Answer:
The adjusted bank and book balance is shown below:-
Explanation:
The computation of the adjusted bank and book balance is given below:-
Bank statement balance Book balance
Opening balance $26,960 $26,620
Add: Transit Deposit $3,000 Earned Interest $150
Less: Outstanding check 4000 Error on check $810
($4,900 - $4,090)
Adjusted Balance $25,960 $25,960
The answer to this question would be false because when you file for bankruptcy you are not asking to get help to pay your debt you are asking to have it expunged.
Answer:
is made if it is more likely than not that the liability has been incurred.
Explanation:
When contingent liability is recorded it is recorded by debiting income statement and creating a liability in balance sheet, also it is not accounted for until the amount of liability is pretty certain as without being clear about its occurrence and the amount involved the liability cannot be recorded.
There is no such loss account, there exists only income statement.
Therefore, with the above we can conclude that contingent liability is recorded only if:
is made if it is more likely than not that the liability has been incurred.
Answer:
The correct answer is letter "B": It is taking deposits and progress payments.
Explanation:
Advance deposits and progress payments are the amount of money taken by an organization as part of the total amount charged for a good or service that is going to be provided. It is a form of endorsement that proves the buyer has a real intention in acquiring the good or service but also helps the organization to have immediate cash flow to pay for expenses such as the raw material that will be used for production (in the case of a good).
We as mobile notary loan signing agent are limited on what we are capable of answer on real estate loan package.
We can tell the buyer about the payment and interest. Anything else the buyer will have to call who the loan originator for more detail info.
