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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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A bond has a $1,000 face value, a market price of $989, and pays interest payments of $69.50 every year. What is the coupon rate
____ [38]

Answer:

6.95

Explanation:

Coupon rate = $69.50/$1,000 = .0695, or 6.95 percent

4 0
2 years ago
The owner of a company that produces electronic circuit boards sees many competitors with extra capacity and says, "the only hop
Vedmedyk [2.9K]

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sales era

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5 0
3 years ago
Cahalane Corporation has provided the following data for its two most recent years of operation: Selling price per unit $ 91 Man
ankoles [38]

Answer:

A. The amount of fixed overhead deferred in inventories is $60,000

Explanation:

Unit product cost      

                                            Year 1      Year 2  

Direct materials                      $12         $12

Direct labor                              $5        $5  

Variable manufacturing

overhead                                     $5      $5  

Fixed overhead

                                                   $48      $36  

                           ($432,000 ÷ 9,000)   ($432,000 ÷ 12,000)

unit product cost                       $70      $58

Fixed overhead deferred (1,000 × $48)   $48,000  

Fixed overhead released                                             -$48000  

Fixed overhead deferred (3000 × $36)                        $108,000  

Net                                                             $48,000        $60,000

The amount of fixed overhead deferred in inventories is $60,000

8 0
3 years ago
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Artyom0805 [142]

Answer: The correct answer is "d. all of the above"

Explanation: In a perfectly-competitive industry a firm have no incentive to enter or exit the industry when:

- market price is equal to minimum long-run average cost.

- each firm earns a normal return.

This happens because in perfect competition companies reach a long-term equilibrium where extraordinary benefits are eliminated.

6 0
3 years ago
Talk about why you think it is sometimes important to represent a procedure mathematically.
7nadin3 [17]
It is important, because you have to explain how to do a procedure in order for the former person to understand what you believe is correct in math.
7 0
4 years ago
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