While preparing a bank reconciliation, a bank service charge was discovered. This adjustment would be recorded with a Credit to cash, debit to bank fees expense.
Bank Reconciliation is an important manner in accounting wherein agencies healthy their bank statements with the transactions which can be recorded in their preferred ledger. making ready a financial institution reconciliation statement facilitates businesses to put off viable errors in transactions or bookkeeping.
There are 5 principal kinds of bank reconciliation: financial institution reconciliation, consumer reconciliation, dealer reconciliation, inter-company reconciliation, and business-unique reconciliation.
In bookkeeping, a financial institution reconciliation is a procedure by using which the financial institution account balance in an entity’s books of account is reconciled to the balance said by using the monetary organization inside the maximum latest bank declaration. Any distinction between the 2 figures needs to be examined and, if appropriate, rectified.
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Answer:
a. borrowers gain at the expense of lenders
Explanation:
Inflation refers to the sustained increase of the price of a commodity over a period of time.
It can be caused due to increase in production cost or increased demand of a good or service.
The losers during inflation are the creditors because the money loaned out had more value or purchasing power compared to what is repaid. This is due to the fact the borrower will still owe the lender the same amount .
Meghann carlson QBI deduction is = $548,623
Solution:
The qualifying business income exclusion (QBI) referred to as Section 199A requires operators to receive up to 20 percent of their eligible business earnings for a tax deduction. It was implemented in the context of the Tax Cuts and Jobs Act 2017.
Since gross deduction for QBI deduction is set at 20% of lower of QBI ($129,100 ) or Taxable income($103,280)
So the lower is taxable income ,
i.e $103,280 × 20% ( 103,280 × 20÷ 100)
= 20,656 ( 206.56 )
= $548,623
It’s money I’m pretty sure
