2021 Accounting Ch 9 Review

Front

After a bank reconciliation statement is completed, a firm may have to make an entry in its accounting records for: Non-sufficient funds checks, outstanding checks, deposits in transit, the bank statement balance.

Back

Non-sufficient funds checks.

Front

For which of the following items on a bank reconciliation statement would a firm record a journal entry after completing the bank reconciliation process? a bank error in which a check written by the firm was recorded for an incorrect amount, outstanding checks, deposits in transit, bank service charges

Back

bank service charges

Front

Checks written by a firm that were paid by the bank are called __________ checks.

Back

canceled

Front

If Sepulveda incorporated receives a check from a customer for goods sold within the discount period, identify the account used to record the discount.

Back

sales discounts

Front

Beckett Company sold merchandise on account for $11,200, terms 2/10, n/30. Freight charges of $310 were prepaid by Beckett Company and added to the invoice. The customer returned $1,100 of merchandise before making the payment then paid the invoice within the discount period. What is the amount Beckett Company received?

Back

$10,208.00

Front

If the amount of cash available for deposit is less than the amount listed on the audit tape taken from the cash register, the Cash Short or Over account __________.

Back

is debited

Front

The process of determining why a difference exists between a firm's records and the bank's records and bringing the two sets of records into balance is known as __________ the bank statement.

Back

reconciling

Front

Which of the following statements is correct? A transaction that is properly recorded in the cash payments journal will always include the recording of an amount in the Cash Debit column. To record a cash purchase of merchandise, the accountant would debit Purchases and credit Cash. Purchase discounts is a contra revenue account. The entry to record the payment of an invoice within the cash discount period would include a debit to the Purchases Discounts account.

Back

To record a cash purchase of merchandise, the accountant would debit Purchases and credit Cash.

Front

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

Back

deducted from the book balance.

Front

The entry in a firm's accounting records for the monthly service charge by the bank noted on the bank statement would include:

Back

a debit to Bank Fees Expense and a credit to Cash.