D. It is not a characteristic of a note receivable.
- Domingo Company received the following bank statement. Using PA9, prepare the bank reconciliation.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 bank24 - Which of the following accounts will not be used in case a security is discounted or collected to the bank before its due date?A) Finance ExpensesB) Commission ExpensesC) General Administrative ExpensesD) Banks Account or Cash AccountE) Notes Receivable
- In which of the following withdrawal of funds by a person from a bank can be made on maturity date as agreed with the bank a. Loans b. Fixed Deposit c. Current deposit d. Saving Deposit13 - 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 debtA debit order of R1500 for payment of rates will appear in ____________during the bank reconciliation process
- 40-1 Which of the following transactions does the above record belong to ? a) Withdrawing a loan from the bank B) Getting a loan by endorsing the check NS) The endorsement of the received check against the bank loan debt D) Payment of checks received TO) Guaranteeing the received checksWhich of the following would be added to the balance per books on a bank reconciliation? Question 15 options: service charges outstanding checks deposits in transit notes collected by the bank19. 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 balance
