To deposit money in your business's bank account you should useO A cheque bookA bank statementO A deposit slipO A withdrawal slipO O

The Question has covered the concept of Cheque book, deposit slip, withdrawal slip, bank statement.…

Answered: To deposit money in your business's…

To deposit money in your business's bank account you should use O A cheque book O A bank statement O A deposit slip O A withdrawal slip

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 12RQ: When a business borrows money from a bank on a non-interest-bearing note, how are the bank discount...

See similar textbooks

Related questions

Q: II. DIRECTION: A.Read each sentence carefully and determine whether the statement is True or False.…

A: Bank Reconciliation : It is statement which helps in reconciling the bank statement with the bank…

Q: Identify which one of the following is a document issued by an individual to his or her bank,…

A: Instrument issued by the pay for operating the payment and receiving settlement. There are many…

Q: received a check from the Asif and paid in to the bank journal entry

A: Cash and Bank are two different assets for the business. These assets will be debited in case of…

Q: Which of the following item, have been recorded on the company's books but not yet by the bank: ered…

A: Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from…

Q: a. Prepare a bank reconciliation for Adam Company at April 30. b. Prepare the necessary journal…

A: a) Particulars Amount Amount Particulars Amount Amount Cash Balance according to the statement…

Q: rag the boxes to match the answers special bank account that earns interest %! money subtracted from…

A: Compounding is the amount of money earned in the form of interest on Principal + Interest. It can be…

Q: Choose the answer on the right.

A: Bank Reconciliation Statement: It is a statement of an organization to match the balance of their…

Q: Prepare a Bank Reconciliation Statement using: a. Adjusted Balance Method b. Book to Bank Method…

A: Bank reconciliation statement is a statement prepared to reconcile or agree the bank balance as…

Q: Big Byte Fries received OMR 2000 from its takeaway orders. The money was deposited in the bank.…

A: Cash book is the financial book in which receipts as well payments of cash and as well bank…

Q: ethods used by a bank to monitor bank advan

A: A loan from a bank to a third party with the understanding that the loan will be repaid. Almost all…

Q: Write in your own words which type of bank account would you like to open and explain why .

A: A Bank generally offers either time deposit accounts or a demand deposit account, Time deposit…

Q: Pertaining to Cash Receipts Journal and Deposit column of the bank statement) 1. How much is the…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: When preparing bank reconciliation, bank credits are O added to the bank statement balance O…

A: The Bank reconciliation statement explains the differences in balance as per books with the balance…

Q: It is possible to withdraw from the savings account by transferring to other accounts a) only inside…

A: Here asked about the details of savings accounts money transfer to other accounts. Savings accounts…

Q: Which of the following is an example of a book item, an item that is found on the bank statement…

A: Bank service charge is available in the bank statement that is not records in the books yet. Cash…

Q: Peter uses a savings account with a bank. The contract between Peter and the bank is one of: D.…

A: Peter uses a savings account with a bank. The savings account is a primary account type that lets…

Q: Which one of the following is considered as cash? a. Post Dated Cheques. b. Certified Cheques. c.…

A: Cash and cash equivalent is the part of current assets which are reported on the balance sheet of a…

Q: Part 1- Questions (Short Answer) 1. How does a savings account differ from a checking account? 2.…

A: Note: Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: additional loan from bank should it be included in cash at hand/cash on bank

A: The company maintain certain amount of the cash for working capital management and smooth operations…

Q: Please answer all the following questions as appear in the pictures, below: 1- Cash Receipts and…

A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…

Q: You pay your business phone bill paying cash. How would you record this transaction? * O Debit Bank,…

A: A business phone bill is an expense account. Expense accounts have a nominal debit balance. When the…

Q: Which account is the main focus of a bank reconciliation? Why? Explain the importance of monthly…

A: The answers for the questions relating to Bank Reconciliation Statement are discussed hereunder :

Q: s: Write the letter "T" if the er in the space provided before each number. 1. Bank reconciliation…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: . A cash remittance from the branch to the home office is recorded by the home office as a. Debit…

A: Cash Remittance from branch to home Office is recorded by the Home office as Journal Entry will be…

Q: Accompanying the bank statement was a debit memo for bank service charges. What entry is required in…

A: Step 1 Expense is the amount incurred by the organization to generate revenue. It is shown in the…

Q: Which account in the bank helps the customers to deposit and withdraw when they need it? a. Savings…

A: Introduction: Banks: Banks accepts deposits from customers and gives loans to who are needed. It…

Q: Lightwell LLC a client of Sun Electronix LLC deposited OMR 5000 directly in the account of Sun…

A: Ideally, bank balance as per cash book and bank balance as per bank statement should reconcile. If…

Q: (Pertaining to Cash Receipts Journal and Deposit column of the bank statement) 1. How much is the…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: A cash receipt that the business has added to its cash account,but that the bank has not added to…

A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…

Q: Big Byte Fries received OMR 2000 from its takeaway orders. The money was deposited in the bank.…

A: The book in which the company records all its transactions initially is termed as journal book. From…

Q: Why does the bank treat an account balance as a Credit when there is money in the account, while in…

A: Every business has the bank account and business as well as the bank maintains its books of accounts…

Q: 1. It is a bank account wherein the depositor can draw checks. a. Drawing account b. Savings account…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Which of the following items must be added to the cash balance per ledger in preparing a bank…

A: The statement prepared to find out the discrepancies if any, in the balances of the cash as per book…

Q: Select the banking terms from drop down to match with the correct definition. Definitions…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: The following items may appear on a bank statement: 1. Bank correction of an error from posting…

Q: a) Update the cash receipts and cash payments journals by adding the necessary adjustments and…

A: Bank Reconciliation statement: Bank reconciliation statement is a report that summarized the…

Q: A" borrowed money from bank; this transaction involves which one of the * ?following accounts Cash &…

A: Solution: Borrowing money represents cash has been taken for a loan. It involves cash inflow and…

Q: Assign the letter to indicate whether the following items would be added from the company's books or…

A: The bank reconciliation statement is prepared to adjust the balance of cash book and pass book to…

Q: explain why it is important for a business to do a bank reconciliation monthly.

Q: business cash consist of many things. Identify which one of the following will be considered as…

A: Credit card is considered as a cash Equivalent....

Q: In a bank reconciliation, interest revenue earned on your bank balance isa. added to the book…

A: Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own…

Q: What is a bank statement and discuss the importance of a bank statement to a depositor.

A: solution bank statement Bank statement is a statement generated by the bank which…

Q: When a company records a bank deposit, it will: O A. credit the Cash account on the company's books.…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: ould be recorded using the Bank Deposit form?

A: Transaction types should be recorded using the Bank Deposit form are : A. Cash received from loans.…

Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

To deposit money in your business's bank account you should use
O A cheque book
A bank statement
O A deposit slip
O A withdrawal slip
O O

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1:- Concept Used

VIEW

Step 2:- Solution

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Match the following words with their definitions by entering the correct number in the spaces below. 1.deposit ticket 2.ATM 3.check 4.bank statement 5.blank endorsement _____ a.A document ordering a bank to pay cash from a depositors account. _____ b.An endorsement where the payee simply signs the back of the check, making the check payable to any bearer. _____ c.Automated teller machinea machine used by depositors to make withdrawals or deposits at any time. _____ d.A statement of account issued by a bank to each depositor once a month. _____ e.A form showing a detailed listing of items being deposited.
When a business borrows money from a bank on a non-interest-bearing note, how are the bank discount and proceeds calculated?
When a company records a bank deposit, it will: O A. credit the Cash account on the company's books. O B. debit the Accounts Receivable account on the company's books. OC. debit the Cash account on the company's books. O D. credit the Accounts Payable account on the company's books.
can you cash a check from an equity reserve account
Which one of the following is considered as cash? a. Post Dated Cheques. b. Certified Cheques. c. Letter of credit d. Credit card.
if theres an additional loan from bank should it be included in cash at hand/cash on bank
How do you record a debit card purchase in Quickbooks? A. Use the Enter Bills window to enter the information, then immediately go to the Pay Bills window and prepare th check. B. Prepare a journal entry to debit the expense account of the purchase and credit cash. C. Wait until you do the bank reconciliation and enter one journal entry for all of your debit card purchases. D. Using the Write Checks window, in the No. field,type “Debit.” Enter the vendor name and amount in the check area.
Direction: Match the following bank accounts to its usage or description listed below. Write your answer on the blank before the number. Choose from the following Savings Account Current Account Time Deposit UITF _________________1. The simplest form of bank account. _________________2. A bank account which cannot be withdrawn until the contract period has ended. _________________3. It is a type of bank account that pooled funds managed by experts to ensure high yield and quality returns. _________________4. It allows a limited number of withdrawals only. _________________5. It makes saving very rewarding. _________________6. It allows numerous withdrawals with a large sum of money. _________________7. The investors earn through the increase in fair value of the pooled fund. _________________8. The investors earn through interest while saving. _________________9. This bank account comes with atm or passbook. ________________10. This is evidence by a…
How will the following items affect the pass book balance? Direct payment by customer into the back account. Interest on investment collected by the bank.
Part 1- Questions (Short Answer) 1. How does a savings account differ from a checking account? 2. What is the use of a deposit slip? 3. What is the use of a withdrawal slip? 4. What is a bank check? 5. What are the information required in filling up a bank check?
Calculator 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? Oa. debit Cash; credit Other Income Ob. debit Accounts Receivable; credit Cash Oc. debit Other Income; credit Cash Od. debit Cash: credit Accounts Receivable 231 PM 8.
An NSF check returned by the bank should be entered in the depositor's accounting records by a debit to:A. Accounts Receivable.B. An expense account.C. Cash.D. Cash Over and Short.