Which statements relating to adjusting entries to be passed

Assignment Help Financial Accounting
Reference no: EM132678494

DD ltd received its monthly bank statement as at 31 december 20X1 from DSB LTD and the statement shows an ending cash balance of $1565. Listed on the statement are an electronic funds transfer from rent collected of $320, bank service charges of $7, two bounced cheques totalling $115, and an $11 bank charge for cheque book issued. The bounced cheques were received from customers who purchased on credit. In reviewing its cash records, DD ltd noted that there are outstanding cheques totalling $602 and a deposit in transit of $790. During December 20X1, it was noted that a $290 cheque issued for the salary of a part-time employee was incorrectly recorded in the books as $29. DDltd's cash book balance as at 31 December 20X1 showed $1827.

Problem 1: In using the bank reconciliation as a control device, determine which of the following statements relating to adjusting entries to be passed during a bank reconciliation is false?

Option 1: DD ltd will Dr Salary Expenses $290 and Cr cash $290 for the incorrectly recorded salary for part-time employee

Option 2: DD ltd will Dr Accounts receivable $115 Cr Cash $115 for the bounced cheques

Option 3: DD ltd will dR bANK charges $7 Cr $7 for the bank service charges

Option 4: None of the listed options

Reference no: EM132678494

Questions Cloud

Randy net profit on option : What was Randy's net profit on this option? Use a minus sign to enter loss values, if any. Round your answer to the nearest cent.
Find the reward-to-risk ratio for the security-dtx : If the risk-free rate is 4.43% and the beta coefficient for the security-DTX is 1.74. Find the reward-to-risk ratio for the security-DTX.
Determine the cash collected from customers for the year : In preparing the accounts receivables ledger, determine the cash collected from customers for the year ended 31 December 20X2.
Describe how you think your cultural identity developed : In 600 words Based on the theories of cultural identity development described in the textbook, do you feel that the theory addressing your cultural identity.
Which statements relating to adjusting entries to be passed : In using the bank reconciliation as a control device, Which statements relating to adjusting entries to be passed during a bank reconciliation is false?
Prepare analysis of Paragon Company income statements : Problem - Two income statements for Paragon Company follow: Prepare a horizontal analysis of Paragon Company's income statements
What are health disparities : What are health disparities? Describe at least three examples of health disparities that exist in the United States today. Describe at least three different.
Provide the journal entries that would need to be made : Provide the journal entries that would need to be made in the books of Koala Ltd to account for the above transactions for the year ended 30 June 2020.
Define how the article information relates to you : Search for a current article that relates to one of the following: defines stress, fight-or-flight, or general adaptation syndrome. In 500 words or more include

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd