Business, 10.03.2020 08:26 cheergirl2854

For each of the items indicate whether its amount affects the bank or book side of a bank reconciliation and is an addition or a subtraction in a bank reconciliation and whether an adjusting journal entry is required:

a. Unrecorded deposits
b. Interest on cash balance
c. Bank service charges
d. Debit memos
e. Outstanding checks
f. Credit memos
g. NSF checks

Answers: 1

Show answers

Answers

a. Unrecorded deposits - This affects the bank side of the reconciliation. it may be added to the bank balance or subtracted from the book balance to reconcile both. This is however not an adjusting entry in the books.

b. Interest on cash balance - This affects the books side as the transaction would have been recorded by the bank. It is an addition to the book side balance or a subtraction from the bank side. An adjusting journal entry is required.

c. Bank service charges - This affects the book balance side of the reconciliation. It is a subtraction to the book side balance or an addition to the bank side. An adjusting journal entry is required.

d. Debit memos - This is a deduction from the bank balance in the bank statement and as such, a deduction is needed to the book side in the reconciliation. This requires adjusting journal entry

e. Outstanding checks - This affects the bank side of the bank reconciliation. It is a subtraction from the bank balance in the reconciliation. This does not require adjustments or adjusting journal entries.

f. Credit memos - This is an addition to the bank balance in the bank statement and as such, an addition is needed to the book side in the reconciliation. This requires adjusting journal entry

g. NSF checks - This is an addition to the book side in the reconciliation. It affects the book side of the reconciliation. An adjusting journal entry is required.

Explanation:

Unrecorded deposits are deposits that have been recorded in the books but are yet to be recorded by the bank. Such items require no further adjustments in the books.

Interest on cash balance are reconciling items that have been recorded as credits by the bank but yet to be recorded as debits in the books. As such, the book side are debited to recognize this.

Bank service charges like interest on cash balance are transactions that have been recognized in the bank but yet to be recorded in the cash book. This is a reduction in cash balance and hence should be credited or subtracted in the books.

Debit and credit memos are withdrawals and deposits in the bank statements that are yet to be recognized in the books.

NSF checks are checks that have been deducted from the books but not honored by the bank due to insufficient balance.

Outstanding checks are checks recorded as deductions from the ledger but yet to be recognized by the bank.

Answer from: Quest

True i took the test already

Answer from: Quest

the correct answer is b.)

Another question on Business

Business, 22.06.2019 02:30

Question 1 which of the following tasks use your roommate as a resource? choose all answers which apply. take order wash the mixerâ€™s bowl and mix the dough spoon cookies onto the tray unload the cookies from the oven pack the cookies 1 points question 2 which of the following tasks use the tray(s) as a resource? choose all answers which apply. take order wash the mixerâ€™s bowl and mix the dough bake the cookies cool the cookies accept payment 1 points question 3 determine the task time for the following tasks. fill integer numbers into the blank (e.g., 5 rather than 5.0) wash and mixing the dough: minute(s)/order spoon cookies onto the tray: minute(s)/order set up timer: minute(s)/order bake: minute(s)/order cool the cookies: minute(s)/order pack the cookies: minute(s)/order accept payment: minute(s)/order 2 points question 4 q4: determine the cycle time for the following resources. fill integer numbers into the blank (e.g., 5 rather than 5.0) kristen (you): minute(s) roommate: minute(s) oven: minute(s) 2 points question 5 what is the capacity rate (in orders/hour) of the roommate? 1 points question 6 what is the capacity rate (in orders/hour) of the whole process? 2 points question 7 how long (in minutes) it takes to process the first order?

Answers: 3

Answer

Business, 22.06.2019 08:30

An employer who is considering hiring eva has asked donna, eva’s former supervisor, for a report on eva. in truth, eva’s work for donna has been only average. however, eva is donna’s friend, and donna knows that eva probably will not get the job if she says anything negative about eva, and donna knows that eva desperately needs the job. further, donna knows that if the situation were reversed, she would not want eva to mention her deficiencies. nevertheless, it has been donna’s policy to reveal the deficiencies of employees when she has been asked for references by employers, and she knows that some of eva’s faults may be bothersome to this particular employer. finally, this employer has leveled with donna in the past when donna has asked for a report on people who have worked for him. should donna reveal deficiencies in eva’s past performance? (remember to use one of the three moral theories acceptable for this test to solve this dilemma. any discussion of any personal opinion, religious perspective, or theory other than the moral theories acceptable for this test will result in a score of "0" for this question.)

Answers: 1

Answer

Business, 22.06.2019 12:10

The cost of the beginning work in process inventory was comprised of $3,000 of direct materials, $10,000 of direct labor, and $10,000 of factory overhead. costs incurred during the period were comprised of $15,000 of direct materials costs, and $100,000 of conversion costs. the equivalent units of production (eup) for the period were 9,000 for direct materials and 6,000 for conversion. the costs per eup were:

Answers: 3

Answer

Business, 22.06.2019 13:30

The fiscal 2016 financial statements of nike inc. shows average net operating assets (noa) of $8,450 million, average net nonoperating obligations (nno) of $(4,033) million, average total liabilities of $9,014 million, and average equity of $12,483 million. the company's 2016 financial leverage (flev) is: select one: a. (0.477) b. (0.559 c. (0.323) d. (0.447) e. there is not enough information to determine the ratio.

Answers: 2

Answer

You know the right answer?

For each of the items indicate whether its amount affects the bank or book side of a bank reconcilia...

Questions