46.

During August, X Company deposited $5,400 into its checking account but recorded the event in its accounting records as a deposit of $4,500. How would you show this item on a bank reconciliation for August if you are reconciling the cash balance per books and the cash balance per bank statement to the correct cash balance?

		a. Addition of $900 to balance per books
		b. Deduction of $900 from balance per books
		c. Addition of $900 to balance per bank statement
		d. Deduction of $900 from balance per bank statement
		e. Would not appear on the August bank reconciliation form

47.

X Companys cash receipts of $1,150 received on August 31 were deposited in the banks overnight depository on that date. This deposit was not listed on the August bank statement. How would you show this item on a bank reconciliation for August if you are reconciling the cash balance per books and the cash balance per bank statement to the correct cash balance?

		a. Addition to balance per books
		b. Deduction from balance per books
		c. Addition to balance per bank statement
		d. Deduction from balance per bank statement
		e. Would not appear on the August bank reconciliation form

26.

Accounts receivable can be sold in order to have cash immediately available for use instead of waiting to collect from the customer.

true

false

28.

28.

Generally Accepted Accounting Principles requires that accounts receivable and notes receivable should be written-off to expense immediately, if not collected by the due date.

true

false

29. Rather than waiting 30 days to collect a receivable from a sale to a customer, the merchant factors that receivable with a finance company. The merchant will receive less cash from the factor than it would have received from the customer in 30 days.

true

false