Irytakess t Meir.doTmvke gnment-take&norogress-; QSearch … Ch 8-2 Practice Exerc

Question

Irytakess t Meir.doTmvke gnment-take&norogress-; QSearch … Ch 8-2 Practice Exercises Show He How ltams on Corpanys Bank Statcmcnt Tha talloning tems may appear on a bank stacemant: 1. Eank enrractor at an errar tram postnq another castomer's check (disbursement: to the companys account 2. FFT depnst 2. FE LS-03 ALGO A. NGF heck Appears on the Bank Statement Increases or Decreses the as a Debit or Credit MemBlance of the Compamy's Bank Acount 1. Bank ccrraction ct an cor trom poatingnather custamers check (dirburramant) to tha companys acccunt 3. Laan proceeds 4, NSF eck Progress: 1/3 Items 2 mare Ceck y orkuzes remaning Mext signment score:00% Save and Exit Submit Assignment for Grading

Explanation / Answer

note:

bank has erroneously debited company's account for the check disbursement of another customer, so in order to rectify it the company's account will be credited now.

NSF check will go on to reduce the balance, since it is not yet realised.

EFT deposit and loan proceeds received will be credited to the company's accounts.

Credit memorandum will increase the balance of company's bank account, debit memorandum will decrease the company's bank account balance.

item Appears on the bank statement as debt or credit memo increases or decreases the balance of company's bank account 1.Bank correction of an error from posting another customer's check (disbursement) to company's account Credit Increases 2.EFT deposit Credit Increases 3.Loan proceeds Credit Increases 4.NSF check Debit Decreases

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.