Automatic fixed monthly payments such as auto lease,insurance premiums and mortgage -
A) can be recorded in the account reconciliation journal or in the general journal
B) must be recorded with a normal general journal entry
C) should be recorded in the adjustments journal
D) should be recorded as cash payments because they involve withdrawals from the bank account
Correct Answer:
Verified
Q15: To enter NSF cheques when deposit slips
Q16: When you compare the general ledger or
Q17: You will have an unresolved reconciliation amount
Q18: Which one of the following general statements
Q19: Which option is true in the Account
Q21: Cash and cheques are recorded differently on
Q22: To reconcile a credit card receivable account
Q23: The Banking module window includes journal icons
Q24: To transfer funds to and from credit
Q25: To set up the accounts for recording
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents