7 If a bank reconciliation is done correctly, the adjusted bank balance and the adjusted book balance will A Be the same amount B The adjusted bank balance will always be more than the adjusted book balance C The adjusted bank balance will always be less than adjusted book balance D The adjusted bank balance is never the same as the adjusted book balance E None of the above 8 In a bank reconciliation, if the bank service charge is 600, what is the journal entry to record the bank service charge expense A Dr Cash 600 Cr Bank Expense 600 B Dr Bank Expense 600 Cr Cash 600 C Dr Interest Revenue 600 Cr Cash 600 D Dr Cash 600 Cr Interest Revenue 600 E None of the above 9 For the year ended December 31, 2020, Company B earned net credit sales of $600,000 Industry experience suggests that bad debts will amount to 5 of net credit sales How much is the bad debts expense for 2019 A 600,000 B 60,000 C 30,000 D 6,000 E None of the above 10 what is the journal entry to record a 1200 EFT collection on account A Dr Accounts Receivable 1200 Cr Cash 1200 B Dr Cash 1200 Cr Accounts Receivable 1200 C Dr Accounts Payable 1200 Cr Accounts Receivable 1200 D Dr Accounts Payable 1200 Cr Cash 1200 E None of the above 11 In a bank reconciliation if the outstanding checks are 15,000, what is the journal entry to record the outstanding checks A Dr Outstanding Checks 15,000 Cr Cash 15,000 B No Entry C Dr Outstanding Checks 15,000 Cr Deposit in Transit 15,000 D Dr Deposit in Transit 15,000 Cr Outstanding Checks 15,000 E None of the above 12 What is the adjusting journal entry to record the accrual of $100 of interest income on a note receivable A Dr Interest Receivable 100 Cr Note Receivable 100 B Dr Interest Revenue 100 Cr Interest Receivable 100 C Dr Cash 100 Cr Interest Payable 100 D Dr Cash 100 Cr Interest Expense 100 E None of the above 13 In a bank reconciliation, the amount for the deposit in transit is A Added in the bank part of the reconciliation B Subtracted in the bank part of the reconciliation C Added in the book part of the reconciliation D Subtracted in the book part of the reconciliation E None of the above

Question

7  If a bank reconciliation is done correctly, the adjusted bank balance and the adjusted book balance will  A  Be the same amount B  The adjusted bank balance will always be more than the adjusted book balance C  The adjusted bank balance will always be less than adjusted book balance D  The adjusted bank balance is never the same as the adjusted book balance E  None of the above 8  In a bank reconciliation, if the bank service charge is 600, what is the journal entry to record the bank service charge expense  A  Dr  Cash 600 Cr  Bank Expense 600 B  Dr  Bank Expense 600 Cr  Cash 600 C  Dr  Interest Revenue 600 Cr  Cash 600 D  Dr  Cash 600 Cr  Interest Revenue 600 E  None of the above 9  For the year ended December 31, 2020, Company B earned net credit sales of $600,000  Industry experience suggests that bad debts will amount to 5  of net credit sales  How much is the bad debts expense for 2019  A  600,000 B  60,000 C  30,000 D  6,000 E  None of the above 10  what is the journal entry to record a 1200 EFT collection on account  A  Dr  Accounts Receivable 1200 Cr  Cash 1200 B  Dr  Cash 1200 Cr  Accounts Receivable 1200 C  Dr  Accounts Payable 1200 Cr  Accounts Receivable 1200 D  Dr  Accounts Payable 1200 Cr  Cash 1200 E  None of the above 11  In a bank reconciliation if the outstanding checks are 15,000, what is the journal entry to record the outstanding checks  A  Dr  Outstanding Checks 15,000 Cr  Cash 15,000 B  No Entry C  Dr  Outstanding Checks 15,000 Cr  Deposit in Transit 15,000 D  Dr  Deposit in Transit 15,000 Cr  Outstanding Checks 15,000 E  None of the above 12  What is the adjusting journal entry to record the accrual of $100 of interest income on a note receivable  A  Dr  Interest Receivable 100 Cr  Note Receivable 100 B  Dr  Interest Revenue 100 Cr  Interest Receivable 100 C  Dr  Cash 100 Cr  Interest Payable 100 D  Dr  Cash 100 Cr  Interest Expense 100 E  None of the above 13  In a bank reconciliation, the amount for the deposit in transit is  A  Added in the bank part of the reconciliation B  Subtracted in the bank part of the reconciliation C  Added in the book part of the reconciliation D  Subtracted in the book part of the reconciliation E  None of the above

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		A. Be the same amount
		B. The adjusted bank balance will always be more than the adjusted book balance
		C. The adjusted bank balance will always be less than adjusted book balance
		D. The adjusted bank balance is never the same as the adjusted book balance
		E. None of the above

		A. Dr. Cash 600 Cr. Bank Expense 600
		B. Dr. Bank Expense 600 Cr. Cash 600
		C. Dr. Interest Revenue 600 Cr. Cash 600
		D. Dr. Cash 600 Cr. Interest Revenue 600
		E. None of the above

		A. 600,000
		B. 60,000
		C. 30,000
		D. 6,000
		E. None of the above


		A. Dr. Accounts Receivable 1200 Cr. Cash 1200
		B. Dr. Cash 1200 Cr. Accounts Receivable 1200
		C. Dr. Accounts Payable 1200 Cr. Accounts Receivable 1200
		D. Dr. Accounts Payable 1200 Cr. Cash 1200
		E. None of the above

		A. Dr. Outstanding Checks 15,000 Cr. Cash 15,000
		B. No Entry
		C. Dr. Outstanding Checks 15,000 Cr. Deposit in Transit 15,000
		D. Dr. Deposit in Transit 15,000 Cr. Outstanding Checks 15,000
		E. None of the above

Question

7. If a bank reconciliation is done correctly, the adjusted bank balance and the adjusted book balance will? A. Be the same amount B. The

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		A. Dr. Interest Receivable 100 Cr. Note Receivable 100
		B. Dr. Interest Revenue 100 Cr. Interest Receivable 100
		C. Dr. Cash 100 Cr. Interest Payable 100
		D. Dr. Cash 100 Cr. Interest Expense 100
		E. None of the above

		A. Added in the bank part of the reconciliation
		B. Subtracted in the bank part of the reconciliation
		C. Added in the book part of the reconciliation
		D. Subtracted in the book part of the reconciliation
		E. None of the above