When a company makes a bank deposit, it debits its cash account. Why might a bank say
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
When a bank receives a deposit it debits its cash account and it credits a customers ...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
Question Posted:
Students also viewed these Accounting questions
-
When a company makes an expenditure, it can either capitalize or expense the cost, depending on the nature of the expenditure. What does it mean to capitalize an expenditure? What determines whether...
-
When a company makes an expenditure that is neither a payment to a creditor nor a distribution to an owner, management must decide if the expenditure should be capitalized (recorded as an increase in...
-
What two accounts are debited when a company makes a payment on an installment loan?
-
Bookstores International, a bookstore chain, has been quite successful over the past few decades and is now in expansion mode. It typically approaches opening a new bookstore by first determining the...
-
If price were outlawed as the rationing device (used in markets), there would be no need for another rationing device to take its place. We would have reached utopia. Discuss.
-
According to one econometric study, Denmark and Sweden are on the wrong side of the Laffer curve for capital income taxation [Trabandt and Uhlig, 2009]. Explain what the words wrong side mean in this...
-
If in Figure P29.40 \(R=0.25 \mathrm{~m}\) and the magnetic field magnitude is decreasing at a rate of \(0.30 \mathrm{~T} / \mathrm{s}\), what is the magnitude of the electric field created by this...
-
Lexington Luxury Automobiles, Inc., was formed on January 1, 2014. The following transactions occurred during 2014: On January 1, 2014, Lexington issued its common stock for $450,000. Early in...
-
6. The major components in "Gun Metal" are: (a) Cu, Ni and Fe (b) Al, Cu, Mg and Mn (c) Cu, Sn and Zn 7. 8. Which of the following ore is concentrated using group 1 cyanide salt (a) Calamine (b)...
-
This problem continues Problem 8. Use the Access_Practice.accdb database that you have been working on to complete the following tasks. a. Go to the Relationships screen and connect the five tables,...
-
Prepare a checklist of important factors to consider in judging an internal control system.
-
A newly created weekly free newspaper has approached your bank seeking a loan. Although the newspaper is free, it gets significant revenue from advertising. In the first 2 months of operations, it...
-
Find an antiderivative of the function (x) = 0.
-
If competition has so many disadvantages, why would the competing/forcing style ever be appropriate for a competent communicator?
-
Explain how the liquid ratio is calculated.
-
The following information is extracted from the annual report of Wolseley plc. Finance objectives (extract) To deliver an incremental return on gross capital employed at least 4% in excess of the...
-
If principled negotiating is so effective, why isnt it used more often?
-
What is reframing, and how does it work to produce creative ideas?
-
A rubber object is in contact with nitrogen (N 2 ) at 298 K and 250 kPa. The solubility of nitrogen gas in rubber is 0.00156 kmol/m 3 bar. The mass density of nitrogen at the interface is (a) 0.049...
-
List four items of financial information you consider to be important to a manager of a business that has been operating for a year.
-
Describe the nature and purposes of a parent education program.
-
a. Explain the nature of an allowance for irrecoverable debts. b. Explain the difference between a specific and general allowance for irrecoverable debts.
-
Wexford Ltd, who prepare their financial statements on 31 December each year, provide for depreciation of their vehicles by a reducing balance method, calculated as 25 per cent on the balance at the...
-
A. Black & Co. Ltd owned two machines that had been purchased on 1 October 20X8 at a combined cost of 3,100 ex works. They were identical as regards size and capacity and had been erected and brought...
-
Explain for each of the following scenarios whether they are: Tax planning; Tax avoidance; or Tax evasion and why. Michael Brown is the sole director of Brown Pty Ltd. Brown Pty Ltd received...
-
Butler Lumber Company The file Butler - Spring'12.xls contains Exhibit 1 and Exhibit 2 from the case. As Mr. Butler's financial advisor, he has asked you to help him negotiate banking arrangements...
-
Give an explanation- and usean example - ofwhy we may need to convert an Account Receivable to a Note Receivable and why we need to keep track of the days of the notes.
Study smarter with the SolutionInn App