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The May bank statement for Rental shows a balance of $6,300, but the balance per books shows a cash balance of $8,200. Other in

Sphinxa [80]

The items that will require journal entries to update the balance in the Cash account of the Rental Company are <u>items 1, 2, and 4</u>, as follows:

<h3>Adjusting Journal Entries:</h3>

Debit Utilities Expense (Electric) $200

Credit Cash $200

Debit Cash $480

Credit Note Receivable $450

Credit Interest $30

Debit Bank service charges $50

Credit Cash $50

<h3>Transaction Analysis:</h3>

1. Understatement of a check for the electric bill by $200 ($220 - $20)

2. Note Receivable $450 Interest on Note Receivable $30

4. Bank service charges $50

<h3>Cash Account Adjustments:</h3>

Utilities Expense (Electric) $200 Cash $200

Cash $480 Note Receivable $450 Interest $30

Bank service charges $50 Cash $50

Thus, the items that will require journal entries to update the balance in the Cash account of the Rental Company are <u>items 1, 2, and 4.</u>

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Learn more about adjusting the cash book balance at brainly.com/question/6241936

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8 0

2 years ago

What program provides the largest source of funds for health care for americas poorest people?

vodomira [7]

The answer is medicaid

3 0

3 years ago

Read 2 more answers

Should the U.S. trade with Canada? If so, what should be imported and what should be exported?

Darya [45]

Nah I don’t think the us really needs to trade with Canada

4 0

3 years ago

In January 2014, Domingo, Inc., acquired 20 percent of the outstanding common stock of Martes, Inc., for $700,000. This investme

damaskus [11]

Answer:

$728,000

Explanation:

Domingo, Inc acquire for 700,000 the 20% of Martes's Equity

book value:

3,900,000 assets - 900,000 liab = 3,000,000

20% = 600,000

The difference will be attribute to a patent which useful life is 10 years.

700,000 - 600,000 = 100,000

amortization: 100,000/10 = 10,000 per year

Martes Net income 170,000 x 20% = 42,000

Martes Net income 210,000 x 20% = 42,000

Martes dividends 70,000 x 20% = 14,000

beginning balance 700,000

net income 34,000

net income 42,000

dividends (28,000)

amortization on patent <u> (20,000) </u>

net 728,000

8 0

4 years ago

Haskins Company employs material handling employees who move materials between production divisions at a labor cost of $360,000

Marianna [84]

Answer:

correct option is a. $36,000

Explanation:

given data

labor cost = $360,000

move material per year = 600,000 pounds

to find out

material handling cost

solution

we find here first Labor Cost per pound of material that is express as

Labor Cost per pound of material = Labor Cost ÷ Number of Pounds of material .......................1

Labor Cost per pound of material = $\frac{360000}{600000}$

Labor Cost per pound of material = $ .6 per pound of material

=360000/600000= $0.6 per pound of material

so we can say that 60000 pounds are moved in March so cost will be

60000 pounds are move cost = 60000 × $0.6

60000 pounds are move cost = $36000

so correct option is a. $36,000

7 0

4 years ago