Which Of The Following Would Not Be Subtracted From The Balance Per Books On A Bank Reconciliation? (Question)

How are disclosures pertaining to receivables recorded on the financial statement notes in the following manner?

  • Disclosures pertaining to receivables are included in the notes to the financial statements. a Generally speaking, cash and cash equivalents are the first items reported under the current asset category. In the non-current assets area of the balance sheet, any receivables that are projected to be realized in cash after 265 days are included. investment under the heading of noncurrent assets

Which of the following items would be subtracted from the balance per books on a bank reconciliation?

On a bank reconciliation, the bank service costs should be deducted from the balance according to the records.

Which of the following items would be added to the balance per books on a bank reconciliation?

In a bank reconciliation, deposits in transit would be added to the amount based on the most recent bank statement.

Which of the following items on a bank reconciliation would require a journal entry?

The items on the bank reconciliation that require a journal entry are the things that are marked as modifications to books on the bank reconciliation. Generally speaking, these are the transactions that show on a bank statement but have not yet been entered in the company’s general ledger.

Should be subtracted from the total outstanding checks?

Outstanding In order for checks to be deducted from the bank side of the reconciliation, they must be subtracted from the book balance at the time the checks were made. Bank Service Charges – These are monies that the bank deducts from the account as a fee for maintaining the account with them.

We recommend reading:  How To Put Money On Federal Inmates Books? (Question)

What items are recorded at Bankside?

The term “cash” refers to money in the form of coins, currency, undeposited negotiable instruments such as cheques, bank drafts, and money orders, sums in checking and savings accounts, and demand certificates of deposit, among other things.

Which of the following would be added to the balance per book?

An adjustment to the balance per books is made during a bank reconciliation by adding the amount of any outstanding checks to the total amount of the balance per books.

Which of the following items must be added to the cash balance per ledger?

Whenever a bank collects a note receivable, the bank must add it to the cash balance on the ledger. The note receivable must be in favor of the depositor and must be collected by the bank in order for the depositor’s account to get credit.

What are examples of items that increase the bank statement balance?

The following are two items that might have an impact on your bank statement balance:

  • Deposits are currently in transit. It’s possible that you accepted checks before the bank statement’s closing date.
  • Outstanding checks.
  • Bank service fees.
  • NSF checks.
  • Interest earned.

Which of the following items would not be considered cash?

Postdated checks, certificates of deposit, IOUs, stamps, and travel advances are all examples of items that are not classed as currency. Receivables, short-term investments, supplies, and prepaid costs are all examples of accounts that would normally be assigned to these items.

Which of the following is not included in cash?

Cash and cash equivalents are generally considered to be investments with a maturity time of three months or less, unless otherwise specified. As a result, bank deposits having a maturity date of 100 days or less will be excluded from the definition of cash and cash equivalents.

We recommend reading:  Which Books Are The Gospels? (Best solution)

Which of the following is not included in cash and cash equivalents on a company’s balance sheet?

Cash and equivalents do not include investments in liquid assets, such as stocks, bonds, and derivatives, which are not included in liquid securities. Despite the fact that such assets may be quickly converted into cash (usually with a three-day settlement time), they are nevertheless prohibited from being used as collateral. On the balance sheet, the assets are classified as investments, which means they are worth money.

Which of the following items are reconciling items on the bank side of the reconciliation?

The proper response is c. a deposit in transit and a backlog of unpaid checks. When reconciling the bank balance, we add the deposit in transit and remove the deposit from the bank account.

Which of the following bank reconciliation items would not result in an adjusting entry in the company’s books?

Deposits in transit: These deposits have been recorded by the firm but have not yet been recorded by the bank. Which of the following bank reconciliation items would not result in the creation of an adjusting journal entry in the company’s accounting records? Checks that are past due.

Which of following items on a bank reconciliation would require an adjusting entry on the company’s book?

Explanation: A bank service fee is a sum that, if it is not charged in the firm’s books of accounts because it is the amount charged by the bank, the company must update them as an adjusting entry in the books of accounts.

Leave a Reply

Your email address will not be published. Required fields are marked *