Business, 04.07.2020 14:01 amulets2274

For each of the items indicate whether its amount affects the bank or book side of a bank reconciliation and is an addition or a subtraction in a bank reconciliation and whether an adjusting journal entry is required:

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Answer from: emmaschloegl21x

THIS IS THE COMPLETE QUESTION

For each of the items indicate whether its amount affects the bank or book side of a bank reconciliation and is an addition or a subtraction in a bank reconciliation and whether an adjusting journal entry is required:

a. Unrecorded deposits

b. Interest on cash balance

c. Bank service charges

d. Debit memos

e. Outstanding checks

f. Credit memos

g. NSF checks

ANSWER:

a)Unrecorded deposits:

Unrecorded deposits may be added to the bank balance , and it affects the bank side of the reconciliation ,The unrecorded deposits doesn't require an adjusting journal entry as well.

b). Interest on cash balance:

Interest on cash balance can be regarded as book addition,which required adjusting journal entry

c)Bank service charges:

Bank service charges is a subtraction in a bank reconciliation, it affects the bank side of the reconciliation, Hence it requires an adjusting journal entry .

d)Debit and credit memos:

Debit memos is a subtraction in a book reconciliation,and it requires adjusting journal entry.

e)Outstanding Checks :

Outstanding Checks a subtraction from the bank balance in the reconciliation and affects the bank side of the bank reconciliation, However it does not require adjustments or adjusting journal entries.

f)Credit memos :

Credit memos can be regarded as book addition, an addition is required to the book side in the reconciliation.it require an adjusting journal entry

NSF checks:

NSF checks affects the book side of the reconciliation, This is an substraction to the book side in the reconciliation, It requires an adjusting journal entry .

Explanation:

✓Unrecorded deposits can be described as deposits which is recorded into the books but has not been recorded by the bank.

✓Interest on cash balance can be described as a reconciling items

that banks record as credit even though it has not been recorded by book as debit

✓Debit Memos is described as a deduction in banks statement as a result of deduction in bank balance.

Answer from: Quest

Good question my dood

Answer from: Quest

The most common form of non profit organisation is 501 (c)(3).

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