Identify three correct situations where you should utilize the " Add funds to this deposit " grid in a +New > Bank deposit transaction 1. when a employee reimburses the company 2. To record the receipt of a supplier credit refund 3. upon receiving a government subsidy payment 4. When a client pays you in cash 5. You need to record an EFT payment of a customer invoice 6. To record the payment of a vendor bill
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This grid is used to record various types of incoming funds that are being deposited into the bank account. Show more…
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Question 10: When should you use "Add other funds to this deposit" grid in a Deposit Transaction? Identify 3 correct options. (Select all that apply) - When an employee reimburses the company - You receive a tax refund from the IRS - You need to record an ACH payment of a customer invoice - When a company doesn't record income using sales transactions (invoices or sales receipts), and wants to record deposits directly to income accounts - To record the payment of a Vendor Bill
Jennifer S.
What are 2 scenarios in which you would use a Bank deposit transaction? When your client wants to group customer payments into a single deposit transaction. When your client wants to make a deposit to a vendor. When your client wants to record an SBA loan amount received. When your client wants to record sales from her upcoming trade show and provide sales receipts. When your client wants to apply a customer payment to an open invoice.
Identify each of the following reconciling items as: (a) an addition to the cash balance according to the bank statement, (b) a deduction from the cash balance according to the bank statement, (c) an addition to the cash balance according to the company’s records, or (d) a deduction from the cash balance according to the company’s records. (None of thetransactions reported by bank debit and credit memos have been recorded by the company.)1. Bank service charges, $30.2. Check of a customer returned by bank to company because of insufficient funds, $400.3. Check for $320 incorrectly recorded by the company as $230.4. Check for $1,100 incorrectly charged by bank as $110.5. Deposit in transit, $3,300.6. Outstanding checks, $7,950.7. Note collected by bank, $10,500. Which of the reconciling items listed above require an entry in the company’s accounts?
Brooke B.
Recommended Textbooks
Horngren’s Cost Accounting
Cost Accounting A Managerial Emphasis
Principles of Accounting Volume 1: Financial Accounting
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