A discount of $2000 was given to a supplier on his prompt repayment of debt but the cashier entered the gross amount in cash book. What should be the adjustment in cash to work out the correct balance of cash book?

Related Mcqs:

Favorable balance of cash book implies that

A. Credit balance of cash book B. Debit balance of cash book C. Bank overdraft D. Adjusted balance of cash book...

In the Bank reconciliation statement “Deposit in transit” is usually:

A. Subtracted from bank balance B. Added to bank balance C. Added to Cash book balance D. Subtracted from cash book balance...

Unpresented checks also referred as____________?

A. Uncollected checks B. Uncredited checks C. Outstanding checks D. Bounced checks...

Standing orders are ________

A. Credited in the cash book B. Debited in the cash book C. Entered in the bank statement D. Entered in the petty cash balance...

___________ are checks that are issued by the business but not yet presented to bank

A. Uncollected checks B. Uncredited checks C. Outstanding checks D. Bounced checks...