Question 1

If a check written by a firm is not canceled by the bank and returned with the month's bank statement, the firm should

Accepted Answer

A)   consider this check as outstanding when preparing the bank reconciliation.
B)   immediately notify the bank requesting that it correct its records.
C)   adjust the balance in the firm's checkbook to reflect the data that appears in the bank's records.
D)   make no adjustment when preparing the bank reconciliation.E) A) and C)
F) B) and D)

Question 2

Record the following transactions for the month of April 2013 on page 4 of a cash receipts journal. Total, prove, and rule the cash receipts journal as of April 30.

Accepted Answer

The answer of Record the following transactions for the month...

Question 3

In a firm that has a good system of internal control, cash receipts are deposited often.

Accepted Answer

A) True 
 B)False

Question 4

To arrive at an accurate balance on a bank reconciliation statement, a service charge should be

Accepted Answer

A)   added to the bank statement balance.
B)   added to the book balance.
C)   deducted from the bank statement balance.
D)   deducted from the book balance.E) None of the above
F) A) and B)

Question 5

Beckett Co. sold merchandise on account for $10,600, terms 2/10, n/30. Freight charges of $250 were prepaid by the seller and added to the invoice. The customer returned $800 of merchandise before making the payment then paid the invoice within the discount period. What is the amount Beckett Co. received?

Accepted Answer

A)   $9,854
B)   $9,604
C)   $9,849
D)   $9,833E) B) and C)
F) All of the above

Exam 9: Cash Receipts, Cash Payments, and Banking Procedures

In a firm that has a good system of internal control, cash receipts are deposited often.

Correct Answer
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Correct Answer
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If a check written by a firm is not canceled by the bank and returned with the month's bank statement, the firm should

Correct Answer
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Record the following transactions for the month of April 2013 on page 4 of a cash receipts journal. Total, prove, and rule the cash receipts journal as of April 30.

Correct Answer
verified

To arrive at an accurate balance on a bank reconciliation statement, a service charge should be

Correct Answer
verified

Exam 9: Cash Receipts, Cash Payments, and Banking Procedures

In a firm that has a good system of internal control, cash receipts are deposited often.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

If a check written by a firm is not canceled by the bank and returned with the month's bank statement, the firm should

Correct AnswerverifiedShow Answer

Record the following transactions for the month of April 2013 on page 4 of a cash receipts journal. Total, prove, and rule the cash receipts journal as of April 30.

Correct AnswerverifiedShow Answer

To arrive at an accurate balance on a bank reconciliation statement, a service charge should be

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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