How will you adjust the above reconciliation item in bank reconciliation statement? a. Deduct OMR 2000 from company’s cash book balance b. Add OMR 2000 to Company’s cash book balance c. Deduct OMR 2000 from bank reconciliation statement balance d. Add OMR 2000 to the bank statement balance Clear my choice

How will you adjust the above reconciliation item in bank reconciliation statement? a. Deduct OMR 2000 from company’s cash book balance b. Add OMR 2000 to Company’s cash book balance c. Deduct OMR 2000 from bank reconciliation statement balance d. Add OMR 2000 to the bank statement balance Clear my choice

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 2SEQ

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Al Maha Plastic LLC sold OMR 2500 plastic furniture to Majan stores on credit . The manager of Majan stores directly deposited OMR 2000 in the company's bank account that the company unaware. How will you adjust the above reconciliation item in the bank reconciliation statement ? a . Add OMR 2500 to bank statement balance b . Add OMR 2500 to cash book balance C. Add OMR 2000 to bank statement balance d . Add OMR 2000 to company's cash book balance
Assume that Oman Formaldehyde Chemical Company LLC sold the chemical of OMR 540 to the customer and received the check to the same amount. The cheque deposited in the bank immediately but the cheque received from the customer was misreported in the cash receipts journal as OMR 450. Therefore while preparing the Bank Reconciliation statement, what adjustment the accountant will do? Choose the correct answer from the following given options. a. Add OMR 540 to the cash book balance b. Deduct OMR 90 from the cash book balance c. Deduct OMR 540 from the cash book balance d. Add OMR 90 to the cash book balance Clear my choice
Assume that Johnson and Johnson company received the cheque of OMR 197 form it's debtor ( Accounts receivables ) . But the accountant of the company recorded it as OMR 179 and sent to bank for deposit How will you adjust the above reconciliation item in Bank reconciliation statement ? a . Add OMR 197 to cash book balance b . Add OMR 18 to cash book balance c . Deduct OMR 18 from Bank statement balance d . Less OMR 179 from bank statement balance
XYZ LLC dealing all its transactions through its bank to avoid employee fraud and theft. For offering daily services,the bank debited OMR 20 to the bank account and the company unaware it.How will you adjust the above reconciliation item in bank reconciliation statement? a. Add OMR 20 to the company's bank statement balance b. Add OMR 20 to the company's cash book balance c. Deduct OMR 20 from company's cash book balance d. Deduct OMR 20 from the company's cash book balance
Hi, im having trouble with a bank reconciliation question. Additional information: (1) Cheque number 5904 is correctly drawn for RM2,080 to pay for computer equipment. (2) The NSF cheque shown in the statement was originally received from a customer, S. Nilson. The return has not yet been recorded by the company. (3) The credit memorandum is from the collection of RM1,400 note for Elisa Sdn. Bhd. by the bank. The bank deducted RM15 collection fee. This has not been recorded by the company too
Identify whether the following independent transaction is a book or a bank reconciling. In addition, determine the amount of the error and state whether the amount will be added or deducted in the preparation of the bank reconciliation (use adjusted method). 1. Eagle Repairs received P1,500 from Jane. The bookkeeper recorded the amount as P500. 2. Nation Bank collected from the customer of Eagle the sum of P5,000 representing payment of the said customer to Eagle. No entry was made in the books of Eagle. 3. The bank teller deducted CK 123 for P3,500 from the account of Eagle. The said check was issued by Egles Company a different depositor of the bank. 4. The bookkeeper of Eagle recorded Check No. 345 in the Cash Disbursement Journal as P5,205. The correct amount of the check was P5,250. 5. The deposits of Eagle earned interest of P100 for the month. Eagle does not have knowledge of interest earned until it receives the bank statement.
Identify whether the following independent transaction is a book or a bank reconciling. In addition, determine the amount of the error and state whether the amount will be added or deducted in the preparation of the bank reconciliation (use adjusted method): 1. Eagle Repairs received P1,500 from Jane. The bookkeeper recorded the amount as P500. 2. Nation Bank collected from the customer of Eagle the sum of P5,000 representing payment of the said customer to Eagle. No entry was made in the books of Eagle. 3. The bank teller deducted CK 123 for P3,500 from the account of Eagle. The said check was issued by Egles| Company a different depositor of the bank. 4. The bookkeeper of Eagle recorded Check No. 345 in the Cash Disbursement Journal as P5,205. The correct amount of the check was P5,250. Answer: Book. P45 will be deducted in the book records. The bookkeeper should have deducted P5,250 deductions to cash however he deducted P5,205 only, thus the difference should be deducted. 5. The…
While performing its monthly bank reconciliation, XYZ Inc. discovered that it recorded a cash receipt from a customer for an incorrect amount. The company debited “Cash” and credited “Sales Revenue” for $920 instead of $290. On its bank reconciliation, how should the company adjust for this error? Add $630 to the company (book) side. Subtract $630 from the company (book) side. Add $630 to the bank side. Subtract $630 from the bank side.
Identify whether the following independent transaction is a book or a bank reconciling. In addition, determine the amount of the error andstate whether the amount will be added or deducted in the preparation of the bank reconciliation(use adjusted method): 1. Eagle Repairs received P1,500 from Jane. The bookkeeper recorded the amount as P500. 2. Nation Bank collected from the customer of Eagle the sum of P5,000 representing payment of the said customer to Eagle. No entry was made in the books of Eagle. 3. The bank teller deducted CK 123 for P3,500 from the account of Eagle. The said check was issued by Eagles Company a different depositor of the bank. 4. The bookkeeper of Eagle recorded Check No. 345 in the Cash Disbursement Journal as P5,205. The correct amount of the check was P5,250. 5. The deposits of Eagle earned interest of P100 for the month. Eagle does not have knowledge of interest earned until it receives the bank statement.
AI Naseeb Co. wrote a check for RO 715 which was correctly paid by the bank. However, Al Naseeb incorrectly recorded it on its books for RO 751. The amount to be adjusted on the bank reconciliation would be to: Select one: O a. add RO 36 to the book's balance. O b. minus RO 715 from the book's balance. O . None of the answers are correct. O d. add RO 36 to the bank's balance. e. minus RO 751 from the bank's balance.
The bank reconciliation for Widgets Inc. included the following items: $30 bank service charge; NSF check of $275; bank error of $30; EFT collection from a customer for $2,335. Based on the information, Widgets Inc. will adjust cash by what amount? O $1,480 O $2,030 O $2,000 O $2,060
Assume that Sohar Paper Cores LLC sold goods to its customer and received the check of OMR 5000. The cashier immediately entered in the cash book and deposited check in the bank. After 2 days the company received the bank statement in which the deposited check amount not yet recorded. Therefore while preparing the Bank Reonciliation statement, what adjustment the accountant will do? Choose the correct answer from the following given options. a. Less OMR 5000 from the bank statement balance b. Add OMR 5000 to bank statement balance C. Add OMR 5000 to the cash book balance d. Less OMR 5000 from the cash book balance