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Ray Of Light [21]
3 years ago
7

Egrane, Inc.'s monthly bank statement showed the ending balance of cash of $14,800. The bank reconciliation for the period showe

d an adjustment for a deposit in transit of $1,200, outstanding checks of $1,600, a NSF check of $560, bank service charges of $24 and the EFT from a customer in payment of the customer's account of $1,200.
What journal entry should be recorded by Egrane for the NSF check returned?


(A) Debit Accounts Recelvable and credit Cosh for $560

(B) Debit Cosh and credit Accounts Receivable for $560

(C) Debit Cash and credit Accounts Payable for $560

(D) No joumal entry is necessary for this Item
Business
1 answer:
emmasim [6.3K]3 years ago
6 0

Answer: The correct answer is "(A) Debit Accounts Receivable and credit Cash for $560".

Explanation: The non-existent 560 must be adjusted in the cash account, and the 560 receivable must be added to the third party that issued the check in the "accounts receivable" account.

The entry would be:

--------------------------------- . ------------------------------------------

Accounts Receivable                   560

                   Cash                                      560

--------------------------------- . --------------------------------------------

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3) Jack has anticipatorily repudiated the contract and Hal and Sophia can immediately consider the contract to be breached.

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Why is a sales tax a regressive tax?
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Information related to Kerber Co. is presented below.1. On April 5, purchased merchandise from Wilkes Company for $23,000, terms
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Answer: please refer to the explanation section for journals and notes

Explanation:

1 April

DR Inventory 23000

CR       Trade Payable    23000

inventory is purchased on Free on Board Shipping terms, risks and Ownership of inventory  transfers to Kerber Co the moment Wilkes company ships the inventory. inventory must be recognised

6 April

DR Freight costs 900

CR        Bank              900

DR Inventory   900

CR       Freight costs   900

Kerber Co Paid Freight costs of $900. There are two events happening in this transaction  being the payment of freight costs and the capitalisation of freight costs. Freight costs are capitalised  (included in the value of inventory) as they are costs necessary to get the inventory in to the premises of the customer (Kerber Co).

7 April

DR Equipment  26000

CR       Creditor/Liability 26000

Kerber Co purchase inventory on credit. equipment is debited because Equipment is an asset  and liability is credited.

8 April

DR Trade Payable 3000

CR    inventory              3000

Damaged inventory returned will decrease inventory balance and also decrease the amount owed to the creditor (Wilkes Company) . Trade Payable account is Debited and inventory account is credited to record the decrease in inventory and amount payable

15 April

DR Trade Payable 20000  

CR       Bank                    20000

23000 - 3000 = 20 000

recording payment made to the Creditor for inventory purchased or settlement of the trade payable account  

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Robinson-Patman Act of 1936

Explanation:

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An increase in the cost of producing a good or service will cause a leftward shift of the supply curve. True False
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Answer:

True

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I hope my answer helps you

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