Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Write down in which column on the bank statement (debit/credit) the R10 000 will appear once it has been deposited. R10,000 cash payment made by

Write down in which column on the bank statement (debit/credit) the R10 000 will appear once it has been deposited.

R10,000 cash payment made by Antares Stores on March 15, 2023, will appear on their statement in the following accounting period, likely in the statement for the end of March or the beginning of April 2023.

  1. The payment was deposited on March 15, 2023.
  2. Accounting statements are typically generated at the end of each accounting period, such as monthly or quarterly.
  3. Since the payment occurred after the statement date mentioned in the previous statement (28th February 2023), it will not appear on the statement for that period.
  4. Instead, the payment will be recorded and reflected in the next statement generated after the deposit date. In this case, it will likely be on the statement for the end of March or the beginning of April 2023.

So, Antares Stores should expect to see the R10,000 cash payment on their next statement after March 15, 2023, once it has been properly recorded and processed in the company's accounting system.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essential Bookkeeping And Financial Accounting

Authors: Emile Woolf International

1st Edition

1848437552, 978-1848437555

More Books

Students also viewed these Accounting questions