Answer:
C. Credit Service Revenue for $45
Explanation:
The journal entry to record this given transaction is shown below:
Cash A/c Dr $45
To Service Revenue A/c $45
(Being the cash received is recorded)
At the time of receiving the cash, we debited the cash account and since the service is provided so we credited the service revenue. Both the accounts are to be credited and debited for $45
Answer:
Advertising expense 6,600. Rent expense 11,600. What is the amount of total assets to be reported on the balance sheet at the end of the year? $106,800.
Explanation:
I'll answer number 2 and 3.
Bank Reconciliation:
Bank statement Balance: 283,000
Add: Deposit in Transit 29,500
Deduct: Checks Outstanding <u> (68,540)
</u>Adjusted Bank Statement Balance 243,960
<u>
</u>Book Reconciliation:
Ledger Balance: 245,410
Deduct:
Bank debit memo for service charge (750)
Understatement of issued check <u> (700)</u>
Adjusted Book Statement Balance 243,960
3. Adjusting entries on Book reconciliation.
Miscellaneous Admin. Expense acct for bsc. 750
Cash in Bank 750
*Assuming that accounts payable was the account used in the set up of the invoice.
Cash in Bank 12,000
Accounts Payable 12,000
Accounts Payable 12,700
Cash in BAnk 12,700
A). a credit union. The bank would be a big organization and is a commercial bank, sure it offers a variety of services, but so do credit unions.
