Accompanying a bank statement for Borden Company is a credit memo for $22,330 representing the principal ($22,000)
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Question:
Accompanying a bank statement for Borden Company is a credit memo for $22,330 representing the principal ($22,000) and interest ($330) 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. If an amount box does not require an entry, leave it blank.
Cash | |||
Notes Receivable | |||
Interest Revenue |
Days' cash on hand
Financial statement data for years ending December 31 for Newton Company follow:
20Y9 | 20Y8 | |
Cash (end of year) | $25,236 | $24,594 |
Short-term investments (end of year) | 8,300 | 9,440 |
Operating expenses | 59,795 | 63,595 |
Depreciation expense | 13,075 | 11,400 |
Determine the days’ cash on hand for 20Y8 and 20Y9. Assume 365days in a year.
Days’ Cash on Hand | ||
20Y8: | days | |
20Y9: | days |
Related Book For
Financial and Managerial Accounting
ISBN: 978-1337119207
14th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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