Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

6. Internal Controls and Reporting Cash

Journal Entries for Bank Reconciliation

Financial Accounting

6. Internal Controls and Reporting Cash

Journal Entries for Bank Reconciliation

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Multiple Choice

Journal entries based on the bank reconciliation are required in the company's accounts for which of the following items?

Outstanding checks

Errors made by the bank

Deposits in transit

Adjustments for errors made by the company

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Verified step by step guidance

Understand the purpose of journal entries in the context of bank reconciliation. Journal entries are used to adjust the company's accounting records to match the reconciled bank statement.

Identify the items listed in the problem: Outstanding checks, Errors made by the bank, Deposits in transit, and Adjustments for errors made by the company.

Recognize that Outstanding checks and Deposits in transit are timing differences and do not require journal entries because they are already recorded in the company's books but have not yet cleared the bank.

Understand that Errors made by the bank do not require journal entries in the company's accounts because they are external to the company and must be corrected by the bank.

Focus on Adjustments for errors made by the company. These errors require journal entries because they involve inaccuracies in the company's own accounting records, which must be corrected to ensure accurate financial reporting.