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34. A check drawn by a depositor for $180 in payment of a liability was recorded in the journal as $810. What entry is required in the depositor”s accounts? A. debit Accounts Payable; credit Cash b. debit Cash; credit Accounts Receivable c. debit Cash; credit Accounts Payable d. debit Accounts Receivable; credit Cash ANS: C DIF: Moderate OBJ: 08-05 NAT: AACSB Analytic | AICPA FN-Measurement 35. A bank reconciliation should be prepared periodically because a. the depositor”s records and the bank”s records are in agreement b. the bank has not recorded all of its transactions c. any differences between the depositor”s records and the bank”s records should be determined, and any errors made by either party should be discovered and corrected d. the bank must make sure that its records are correct ANS: C DIF: Easy OBJ: 08-05 NAT: AACSB Analytic | AICPA FN-Measurement 36. The bank reconciliation a. should be prepared by an employee who records cash transactions b. is part of the internal co
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