95. Receipts from cash sales of $7,500 were recorded incorrectly in the cash receipts journal as $5,700. This item would be included on the bank reconciliation as a(n)
A. deduction from the balance per company’s records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company’s records
96. Receipts from cash sales of $7,500 were recorded incorrectly in the cash receipts journal as $5,700. What entry is required in the company’s accounts?
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash
97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company. This item is a(n)
A. deduction from the balance per company’s records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company’s records
98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer. What entry is required in the company’s accounts?
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash
99. The amount of deposits in transit is included on the bank reconciliation as a(n)
A. deduction from the balance per the company’s books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books
100. The amount of the outstanding checks is included on the bank reconciliation as a(n)
A. deduction from the balance per company’s records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company’s records
101. Which of the following items that appeared on the bank reconciliation did not require an adjusting entry?
A. bank service charges
B. deposits in transit
C. NSF checks
D. A check for $630, recorded in the check register for $360.
102. What entry is required in the company’s accounts to record outstanding checks?
A. debit Accounts Receivable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. none
103. Accompanying the bank statement was a debit memo for an NSF check received from a customer. This item would be included on the bank reconciliation as a(n)
A. deduction from the balance per company’s records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company’s records
104. 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?
A. debit Other Income; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Receivable
D. debit Accounts Receivable; credit Cash
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