1.1 A loan repayment to a bank would be recorded in the nominal ledger as:a) Dr Bank Cr Capital b) Dr Loan Cr Bankc) Dr Loan Cr Bankd) Dr Bank Cr Reserves

Nominal ledger: nominal ledger is a ledger where financial transactions are recorded.

Answered: A loan repayment to a bank would be…

Business

Accounting

A loan repayment to a bank would be recorded in the nominal ledger as:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 8EB: Prepare the journal entry to reconcile the bank statement in EB7.

See similar textbooks

Related questions

Q: = the money supply, BR = reserves of commercial banks (depository institutions), C = currency held…

A: We require to determine the equation of a country's money supply with the help of given variables.

Q: All of the following are common ratio measures of bank liquidity EXCEPT: a. loans/deposits b.…

A: The liquidity ratio refers to the short-term financial ratio that determines the ability to meet the…

Q: Case D Identify one private-owned bank and one government-owned bank. How would the services being…

A: Private Banks Private banks are those that are held by a single person or a group of general…

Q: A cash paid for a borrowing made earlier affects which of the following accounts? a. Cash and Notes…

A: Solution- Once you pay the full amount due, your account is paid in full. You have effectively…

Q: The "principal" of a note receivable refers to: a.the amount of cash borrowed. b.the present value…

A: The principal amount of a note receivable is the amount of cash borrowed.

Q: 7. How will you classify deposits by customers in Axis Bank? (A) Cash Flow from Operating Activities…

A: Cash flow Statement- it is a statement that shows flows of cash & cash equivalents i.e. the…

Q: It is an amount owed to suppliers for goods purchased or services performed on credit. O a. Accounts…

A: Accounts payable is credited when goods are purchased on credit. Unearned revenue is when cash is…

Q: e mc nor

A: 3. Carrying Value at closing = Note receivable + Direct Origination Cost - Non refundable…

Q: All of the following are monetary items, except: a. Accounts payable b. Accounts receivable c.…

A: This question is answered as per IAS 29 "Financial Reporting in Hyperinflationary Economies".

Q: 8. In which part of the cash flow statement will you show the repayment of long- term loans? O A)…

A: As per Bartleby guidelines, "Since you have asked multiple question, we will solve the first…

Q: Defining common receivables terms Match the terms with their correct definition.

Q: Which of the following is money kept by the firm with a bank in low-interest or non-interest bearing…

A: Loan is a part of financing in which a bank or institution lends money to the business in exchange…

Q: Calculate the profit of a bank by preparing income and expenditure statement. -Assume that you are…

A: Financial statement: Financial information is a written record of an organization and individual…

Q: effect to asset, liability and owner's equity if the company repays the bank loan

A: Bank loan is the amount borrowed from the bank. Upon repayment of bank loan, the bank loan account…

Q: A bank's required reserve ratio is equal to: Checkable Deposits/Required Reserves Net Worth/Assets…

A: In the context of the given question, we are required to explain the required reserve ratio which is…

Q: Statement I: A customer is any person, firm or company which has a bank account and for whom the…

A: Statement I: A customer is any person, firm or company which has a bank account and for whom the…

Q: A. Determine the maximum amount of new loans that this bank can make. Present in columns 1 and 1'…

A: Loan refers to the borrowed amount or the amount given by one party to another for repayment till a…

Q: 23 - The cash account is debited due to the following transaction? A) CASH PURCHASE B) DEPOSITS…

A: Following is the answer to the given question.

Q: No.2 siven the facts in the question above, what is the figure for the bank balance to be reported…

A: Introduction: When you make a payment, credit is applied to your account. When you return something…

Q: A company repays its bank borrowings. The entry to record that transaction should be Group of…

A: Borrowing means where business taken loan from outsider to be used in business and repaid later.

Q: QUESTION 1 The following information is available to Gabuih Enterprise as of 31 December 2020: 1.…

A: Preparation of bank Reconciliation statement are as follows Bank reconciliation statement prepared…

Q: business continuity plan recommendated for a bank dealing with COVID-19

A: COVID-19 has impacted business across the globe and it continues to present many unforeseen…

Q: 11.What is the normal balance in each of these accounts? (Use the following abbreviations to answer…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Create a balance sheet with the following information. Create a balance sheet for the following…

A: Balance sheet consist of all assets and all liabilities and owner's equity. Basic accounting…

Q: All the following are assets for commericial banks exept: A) loans B)cash C)Deposits…

A: A commercial bank is a type of financial organisation that handles all activities linked to…

Q: The bank or other financial institution where the cheque can be presented for payment. a. BDO b.…

A: BDO : Full form of BDO is bank development organization. It works for the development of bank.…

Q: .Which of the following transactions affects the total value of liabilities of a firm? Goods…

A: Solution: Transaction that affect total value of liabilities of a firm, is the transaction that…

Q: deposit function, the bank is the _____ and the depositors are the ______ a. drawee - payees b.…

A: Banks do many function for customers and the one of the main function is the deposits made by the…

Q: Which items are reported as liabilities on a bank's balance sheet? bank's balance sheet?

A: Bank's balance sheet is the relationship between the assets, liabilities, and equity capital. The…

Q: The term ‘loanable funds' refers to: a. only those funds loaned by one bank to another bank. b. only…

A: Loanable funds is that financial term that refers to sum total or aggregate of all sums of money…

Q: The accounting treatment of Discount on bill discounted is: a. A current liability b. A current…

A: The earnings which are earned but not received are the accrued revenue for the business. The…

Q: Which of the following increase when business takes a loan from a bank? O a. Sales O b. Equity O c.…

A: The balance sheet of business consists of assets and liabilities.

Q: A cheque drawn by the business from RM609 for payment of a liability was recorded in the journal as…

A: Bank reconciliation is the summary showing the balances as per books of the entity and the pass book…

Q: A bank statement

A: Bank statement is statement received from bank. Bank statement is not invoice received from bank as…

Q: ach of the following transactions, determine which U.S balance of payments account is credited and…

A: The capital (financial) account tracks capital asset flows, while the current account reflects the…

Question

1.1 A loan repayment to a bank would be recorded in the nominal ledger as:

a) Dr Bank Cr Capital
b) Dr Loan Cr Bank
c) Dr Loan Cr Bank
d) Dr Bank Cr Reserves

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Context:

VIEW

Answer

VIEW

Explanation:

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

A loan received from a bank would be recorded in the nominal ledger as: a) Dr Bank Cr Capital b) Dr Loan Cr Bank c) Dr Bank Cr Reserves d) Dr Bank Cr Loan
In which of the following withdrawal of funds by a person from a bank can be made on maturity date as agreed with the bank a. Loans b. Fixed Deposit c. Current deposit d. Saving Deposit
3. What is the initial carrying amount of the loan receivable on the part of National Bank? 4. Based on preceding data, what is the initial carrying amount of the loan payable on the part of BBB Company?
Answer the following statements It is an average interest rate that banks offer in the financial market: a. effective rate b. Cetes c. CPP d. TIIE It is the payment for the use of someone else's money: a. simple interest b. interests c. amount d. interest rate
A bank's required reserve ratio is equal to: Checkable Deposits/Required Reserves Net Worth/Assets Loans/Checkable Deposits Required Reserves/Checkable Deposits give answer with explanation
In the deposit function, the bank is the _____ and the depositors are the ______ a. drawee - payees b. debtor - creditors c. payee - drawers d. creditor - debtors
Which of the following is money kept by the firm with a bank in low-interest or non-interest bearing accounts as part of the loan agreement? A - short-term financing B- secured loans C- compensating balance D- line of credit
All of the following are common ratio measures of bank liquidity EXCEPT:a. loans/depositsb. loans/nondeposit liabilitiesc. unencumbered liquid assets/nondeposit liabilitiesd fixed assets/loans Choose one correct answer please.
All the following are assets for commericial banks exept: A) loans B)cash C)Deposits D)Investment securities
When a bank grants a consumer loan to someone, it leads to: a. an indirect flow of funds O b. a rise in the bank's liabilities Oc a direct flow of funds Od. a rise in the bank's interest expense
Prepare the journal entry to reconcile the bank statement in EB7.
A company repays its bank borrowings. The entry to record that transaction should be Group of answer choices A debit to bank borrowings and a credit to cash A debit to cash and a credit to bank borrowings.