1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
prohojiy [21]
3 years ago
14

Based on the following information, what amount would be subtracted from the bank balance side of a checking account reconciliat

ion? Service charge $41, Outstanding checks $295, Interest $12, Deposit in transit $870.
Business
1 answer:
vovangra [49]3 years ago
4 0

Answer:

The answer is is outstanding checks of $295

Explanation:

Bank reconciliation is the practice of reconciling balance per general ledger cash book at bank account and balance per bank statement.

Most times there are discrepancies because what might have been debited at month end might not have been recorded by the business due to delay in bank sending message or what might have been recorded in the general ledger cash bank account might not have been recorded by the bank maybe due to downtime problem.

As per bank balance side of bank reconciliation, unpresented check(outstanding checks) will be deducted from the balance per bank statement because this has already been recorded by the business ( reduction in balance per general cash at bank account). What can cause this might be delay in suppliers presenting it to the bank for that month. So outstanding checks of $295 will reduce balance per bank statement

Interest, service charge will be on bank statement already because it is directly charged by the bank but might not be on the ledger cash bank account.

Deposit in transit of $870 will increase balance per bank statement

You might be interested in
The following transactions were completed by the company
Pavel [41]

Answer:

The Accounting Equation is As follows:

Assets = Liabilities + Stockholder's Equity

Statement (a)

With the cash collected there will be increase in assets by $6,700

And with the recognition of revenue there will be increase in stockholder's equity as retained earnings will increase by the amount $6,700,

Assets increase $6,700  = Liabilities + Stockholder's equity increase $6,700.

Statement (b)

Revenue is recognized and with that retained earnings will increase, and accordingly stockholder's equity will also increase by $5,200,

As the cash is not realized now, accounts receivables increase and accordingly, assets increase by $5,200.

Statement (c)

Cash paid as wages will reduce cash and accordingly assets by $2,000,

Also , with the recognition of expense, retained earnings will reduce and accordingly stockholder's equity will reduce by $2,000.

Statement (d)

This will increase the cash and decrease the accounts receivable by $2,600.

Thus on the assets side there will be + $2,600 and - $2,600 making it neutral.

No effect on the right side, as net effect on left side of equation = 0

Statement (e)

Cash paid for cleaning expense will decrease assets by $940,

And also this will decrease retained earnings and accordingly stockholder's equity will decrease by $940.

4 0
3 years ago
Read 2 more answers
____________ risk refers to the danger of changes in buying power during times of rising or falling prices.
natali 33 [55]

The risk refers to the danger of changes in buying power during times of rising or falling prices is known as inflation.

<h3>What is a risk?</h3>

Risk refers to the uncertainty or probability of an accidental event that will affect the decision-making of an individual or organization. In business the higher the risk, the higher the profit is achieved.

Inflation is defined as the ratio at which prices rise over time. Inflation is usually defined as a wide measure of price increases or increases in the cost of living in a place affecting its citizens.

Inflation diminishes the purchasing power of individuals which leads to high risk for investors who paid a fixed rate of interest on the investment. Most concerned about inflation-reducing returns are those individuals who invested in cash equivalents.

Learn more about risk, here:

brainly.com/question/17284407

#SPJ1

3 0
2 years ago
The local fire department is using a selection test to measure the ability to continue maximum effort requiring prolonged effort
Airida [17]
<span>The type of physical ability is the fire department measuring is called <u>“Stamina”</u>.
</span>
<span>Strength is one thing, the ability to continue exerting the same amount of strength over time is called stamina. Stamina is important especially in quick-response jobs which usually cater to emergencies</span>
6 0
3 years ago
Read 2 more answers
On December 31, the company estimates future sales refunds to be $900. As of that date, the company has an unadjusted debit bala
dimulka [17.4K]

Answer:

Date      Account titles and Explanation       Debit    Credit

Dec 31   Sales return and allowance               $600

                     Sales refund payable                                $600

                     ($900 - $300)

              (To record the expected refund of sales)

4 0
3 years ago
Which of the following transactions is reported on the government-wide financial statements? Multiple Choice An interfund loan f
Anettt [7]

Answer:

The correct answer is the third option: The City Airport Fund, an enterprise fund, transfers a portion of boarding fees charged to passengers to the General Fund.

Explanation:

To begin with, the name of "government-wide financial statements" is refered to the type of statements that bring all the financial activity together in one single place with the purpose to report certain economic information so that the people in charge of certain things can go and see all that information in order to use as a tool for the decision making process when the case arise. Moreover, this type of statements are the ones who organized all that information depending on whether it comes from the activities done by the government or done by the companies and businesses of the nation.

4 0
3 years ago
Other questions:
  • AJ plans to attend a retreat on mindfulness. He paid a $500 nonrefundable registration fee, made a reservation at a hotel that c
    8·1 answer
  • The jones' have always admired a house that sits on the top of a hill owned by the smiths. martin is a mutual friend of both the
    12·2 answers
  • Hastings Entertainment has a beta of 0.65. If the market return is expected to be 11 percent and the risk-free rate is 4 percent
    5·1 answer
  • Some universities offer online degree programs, competing with traditional colleges based on the convenience of taking online co
    9·1 answer
  • Why is eskom not a profitable company
    9·1 answer
  • Preparing Effective Business Presentations Getting ready for a presentation may cause feelings of anxiety. The best way to reduc
    12·1 answer
  • Althea, black, has been a deejay for a local Christian music station for several years. The station got a new general manager an
    11·1 answer
  • Given the following historical demand, what is the weighted moving average forecast (0.4, 0.3, 0.3) for Week 6?
    5·1 answer
  • Black Lilies is a fledgling apparel company which is run and managed by its creator Patricia. She has advertised for an accounti
    6·1 answer
  • Sam visits Mexico for a business meeting. At the meeting, Sam addresses the vice president of the firm by his first name rather
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!