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Middle 8
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Cash at bank account
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Added question (6/ 20)
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# 1

Multiple Choice

LengKang Limted extracted the following balances from the business' books on the month of 1 July 2020.

Cash at bank    $1500 Cr


Which of the following is the correct to record the transaction shown?

  • Record cash at bank as a credit balance, indicating an overdraft in the bank account.

  • Record cash at bank as a credit balance

# 2

Multiple Choice

The following transactions took place in the month of July 2020.


2020

July 3 Purchased goods from Eve on credit at a list price of $800.

  • credited the purchases account

  • On credit means trade payable did not make any payment hence no need to record

# 3

Multiple Choice

2020

Jul 8  Issued a cheque worth $720 to Eve for goods purchased on 3 July.

  • Cash at bank (CAB) is Dr in nature so issue cheque will means that lesser money in CAB hence record in Cr and minus $720.

  • Cash at bank (CAB) is Dr in nature so issue cheque will means that lesser money in CAB hence record in Cr. Beginning Balance is credit in nature so add $720.

# 4

Multiple Choice

2020

Jul 12 Received a $950 cheque from Flora, in full settlement amount owing, after a 5% cash discount.

  • Cash at bank (CAB) is Dr in nature so received cheque will means that more money in CAB hence record in Dr hence add $950.

  • Cash at bank (CAB) is Dr in nature so received cheque will means that more money in CAB hence record in Dr hence add $950. So change it to Dr as CAB is Dr in nature.

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