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If the owner of Que Legal Services forgot to deduct a withdrawal from the balance per boo

 If the owner of Que Legal Services forgot to deduct a withdrawal from the balance per books, what entry would be necessary?

A) Debit Cash; credit Withdrawals

B) Debit Withdrawals; credit Cash

C) Debit Revenue; credit Cash

D) Debit cash; credit Revenue

22) Which of the following bank reconciliation items would not be reflected in a journal entry?

A) Bank service charges

B) Collection of a note by the bank

C) Outstanding cheques

D) NSF customer cheque

23) The journal entry to adjust the records from Nothin' But Organization bank reconciliation would include

A) the total of outstanding cheques.

B) deposits in transit.

C) notification from the bank of a customer's NSF cheque.

D) correction of any errors or omissions on the bank statement.

24) The journal entry to reverse the entry of a customer's nonsufficient funds cheque would include a

A) debit to Cash.

B) credit to Cash.

C) debit to Accounts Payable.

D) credit to Accounts Receivable.

25) From the bank reconciliation no entry was recorded for a debit memo for a new cheque fee expense. This would cause

A) liabilities to be understated.

B) liabilities to be overstated.

C) expenses to be understated.

D) expenses to be overstated.

26) From the bank reconciliation no entry was recorded for deposits in transit. This would cause

A) assets to be overstated.

B) assets to be understated.

C) no impact since deposits in transit are already included in the balance per books.

D) no impact since deposits are not recorded on the books.

27) The bank charged another company's cheque against our account, this would be included on the bank reconciliation as a(n)

A) addition to the balance per books.

B) subtraction from the balance per books.

C) addition to the balance per bank.

D) subtraction from the balance per bank.

28) A bank service charge would be included on the bank reconciliation as a(n)

A) addition to the balance per books.

B) subtraction from the balance per books.

C) addition to the balance per bank..

D) subtraction from the balance per bank.

29) An error in recording a $71 deposit as $17 would be included on the bank reconciliation as a(n)

A) addition to the balance per bank.

B) subtraction from the balance per bank.

C) addition to the balance per books.

D) subtraction from the balance per books.

30) The bank added another company's deposit to our account. This would be included on the bank reconciliation as a(n)

A) addition to the balance per books.

B) subtraction from the balance per books.

C) addition to the balance per bank.

D) subtraction from the balance per bank.

Dec 06 2019 View more View Less

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