The Cash Short and Over account can carry a debit or a credit balance.

If someone has an abrupt change in lifestyle (they were driving a Pinto, and recently purchased a BMW), it may be a warning sign of an internal control problem (they may be stealing money).

Type the Accounting Equation:

Explain, in your own words, how to prepare a bank reconciliation.

Identify the journal entry for a business that has a bank service charge to record from the bank reconciliation.  The service charge is $50.

Payment with a check is considered paying with cash.

Identify the journal entry for a business that has a note collected by the bank on their behalf.  The amount of the note and interest is $505.

To start a Petty Cash Fund, the journal entry would be a debit to Cash and a credit to Petty Cash.

A $100 petty cash fund has cash of $18 and receipts of $80. The journal entry to replenish the account would include a

Which of the following items that appeared on the bank reconciliation do not require a journal entry?