Activity I. Multiple Choice Alo alnam Directions: Choose and encircle the letter of the correct answer from the options given in each item. 1. It is issued by bank to the depositor which can be used to withdraw cash anytime. ATM card c. Personal Check d. Withdrawal Slip a, b. Passbook
Q: Prepare a Three Column Cash Book from the following transactions Explain the primary goal of…
A: Cash Book The purpose of preparing the cash book which can be know the details total receipts and…
Q: 2. Prepare any journal entries that should be made as a result of the bank reconciliation. (If no…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Assuming the following information for Uno Company: bank balance P65,000; book balance ? ; deposit…
A: Calculation of adjusted bank balance are as follows.
Q: Which of the following transactions will require a journal entry? Indicate if it will be a debit or…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: Match each of the following cash receipt activities to the internal control principle to which it…
A: 1. A list of checks received in the mail is prepared - D. Document Procedure. 2. Total cash receipts…
Q: Jul 2 Recommended to the owner, Jen Beck, that she put some of the cash into a Money Market…
A: QuickBooks is an accounting software package which has various tools like accounting, inventory,…
Q: rag the boxes to match the answers special bank account that earns interest %! money subtracted from…
A: Compounding is the amount of money earned in the form of interest on Principal + Interest. It can be…
Q: Select the Correct Answer:When a firm maintains a cash book, it need not maintain :(i) Journal…
A: Transaction: The economic events which bring about any changes in the financial items of a business…
Q: Which one of these principles is considered for cash disbursement control: Select one: a. Rarely…
A: Cash disbursement control is a technique usually used for cash management that helps organizations…
Q: IV. Direction: Determine if the bank transaction is to be shown on the debit side or credit side of…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: Debit is the normal balance of O loans payable O capital O prepaid rent O unearned revenue The…
A: Solution: Debit is the normal balance of "prepaid rent". Hence third option is correct.
Q: Identify the type of activity by choosing the best answer for each question. Select each item listed…
A: Introduction:- first we need to understand the following basic terms as follows under:-…
Q: 1. Prepare a bank reconciliation. 2. Journalize the necessary entries. The accounts have not been…
A: Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from…
Q: Question 1: Prepare a bank reconciliation as of May 31. Be sure to complete the statement heading.…
A: Analysis and adjustment of differences between the cash balance shown on a bank statement, and the…
Q: Which of the following transactions will require a journal entry? Indicate if it will be a debit or…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Design a report to assist in managing credit sales and cash collections. d) What types of journals,…
A: c. Design a report to assist in managing credit sales and cash collections To assist with managing…
Q: What entry is required in the company's accounts to record outstanding checks? Select one: A. no…
A: Outstanding checks - Outstanding Checks are written but not received yet, not cleared, Cash has not…
Q: Examine and Understand the Bank Statement and the Cash-in-bank Ledger. Prepare a Bank Reconciliation…
A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…
Q: Which of the following item, have been recorded on the company's books but not yet by the bank…
A: Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own…
Q: Complete the following to record office expenses that Mookie The Beagle™ Concierge incurred and paid…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: either the word "debit" or the word "credit." A. The Bank account normally has a B. A revenue…
A: Debits and credits seem to be the opposite aspects of an accounting journal entry. Whenever accrual…
Q: secure means of storing money in which individuals or business can deposit or withdraw money as…
A: The financial institute is an institute that deals in all types of financial services and with…
Q: 1. Based on the above information, prepare a bank reconciliation for the Wisconsin Company. 2.…
A: A bank reconciliation statement is prepared to identify the reason for differences between the…
Q: Q1: Explain all details in the figure below: All business transactions Classify - put same types of…
A: All the details of items given in the figure are explained hereunder : The figure suggests the Sub -…
Q: Question 4 Identify and order the main activities in the 'Cash Disbursement process 2 3 [Choose]…
A: A disbursement means money paid by one party to another party during a particular period ., This…
Q: PROBLEM RECOGNITION TASK Determine the maximum deposit insurance coverage by PDIC in the following…
A: Philippine Deposit Insurance Corporation (PDIC) is a government owed corporation that provides…
Q: above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Using the…
A: A reconciliation statement described as a Bank Reconciliation Statement, or BRS, is generated to…
Q: Directions: Match the descriptions below with the letter to correctly identify it location. ACCOUNT…
A: The T- accounts are prepared as posting the journal entries to their accounts.
Q: What entry is required in the company's accounts to record outstanding checks? Oa. debit Accounts…
A: Outstanding check: When company issue the check to the vendor/creditors but they do not present the…
Q: This is two parts of one question, answer both 1.1 Top Drawer Cleaning CC has received a cheque…
A: Cross Cheque The purpose of issuing cross cheque to safeguard the transaction which are incurred at…
Q: 1. When posting all transactions to the ledgers, the cash account will show a total amount in the…
A: Transaction- A business transaction is a monetary exchange of products or services. Purchase of…
Q: Reonciliation statement
A: Since, check has been added to balance in cash book and the bank statement is not updated, balance…
Q: Identify where each of the following transactions would be found on the bank reconciliation.…
A: Item Effect 1 Accounts Receivable Clerk recorded a check cleared by the bank for…
Q: multiple choice quetion a.When preparing a bank reconciliation statement and the closing bank…
A: Bank reconciliation statement is prepared to reconcile the balance of books with the balance as per…
Q: Transaction Outstanding check Interest income NFS check Wire transfer by customer Deposit in transit…
A: In accounting, journalizing is the process of recording all business transactions for your financial…
Q: Answer the following question: It is an event where money moves into or out of an account. a.…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: ACC 622 Problem 11 chapter 4 see the image attached for the diagram question Requireda. Discuss the…
A: a. Control weaknesses and related risk:
Q: The debits and credits from two transactions are presented in the following customer account: NAME…
A: Journal Entry: Journal entry is the act of keeping records of transactions. Transactions are listed…
Q: What are the step(s) when using the Sales with Payment customer workflow? A. Create sales…
A: Please find the answer to the above question below:
Q: I. TOPIC: ACCOUNTING BOOKS-Journal and Ledgers III. Direction: A. Classify the transactions in the…
A: The special journals are maintained to keep the record of specific transactions.
Step by step
Solved in 3 steps
- Direction: Match the following bank accounts to its usage or description listed below. Write your answer on the blank before the number. Choose from the following Savings Account Current Account Time Deposit UITF _________________1. The simplest form of bank account. _________________2. A bank account which cannot be withdrawn until the contract period has ended. _________________3. It is a type of bank account that pooled funds managed by experts to ensure high yield and quality returns. _________________4. It allows a limited number of withdrawals only. _________________5. It makes saving very rewarding. _________________6. It allows numerous withdrawals with a large sum of money. _________________7. The investors earn through the increase in fair value of the pooled fund. _________________8. The investors earn through interest while saving. _________________9. This bank account comes with atm or passbook. ________________10. This is evidence by a…Matching Question Match the banking term on the left with its definition on the right. Drag and drop application. Deposit ticket Deposit ticket drop zone empty. Check Check drop zone empty. Bank account Bank account drop zone empty. Remittance advice Remittance advice drop zone empty. Electronic funds transfer Electronic funds transfer drop zone empty. Lists currency, coins and checks deposited into an account Explains the reason for payment Used to deposit money for safekeeping and help control withdrawals. A document signed by the depositor instructing the bank to pay a specified amount of money Electronic transfer of cash from one party to anotherIn sap, Which of the following outgoing payments will not require manual entry of bank account?a. Cashb. Credit Cardc. Checkd. Bank Transfer
- Enrichment Activity 8-2. Preparation of Deposit Slip ( After the collections and sales for March 25, 2020, Rosemarie B. Luzvimin is to prepare her deposit slip for the following collections: P1,000 bill 3 pcs. P20 bill 13 pcs. 500 bill 6 pcs. 10.00 coin 3 рcs. 200 bill 1 pcs. 9 pcs. 5.00 coin 100 bill 8 pcs. 1.00 coin 3 pcs. 50 bill 14 pcs. .25 coin 2 pcs. Checks to be deposited: BDO Check Tanauan Branch Check No. 14578 amounting to P5,500 BPI Check Malvar Branch Check No. 454532 amounting to P9,000 Landbank Tanauan Bracnh Check No. 789923 amounting to P12,250 Requirement: Prepare the deposit slip/s for all the collections using the account name of the owner with her account number of 0070425184882. (Remove the first numbers if the spaces for account number is not enough)23. What is the best way to manage the credit card? i. Always pay the minimum amount ii. Make payment on time iii. Withdraw cash from credit card iv. Keeping within the credit limit A. i and ii B. i and iv C. ii and iii D. ii and ivQuestion Y O1 3U. Which of the following facility a Mobile Banking customer cannot use? O Facility for using banking facility from anywhere O Option to pay utility bills and Transfer of funds between accounts of same bank and other banks O Facilities of withdrawing cash anywhere anytime O Balance Enquiries and facility for shopping and paying through mobile
- How do you record a debit card purchase in Quickbooks? A. Use the Enter Bills window to enter the information, then immediately go to the Pay Bills window and prepare th check. B. Prepare a journal entry to debit the expense account of the purchase and credit cash. C. Wait until you do the bank reconciliation and enter one journal entry for all of your debit card purchases. D. Using the Write Checks window, in the No. field,type “Debit.” Enter the vendor name and amount in the check area.6 When preparing a bank deposit which of the following is a best practice? Select one: a. Deposit all customer payments one at a time using the Bank Deposit form b. Group all customer payments with the same payment method together in one deposit c. Leave payments in the undeposited funds account d. Group customer payments with the payment method of checks and credit card payments in one deposit and group all the cash payment methods in a separate depositCan you help me with these practice question with quickbooks please To begin connecting bank accounts from the Dashboard, which tab would you start with? A. The Business Overview tab B. Link Accounts C. REview Transactions D. Categorize You are reviewing downloaded bank and credit card transactions. Which action is NOT true: A. ADD - records the transaction in your register B. MATCH - records the transaction in your register C. SPLIT - allows you to choose more than one category for a transaction D. VIEW - shows you the transactions that are possible matches
- What are the step(s) when using the Sales with Payment customer workflow? A. Create sales receipts deposited to the Undeposited Funds account > Create Bank Deposit B. Create Sales Receipt deposited to the checking account C. Create Bank Deposit D. Create Invoice > Receive Payment deposited to the Undeposited Funds account > Create Bank DepositCalculator Accompanying the bank statement was a debit memo for an NSF check received from a customer. What entry is required in the company's accounts? Oa. debit Cash; credit Other Income Ob. debit Accounts Receivable; credit Cash Oc. debit Other Income; credit Cash Od. debit Cash: credit Accounts Receivable 231 PM 8.Select the banking terms from drop down to match with the correct definition. Definitions Banking Terms a. A check that has been paid by the bank on behalf of the depositor. select a banking term Automated teller machine (ATM)Electronic funds transfer (EFT)MakerDepositorDebit memorandumPayeeBank statementPayerCredit memorandumDeposit slipCheckCanceled checkSignature cardEndorsement b. A disbursement system that uses wire, telephone, or computers to transfer cash balances from one location to another. select a banking term EndorsementBank statementDeposit slipDebit memorandumCheckDepositorElectronic funds transfer (EFT)PayeeSignature cardPayerCanceled checkCredit memorandumAutomated teller machine (ATM)Maker c. A document provided by the bank that requires the signature of all authorized signers of checks. select a banking term…