Question: On Jan 2 0 , 2 0 2 2 , a company received a check ( 3 4 6 9 ) for $ 5 0

On Jan 20,2022, a company received a check (3469) for $500. Company deposited it in
the bank account and provided its effect in the company books. However, while
providing entry in books, it recorded it as $540 expense paid in cash. What adjustment is
needed for the cash balance as per company's book?
$540 decrease.
$1040 increase.
$500 increase.
$540 increase.
On Jan 20,2022, a company received a check (3469) for $500.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Question 1: A companys net income before taxes is $400. Included in net income is $20 of tax-exempt interest revenue from an investment in municipal bonds. The statutory tax rate is 25%. There are no...

Q:

Unit 1 Accounting for Merchandising Business Illustrative Example COMPREHENSIVE PROBLEM. Read carefully the following problem and answer as required. The Dec. 31, 2018 post-closing trial balance for...

Q:

You are now hired by the Stan Sporting Goods store as an accountant. You are asked to enter the following transactions in to the journals: Transaction #1: December 17: Borrowed $60,000 from First...

Q:

June 17 On March 20 of this year, Granite Bay Jet Ski, Inc., borrowed $12,000 cash by issuing a 90-day, 11.0%, note payable. The proceeds of the note were received and deposited in the Cash account....

Q:

Journal Entries Needed Sales tax: 8%( applied to the requried transactions) June 17 On March 20 of this year, Granite Bay Jet Ski, Inc., borrowed $12,000 cash by issuing a 90-day, 11.0%, note...

Q:

I need F and G completed in excel document with formulas SHORT ANSWER QUESTIONS, EXERCISES, AND PROBLEMS Questions: In view of the difficulty in estimating future events, would you recommend that...

Q:

EXAMINATION - KEEP 2 DECIMALS SECTION 1 "Cardela Office Supply" company received a bank statement showing a balance of $ 4 7 , 9 0 0 as of June 3 0 , The firm records showed a book balance of $ 4 9 ,...

Q:

Question 6 2 pts The Consulting Company had the following information related to its bank reconciliation at March 31, 2020 1. Balance per books as of March 31, 2020: 2 Balance per bank as of March...

Q:

can you please help me with this problem Check my work 2 On October 1, 2019, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer...

Q:

P18-10 (Recognition of Profit and Entries on Long-Term Contract) On March 1, 2014, Shanahan Construction Company entered into a contract to build a parking complex It is estimated that the building...

Q:

Suppose you decide to invest $6,000 in an Individual Retirement Account at the beginning of each year for 19 years. If a 6 percent return is earned, you will have how much at the end of the...

Q:

A football club is the only one in its region and is therefore able to behave like a monopolist. It sells tickets to Adults (A) and Juniors (Jn, whose demand curves are given by: P = 100-Q, P" =...

Q:

What is the difference between workers compensation insurance and disability income insurance?

Q:

A consultant and management, consulting, firm possessions, a high degree of positive affect towards his job, supervisor, pay, working conditions, and opportunities for advancement. This is an example...

Q:

=+3. Who are the brand's competitors?

Q:

11.7 Discuss competency-based pay.

Q:

2. Your recent research finds that the wage difference between men and women shrunk in the 1980s and 1990s. Whatis the explanation for this?