ACC 211 Chapter 8

28 November 2022
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On the bank's accounting records, customers' accounts are normally shown as a
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liability
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The amount of the outstanding checks is included on the bank reconciliation as a(n)
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deduction from the bank statement balance
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The debit recorded in the journal to reimburse the petty cash fund is to
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various accounts the petty cash was disbursed
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A $150 petty cash fund has cash of $28 and receipts of $110. The journal entry to replenish the account would include a
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debit to Cash Over and Short for $12
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The type of account and normal balance of Petty Cash is a(n)
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asset, debit
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A $135 petty cash fund has cash of $44 and receipts of $93. The journal entry to replenish the account would include a
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credit to Cash Over and Short for $2
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Accompanying the bank statement was a debit memo for an NSF check received from a customer. This item would be included on the bank reconciliation as a(n)
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deduction from the balance per company's records
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Which of the following would be subtracted from the balance per books on a bank reconciliation?
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Service charges
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Accompanying the bank statement was a debit memo for bank service charges. On the bank reconciliation, the item is a
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deduction from the balance per company's records
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Accompanying the bank statement was a debit memo for bank service charges. What entry is required in the company's accounts?
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debit Miscellaneous Administrative Expense; credit Cash
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A check drawn by a company for $270 in payment of a liability was recorded in the journal as $720. This item would be included on the bank reconciliation as a(n)
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addition to the balance per the company's records
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Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company. This item is a(n)
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addition to the balance per company's records
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Receipts from cash sales of $7,500 were recorded incorrectly in the cash receipts journal as $5,700. This item would be included on the bank reconciliation as a(n)
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addition to the balance per company's records
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The cash account in the company's ledger is a(n)
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asset with a debit balance
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The debit balance in Cash Short and Over at the end of an accounting period is reported as
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expense on the income statement
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The amount of cash to be reported on the balance sheet at June 30 is the
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adjusted balance appearing on the bank reconciliation for June 30
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Following the completion of the bank reconciliation, an adjusting entry was made that debited cash and credited Interest Revenue. Therefore the bank reconciliation must have included an item that was
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added to balance per company's records
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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?
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debit accounts receivable, credit cash
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Which of the following would be subtracted from the balance per bank on a bank reconciliation?
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outstanding checks
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The bank reconciliation is
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part of the internal control system
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Receipts from cash sales of $7,500 were recorded incorrectly in the cash receipts journal as $5,700. What entry is required in the company's accounts?
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debit cash, credit sales
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The amount of deposits in transit is included on the bank reconciliation as a(n)
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addition to the balance per bank statement
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Entries are made to the Petty Cash account when
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establishing the fund
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A $100 petty cash fund contains $89 in petty cash receipts, and $7.50 in currency and coins. The journal entry to record the replenishment of the fund would include a
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debit to Cash Short and Over for $3.50.
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A $140 petty cash fund has cash of $18 and receipts of $120. The journal entry to replenish the account would include a credit to
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Cash $122
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Which of the following would be deducted from the balance per books on a bank reconciliation?
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service charge
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Which of the following would be added to the balance per books on a bank reconciliation?
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notes collected by the bank
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Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer. What entry is required in the company's accounts?
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debit cash, credit notes receivable