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In preparing a bank reconciliation, typical adjustments to the bank balance are deposits in transit and bank service charges.
12.In preparing a bank reconciliation, typical adjustments to the book balance include bank service charges, customer NSF checks, and interest earned on the account.
13.All journal entries made related to bank reconciliations include an expense or revenue account.
14.All adjustments to the unadjusted cash balance on a bank reconciliation require journal entries, but no adjustments to the bank statement balance require them.
15.Preparing a bank reconciliation is an important internal control for a business.
16.After journal entries have been made related to a bank reconciliation, the book balance will be equal to the true cash balance.
17.The true cash balance can only be determined if both the unadjusted bank balance and the unadjusted cash balance are known.
18.A business learns about customers' NSF checks through credit memos that are included with the bank statement.
19.A debit balance in Cash Short and Over represents a shortage of cash and would be treated as an expense.
20.The purpose of a petty cash fund is to make and maintain control over a business's small cash disbursements.
Jan 25 2020 Read more Less More
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