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katovenus [111]
2 years ago
11

Bank reconciliation information for Kaden Co. for May 31 is as follows: (a) The bank statement balance is $2,936. (b) The cash a

ccount balance is $3,194. (c) Outstanding checks amounted to $465. (d) Deposits in transit are $655. (e) The bank service charge is $50. (f) A check for $97 for supplies was recorded as $79 in the ledger. Required: Record the appropriate journal entry for Kaden Co. Refer to the Chart of Accounts for exact wording of account titles.
Business
1 answer:
g100num [7]2 years ago
5 0

Answer:

bank service expense 50 debit

supplies                        18 debit

             cash                           68 credit

--to record bank reconciliation--

Explanation:

We have to adjust the cash balance for the transactions unknow for the company which are the bank service charge of $50 and the mistake in the accounting  for $18

we actually spend 97 but recorded 79 thus, we increase supplies by 18

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On December 31, 2018, the balance in Megan's Products Accounts Receivable was $680,000 and net credit sales amounted to $3,800,0
RoseWind [281]

Answer:

Bad Debt Expense ($40,000 - $3,200)  $36,800

           To Allowance for Doubtful Accounts   $36,800

(Being the bad debt expense is recorded)

Explanation:

The adjusting entry is shown below:

Bad Debt Expense ($40,000 - $3,200)  $36,800

           To Allowance for Doubtful Accounts   $36,800

(Being the bad debt expense is recorded)

For recording this we debited the bad debt expense as it increased the expenses and credited the allowance for doubtful debts as it decreased the value of the assets

And since there is a credit balance so the same is deducted from the account receivable

5 0
3 years ago
GDP is defined as the a. value of all goods and services produced within a country in a given period of time. b. value of all go
Anon25 [30]

Answer:

c. value of all final goods and services produced within a country in a given period of time. 

Explanation:

GDP is the value of all final goods and services produced within a country in a given period of time. 

GDP = Consumption + Investment + Government Spending + Net Exports

GNP is the value of all final goods and services produced by the citizens of a country, regardless of where they are living, in a given period of time.

5 0
3 years ago
Prime Company began operations in January, 2019, by issuing 5,700 shares of 9%, cumulative, $65 par value preferred stock and 25
8090 [49]

Answer:

Preference dividend = 9% x $65 x 5,700 shares

                                = $33,345

Dividend paid to ordinary shareholders = $50,000 - $33,345

                                                                 = $16,655

Explanation:

The dividend paid to preferred stockholders is 9% of the par value multiplied by number of preferred stock outstanding. The dividend paid to common stockholders is the difference between total dividend paid and dividend paid to preferred stock holders.

6 0
2 years ago
Rufus Inc. and Hardy Company are negotiating a nontaxable exchange of business properties. Rufus’s property has a $50,000 tax ba
Norma-Jean [14]

Answer:

Which party to the exchange must pay boot to make the exchange work?

  • Rufus must pay boot since the FMV of its property is less than the FMV of Hardy's property.

How much boot must be paid?

  • $90,000 - $77,500 = $12,500

Assuming the boot payment is made, how much gain or loss will Rufus realize and recognize on the exchange, and what tax basis will Rufus take in the property acquired?

  • Rufus doesn't have any gain, and the tax basis for the new asset will be $50,000 + $12,500 = $62,500

Assuming the boot payment is made, how much gain or loss will Hardy realize and recognize on the exchange and what tax basis will Hardy take in the property acquired?

  • Since Hardy's property basis is $60,000 and it would be receiving $50,000 (Rufus's property) + $12,500 = $62,500, then it must recognize a $2,500 gain. The basis of Hardy's new property will be $62,500.
8 0
3 years ago
When the price of butter was "low," consumers spent $5 billion annually on its consumption. When the price doubled, consumer exp
faust18 [17]

Answer:

The correct answer is: No, this situation is impossible.

Explanation:

To begin with, in the reality the situation with the demand curve is all the opposite. The <em>law of demand</em> establishes that there is an indirect relationship between the price of a product and its quantity demanded in the market, therefore that when the price of a good increases then its quantity demanded decreases. And it is by logic as well, because no one will buy more of something if the products is more expensive than it was before. Therefore that the situation in the text is impossible and it could only be opposite.

7 0
3 years ago
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