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jeyben [28]
3 years ago
7

he following data were gathered to use in reconciling the bank account of Lays Company: Balance per bank $ 18,800 Balance per co

mpany records 10,680 Bank service charges 20 Deposit in transit 3,750 Note collected by bank with $150 interest 5,050 Outstanding checks 6,840 a. What is the adjusted balance on the bank reconciliation? $ b. Journalize any necessary entries for Lays Company based on the bank reconciliation. For a compound transaction, if an amount box does not require an entry, leave it blank.
Business
1 answer:
kompoz [17]3 years ago
8 0

Answer:

a. $15,710

b. Journal entry

Explanation:

a. The adjusted balance on the bank reconciliation is shown below:  

= Balance per bank + deposit in transit - outstanding checks

= $18,800 + $3,750 - $6,840

=  $15,710

b. The journal entry is as follows

Bank service charges $20

         To Cash $20

(Being the cash is paid is recorded)

We simply do the above calculations and the journal entry to record this transaction

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true

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3 years ago
Rick Co. had 30 million shares of $1 par common stock outstanding at January 1, 2021. In October 2021, Rick Co.'s Board of Direc
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Answer:

The journal entry is as follows:

Retained earnings A/c Dr. $18 million

        To common stock                        $0.30 million

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3 years ago
Marginal revenue can become negative for A. both competitive and monopoly firms. B. monopoly firms but not for competitive firms
Lena [83]

Answer:

B. monopoly firms but not for competitive firms.

Explanation:

Marginal revenue can become negative for monopoly firms but not for competitive firms.

A monopolist’s marginal revenue is always less than or equal to the price  of the good.

Marginal revenue is the amount of revenue the firm receives for  each additional unit of output. It is the difference between total revenue – price  times quantity – at the new level of output and total revenue at the previous  output (one unit less).

Since the monopolist’s marginal cost curve lies below its demand curve.  When a monopoly increases amount sold, it has two effects on total revenue:

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– the price effect: To sell more, the price must decrease, so P is lower.

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