Question

18) The Undeposited Funds account contains: A) Only partial payments received from customers B) Funds received...

18) The Undeposited Funds account contains:

A) Only partial payments received from customers

B) Funds received from customers but not deposited in the bank

C) Funds the company owes vendors

D) Petty Cash funds

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

B) Funds received from customers but not deposited in the bank

Explanation:

In certain cases, you would receive money from your customers which needs to be deposited into bank accounts. The Undeposited Funds account is used to track and record such amounts.

Both the Undeposited Funds and Petty Cash accounts are used to record cash related transactions. However, the Petty Cash account is used exclusively to record daily expenses or income from business operations.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
When cash is received from customers in the form of a refundable deposit, the cash account...
When cash is received from customers in the form of a refundable deposit, the cash account is increased with a corresponding increase in A. a current liability B. shareholders equity C. paid-in capital D. revenue
Midwest Supply has deposited $2,000 in checks received from customers. It as written $1,400 in checks...
Midwest Supply has deposited $2,000 in checks received from customers. It as written $1,400 in checks to its suppliers. The initial balance was $400. If $1,600 of its customers checks have been cleared but only $600 of its own, calculate its float. A. $400 B. $300 C. $700 D. $200
A business received $600 cash from charge customers to apply on account. The effect of the...
A business received $600 cash from charge customers to apply on account. The effect of the transaction is an increase in an asset an_
6a) A check returned by the bank marked "NSF" means a. no service fee. b.   no...
6a) A check returned by the bank marked "NSF" means a. no service fee. b.   no signature found. c. not satisfactorily filled-out. d.   not sufficient funds. 6b) If the month-end bank statement shows a balance of $58,000, outstanding checks are $15,000, a deposit of $7,000 was in transit at month end, and a check for $600 was erroneously charged by the bank against the account, the correct balance in the bank account at month end is a. $49,400. b. $50,600....
6. On December 29, 2017, an employee received a $5,000 check from her employer's client. the...
6. On December 29, 2017, an employee received a $5,000 check from her employer's client. the check was payable to the employer. The employee did not remit the funds to the employer until December 30, 2017. the employer deposited the check on December 31, 2017, but the bank did not credit the employer's bank account until January 2, 2018. when is the cash basis employer required to include the $5,000 in gross income? 35. Determine the effects of the following...
On May 31, JB Games Ltd. received its bank statement from the East Coast Savings Bank...
On May 31, JB Games Ltd. received its bank statement from the East Coast Savings Bank showing that JB had a balance of $14,000. The company’s general ledger showed a cash balance of $9,740 at that date. A comparison of the bank statement and the accounting records revealed the following information: 1. A cheque from one of JB’s customers in the amount of $1,240 that had been deposited during the last week of May was returned with the bank statement...
On May 31, JB Games Ltd. received its bank statement from the East Coast Savings Bank...
On May 31, JB Games Ltd. received its bank statement from the East Coast Savings Bank showing that JB had a balance of $13,100. The company’s general ledger showed a cash balance of $7,925 at that date. A comparison of the bank statement and the accounting records revealed the following information: 1. A cheque from one of JB’s customers in the amount of $1,280 that had been deposited during the last week of May was returned with the bank statement...
A. Handling all cash receipts, including payments received on account. B. Preparing and distributing all checks,...
A. Handling all cash receipts, including payments received on account. B. Preparing and distributing all checks, including all checks written on the payroll and general accounts. C. Signing checks when the owner/ manager is absent, which amounts to about 15% of the checks. D. Preparing the bank reconciliations for both checking accounts. E. Performing all of the accounting related to accounts receivable. Required: 1. You have been asked to evaluate the above responsibilites and, from an internal perspective, advise the...
On October 31 Windsor Ltd. received its bank statement from Provincial Bank. It stated that Windsor...
On October 31 Windsor Ltd. received its bank statement from Provincial Bank. It stated that Windsor had a balance of $9,480 at October 31. The company’s general ledger showed a cash balance of $10,205 at that date. A comparison of the bank statement and the accounting records revealed the following information: ● Bank service charges for the month were $50. ● The company had written and mailed out cheques with a value of $1,380 that had not yet cleared the...
Apr. 18. Received a $50,400, 30-day, 6% note dated April 18 from Glenn Cross on account....
Apr. 18. Received a $50,400, 30-day, 6% note dated April 18 from Glenn Cross on account. 30. Received a $46,200, 60-day, 5% note dated April 30 from Rhoni Melville on account. May 18. The note dated April 18 from Glenn Cross is dishonored, and the customer’s account is charged for the note, including interest. June 29. The note dated April 30 from Rhoni Melville is dishonored, and the customer’s account is charged for the note, including interest. Aug. 16. Cash...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT