Question: Need help please on choosing the correct answer Sign 12 ~ Helvetica 5. In reconciling the bank statement, it was noted a check written for

Need help please on choosing the correct answer

Need help please on choosing the correct answer
Sign 12 ~ Helvetica 5. In reconciling the bank statement, it was noted a check written for $65 (correct amount) was recorded in the books as $56. On the bank reconciliation, the difference would be (A) added to the checkbook balance; (B) subtracted from the checkbook balance; (C) added to the bank balance; (D) subtracted from the bank balance; (E) removed from the bank account. 6. In reconciling a bank statement, an NSF check had not been recorded in the books. The entry to record this transaction would be (A) debit Accounts Payable and credit Cash; (B) debit Cash and credit Accounts Payable; (C) debit Cash and credit Accounts Receivable; (D) debit Acconits Receivable and credit Cash; (E) debit an expense account and credit Cash 7. Electronic funds transfer (EFT) systems use which of the following to complete a transaction with the bank? (A) a computer: (B) a paper check; (C) currency; (D) a draft; (E) any of these. 8. Which of the following is not a common reason for differences between the book and the bank cash balances? (A) errors by the depositor; (B) service charges; (C) deposits in transit; (D) outstanding checks; (E) errors in billing customers. 9. When the Cash Short and Over account has a credit balance at the end of the month, it is considered (A) an expense: (B) a revenue; (C) an asset; (D) a liability; (E) owner's equity. 10. Cash receipts from the cash register tapes totaled $897. The cash count indicated that $927 is in the cash drawer. There is a change fund of $100 The entry to record the difference would be (A) debit Cash for $30 and credit Cash Short and Over for $30; (B) debit Cash Short and Over for $30 and credit Cash for $30; (C) debit Cash for $70 and credit Cash Short and Over for $70; (D) debit Cash Short and Over for $70 and credit Cash for $70; (E) none of these O Eli W

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!