After reconciling its bank account, Scheiner Company made the following adjusting entries: Required Identify the event depicted
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Required
Identify the event depicted in each journal entry as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also explain how each entry affects the accounting equation by placing a + for increase, for decrease, or NA for not affected under the following components of the accounting equation.
The first event is recorded as anexample.
Transcribed Image Text:
Entry No Account Titles Debit Credit Service Charge Expense 35 Cash 35 To record bank service charge Accounts Receivable 174 Cash 174 To record NSF check from Beat Cash 20 Supplies Expense 20 To correct overstatement of expense Cash 845 Accounts Receivable 845 To record bank collection Cash Interest Revenue To record interest revenue Stockholders' Equity Event Type of Common Retained No. Event AssetsLiabilitiesStock Earnings 1 AU NA NA
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Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
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