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The person to whom a cheque is drawn is referred to as the payer

The person to whom a cheque is drawn is referred to as the payer.

72) When preparing a bank reconciliation, deposits in transit are added to the balance shown on the bank statement.

73) Outstanding cheques are deposits you have recorded but the bank has not.

74) The cost of printing cheques should be deducted from the bank side of a bank reconciliation.

75) Once the bank reconciliation has been completed, journal entries must be made for the book side of the reconciliation

76) In a bank reconciliation, interest revenue earned on a chequing account would be deducted from the book balance.

77) Bank service charges are usually debited to Miscellaneous Expense because the bank charge does not pertain to any particular expense category.

78) The journal entry for an NSF (nonsufficient funds) cheque involves a debit to Accounts Payable.

79) The journal entry for a note collected by the bank with interest requires a debit to Cash and a credit to both Note Receivable and Interest Revenue.

80) Outstanding cheques are added to the ending bank balance on the bank statement when preparing the bank reconciliation.

Dec 24 2019 View more View Less

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