The firm's accountant realizes that there is a mismatch between the cash balance in the accounting...
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The firm's accountant realizes that there is a mismatch between the cash balance in the accounting records and the amount of cash in the cash register. The cash in the register has a balance of $4,500 and the cash balance in the accounting records is $4,900. They do not recall where the money went to, so the accountant prepares an adjusting journal entry on May 6th. The next day on May 7th, they remember that they paid for legal expenses charged by their lawyer. a. Prepare the journal entry for May 6". Date Account name Debit Credit b. Prepare the journal entry for May 7h. Date Account name Debit Credit The firm's accountant realizes that there is a mismatch between the cash balance in the accounting records and the amount of cash in the cash register. The cash in the register has a balance of $4,500 and the cash balance in the accounting records is $4,900. They do not recall where the money went to, so the accountant prepares an adjusting journal entry on May 6th. The next day on May 7th, they remember that they paid for legal expenses charged by their lawyer. a. Prepare the journal entry for May 6". Date Account name Debit Credit b. Prepare the journal entry for May 7h. Date Account name Debit Credit
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Related Book For
Introduction to Probability and Statistics
ISBN: 978-0495389569
13th edition
Authors: William Mendenhall, Robert J. Beaver, Barbara M. Beaver
Posted Date:
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