Why should a company prepare a bank reconciliation for each account every period? What types of issues are avoided by doing this? please no plagrisim and don't copy someone else work, I need a new work for my homework
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Why should a company prepare a bank reconciliation for each account every period? What types of issues are avoided by doing this?
please no plagrisim and don't copy someone else work, I need a new work for my homework
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- Your customer has paid their bill, yet the Accounts Receivable balance has not changed. Which of the following could have caused this error? A Bypassing the Pay Bills window and writing a check to the vendor B Deleting the deposit before reconciliation C Running the Open Invoices report before accepting payment D Bypassing the Receive Payments window and entering the payment directly in the Bank Deposits windowHills Company's June 30 bank statement and the June ledger account for cash are summarized here: Withdrawals Deposits Other Balance, June 1 Deposits during June Cheques cleared during June Bank service charges Balance, June 30 Balance $ 9,100 35,080 4,580 4,360 4,360 $25,980 $30,500 $ 220 Cash (A) June 1 Balance 8,700 28,500 June Deposits 30,580 Cheques written June June 30 Balance 6,620 Requlred: 1. Prepare a bank reconciliation. A comparison of the cheques written with the cheques that have cleared the bank shows outstanding cheques of $480. Some of the cheques that cleared in June were written prior to June. No deposits in transit were noted in May, but a deposit is in transit at the end of June. HILLS COMPANY Bank Reconciliation June 30 Bank statement Company's books Ending balance per bank statement 6,620 Ending balance per cash account Additions: Additions: 8,620 Deductions: Deductions: Up-to-date cash ba ance 8.620Up-to-date cash ba ance Prev 1 of 2 Next >When reviewing your client's Profit and Loss report, you see a number of transactions posted to the wrong account. However, the bank and credit card accounts have all been reconciled properly. Your client doesn't remember adding these transactions. What might have happened? Your client used the Reclassify Transactions tool Someone imported these transactions and their reconciliation status directly from Excel Your client added the transactions through Bank Feeds, using an item that posted to the wrong account Your client incorrectly added a transaction, accepted a suggested rule based on that posting, and also chose auto-add
- How can you avoid overdrafts and overdraft fees? What are the types of accounts in a bank?Why does a bank credit a customer's account when the customer makes a deposit and debit the account when the customer makes a withdrawal? O Because banks use a different method of accounting O Because the customer's account is a liability for the bank. Because the customer's account is an asset to the bankSouthern Company pays its employees weekly by issuing checks on its regular bank account. The owner thinks it would be too much trouble to have a second checking account. Explain to the owner why having this account might be worth the additional effort.
- A bank reconciliation takes time and must balance. An employee was struggling in balancing the bank reconciliation. Her supervisor told her to plug (make an unsupported entry for) the difference, record to Miscellaneous Expense, and simply move on. Discuss the internal controls problem with this directive.In a bank reconciliation, to adjust for a customer's NSF check requires: reducing the bank balance by the amount increasing the bank balance by the amount reducing the book balance by the amount increasing the book balance by the amountYou are trying to explain debit and credit memos that appear on bank statements and whether these will increase or decrease your company's bank account balance. Complete the following table to help your new staff understand. Debit or Credit Increases or Decreases the Company's Item Memo Bank Account Balance EFT payment Bank correction of an error due to posting another customer's check to your account Service charge Note and interest collected for our company NSF check Bank correction of an error recording a $250 deposit as $520 EFT deposit
- K Checking Accounts. Why do individuals use checking accounts? What is the disadvantage of having funds in a checking account? Explain overdraft protection and stop payment orders. Are all bank fee structures the same? Checking accounts: (Select the best answer below.) O A. no longer offer a record of payment, but they often pay interest. OB. are used by people with insufficient funds in savings accounts. C. have varying fees and often pay substantial interest. O D. enable people to have a record of payment, but they often pay no interest. Overdraft protection is: (Select the best answer below.) OA. a loan, usually at high interest rates, that a bank gives certain customers when they don't have sufficient funds in their accounts to cover checks they have written. OB. required by law. OC. a service, usually at no charge, that a bank gives certain customers when they don't have sufficient funds in their accounts to cover checks they have written. OD. a loan, usually at no charge, that a…K Checking Accounts. Why do individuals use checking accounts? What is the disadvantage of having funds in a checking account? Explain overdraft protection and stop payment orders. Are all bank fee structures the same? Checking accounts: (Select the best answer below.) OA. no longer offer a record of payment, but they often pay interest. B. are used by people with insufficient funds in savings accounts. C. have varying fees and often pay substantial interest. OD. enable people to have a record of payment, but they often pay no interest. Overdraft protection is: (Select the best answer below.) O A. a loan, usually at high interest rates, that a bank gives certain customers when they don't have sufficient funds in their accounts to cover checks they have written. OB. required by law. O C. a service, usually at no charge, that a bank gives certain customers when they don't have sufficient funds in their accounts to cover checks they have written. D. a loan, usually at no charge, that a…A fee the bank charges for maintaining bank records and processing bank statement items for the depositor is known as _____________. Stop payment order Outstanding deposits Reconciling the bank statement Bank service charge