Which of the following reconciling items on a bank reconciliation require an adjustment to the balance...
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Which of the following reconciling items on a bank reconciliation require an adjustment to the balance of the cash account? O A monthly service charge fee Outstanding checks O Deposits-in-transit O Errors by the bank Adjusting entries are prepared for which of the following? O Record depreciation expense O Adjust payroll expense for wages earned but not yet paid Record an inventory purchase Answer 1 & Answer 3 only The purchases journal is used to record: O Inventory purchases only All vendor invoices on account O Inventory and fixed asset purchases only O Inventory purchases and general operating expenses only Which transaction would NOT affect perpetual inventory records? O Sale of merchandise O Purchase of merchandise Sales discount taken Sales return Which of the following errors would NOT cause the trial balance to be out of balance? O Failing to post part of a journal entry O Posting a debit as a credit O Incorrectly calculating the balance of an account Failing to record a transaction In determining cost of goods sold under the periodic inventory method, which account is NOT affected? O Sales discounts O Purchase returns and allowance O Purchase discounts O Freight In Which of the following reconciling items on a bank reconciliation require an adjustment to the balance of the cash account? O A monthly service charge fee Outstanding checks O Deposits-in-transit O Errors by the bank Adjusting entries are prepared for which of the following? O Record depreciation expense O Adjust payroll expense for wages earned but not yet paid Record an inventory purchase Answer 1 & Answer 3 only The purchases journal is used to record: O Inventory purchases only All vendor invoices on account O Inventory and fixed asset purchases only O Inventory purchases and general operating expenses only Which transaction would NOT affect perpetual inventory records? O Sale of merchandise O Purchase of merchandise Sales discount taken Sales return Which of the following errors would NOT cause the trial balance to be out of balance? O Failing to post part of a journal entry O Posting a debit as a credit O Incorrectly calculating the balance of an account Failing to record a transaction In determining cost of goods sold under the periodic inventory method, which account is NOT affected? O Sales discounts O Purchase returns and allowance O Purchase discounts O Freight In
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Answer rating: 100% (QA)
ANSWER 1 B outstanding checks The definition of an outstanding check is a check that has been written but it hasnt been casheddeposited by the bank or otherwise cleared the bank An outstanding check c... View the full answer
Related Book For
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
Posted Date:
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