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Journal entries based on the band reconcilliation are required in the depositor accounts for?
Journal entries based on the bank reconciliation are required in the depositor accounts to adjust the accounting records for discrepancies between the bank's statement and the company's books. This includes recording items such as outstanding checks, deposits in transit, bank fees, and errors. These adjustments ensure that the company's cash balance accurately reflects its actual cash position and complies with accounting standards. Ultimately, this process helps maintain accurate financial reporting and effective cash management.
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A check drawn by a depositor in payment of a voucher for 725 was recorded in the journal as 257 What entry is required in the depositor's accounts?
Depositor's account need to be increased by 468 to actually show the correct balance in books of accounts and that is the difference in both amounts.
When two accounts are required in one journal entry'the entry is referred to as?
posting
A check drawn by a depositor in payment of a voucher for 725 was recorded in the journal as 257 This item would be included in the bank reconciliation as an?
A check drawn by a depositor in payment of a voucher for 725 was recorded in the journal as 257, this item would be included in the bank reconciliation as a deduction from the balance. The error should be corrected by the depositor.
When three or more accounts are required in one journal entry the entry is referred to as a?
Compound Entry
How many accounts does A compound journal entry involves?
at least more than once debit and credit account is required to be a compound journal entry.
A check drawn by a depositor in payment of a voucher for 725 was recorded in the journal as 257 What entry is required in the depositor's accounts?
Depositor's account need to be increased by 468 to actually show the correct balance in books of accounts and that is the difference in both amounts.
A check drawn by a depositor in payment of a voucher for 725 was recorded in the journal as 257 What is the required in the depositor?
Depositor's account need to be increased by 468 to actually show the correct balance in books of accounts and that is the difference in both amounts.
When two accounts are required in one journal entry'the entry is referred to as?
posting
Why do you need to do journal entry?
Journal entry is required to record business transaction in books of accounts and without journal entry no business transaction can be recorded in books.
A check drawn by a depositor in payment of a voucher for 725 was recorded in the journal as 257 This item would be included in the bank reconciliation as an?
A check drawn by a depositor in payment of a voucher for 725 was recorded in the journal as 257, this item would be included in the bank reconciliation as a deduction from the balance. The error should be corrected by the depositor.
When three or more accounts are required in one journal entry the entry is referred to as a?
Compound Entry
How many accounts does A compound journal entry involves?
at least more than once debit and credit account is required to be a compound journal entry.
Receipts from cash sales of 9500 were recorded incorrectly in the cash receipts journal as 5900 What entry is required in the depositors accounts?
Another entry will be required in cash receipts journal with difference in recorded 4600(9500 - 5900).
No end-of-month posting is required for the total of the Other Accounts Debit column of the cash payments journal?
True. The individual entries are what get posted to their respective accounts, not the total.
A check drawn by a company for 270 in payment of a liability was recorded in the journal as 720 What entry is required in the company's accounts?
debit Bank 450credit accounts payable 450
Can a compound journal entry affect more than 2 accounts?
Yes for compound journal entry at least more than one debit and credit account is required.
What will the journal entry of accounts recievable?
debit accounts receivablecredit sales revenue
