Question: Accompanying a bank statement for Borsa Company is a credit
Accompanying a bank statement for Borsa Company is a credit memo for $18,200, representing the principal ($17,500) and interest ($700) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection, but had made no entries. Journalize the entry that should be made by the company to bring the accounting records up to date.
Relevant QuestionsAn accounting clerk for Chesner Co. prepared the following bank reconciliation:a. From the data in the above bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown in the illustrative ...During 2014, El Dorado Inc. has monthly cash expenses of $168,500. On December 31, 2014, the cash balance is $1,415,400.a. Compute the ratio of cash to monthly cash expenses.b. Based on (a), what are the implications for El ...Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of June 30 have been taken from various documents ...The following is an excerpt from a conversation between the store manager of Wholesome Grocery Stores, Kara Dahl, and Lynn Shutes, president of Wholesome Grocery Stores.Lynn: Kara, I'm concerned about this new scanning ...Beginning inventory, purchases, and sales for Item Charlie are as follows:Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) The cost of merchandise sold on May 28 (b) The ...
Post your question