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inna [77]
3 years ago
6

The controller compares the bank deposit to the journal entry for cash receipts to ensure that the bank deposit matches the acco

unting records for the _______ account.
Business
1 answer:
Slav-nsk [51]3 years ago
5 0

Answer:

Cash account

Explanation:

The controller compares the bank deposit to the journal entry for cash receipts to ensure that the bank deposit matches the accounting records for the Cash account.

The comparisms of the bank deposit to the journal by the controller who is the organization's lead accountant

in banking or financial institution is necessary so that accounting record are in order, by making sure that bank deposits are placed into a deposit account, so that it can matches accounting record for cash account. It should be noted that cash account are controlled by Federal Reserve's Regulation.

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When budgeting for your immediate needs, you should divide them into what two categories of expenses
Usimov [2.4K]
Fixed expenses and flexible expenses or Discretionary expenses
5 0
3 years ago
Read 2 more answers
The George Company has a policy of maintaining an end-of-month cash balance of at least $40,000. In months where a shortfall is
Amiraneli [1.4K]

Answer:

A.$130

B. $13,130

Explanation:

Loan taken at the beginning of april in order to maintain cash balance of $40,000 = $40,000 - $27,200 = $12,800 = $13,000 (Increment of $1,000)

Interest payment estimated for april = $13,000*12%*1/12 = $130

Solution b:

Cash balance at the end of april = $27,200 + $13,000 - $130 = $40,070

Cash balance at the end of may before financing effect = Cash balance at the beginning + Excess of cash collected over cash payments

= $40,070 + $31,200 = $71,270

Total financin effect for may = Loan repayment + Interest repayment = $13,000 + $13,000*12%*1/12 = $13,130

3 0
3 years ago
Standard oil company was the empire of which business mogul?
kozerog [31]
The business mogul was Rockefeller
4 0
2 years ago
Three firms are currently producing and selling in a market. When one of the three firms exits the market, economists expect tha
Tpy6a [65]

Answer: higher; lower

Explanation:

From the question, we are informed that three firms are currently producing and selling in a market. When one of the three firms exits the market, economists expect that there will be a rise in the equilibrium price while there will be a reduction in the equilibrium quantity.

This is because when one producer leaves, there will be less supply of the good that is sold, this will eventually lead to a rise in price.

5 0
3 years ago
Grouper Company issued $612,000 of 10%, 20-year bonds on January 1, 2020, at 102. Interest is payable semiannually on July 1 and
IrinaVladis [17]

Answer:

Bond issue:

Dr cash                               $624,240.00

Cr bonds payable                                                                       $612,000

Cr premium on bonds payable($624,240.00-$612,000)      $ 12,240

On 30 June:

Dr Interest expense                         $30,495.68  

Dr premium on bonds payable              $104.32  

Cr cash                                                                       $30,600

On 31 December :

Dr interest                                                                        $ 30,490.59  

Dr premium on bonds payable($30,600-$30,490.59)  $109.41

Cr interest payable                                                                             $30,600

Explanation:

The cash proceeds from the bond issuance is 102% of the face value of $612,000 i.e $ 624,240.00 (102%*$612,000)

The interest payment on 30 June=$612,000*10%*6/12=$30,600.00  

The interest expense on 30 June=$ 624,240.00*9.7705%*6/12=$30,495.68

amortization of premium=$30,600.00-$ 30,495.68=$104.32  

Carrying value of bond at 30 June=$ 624,240.00+$30,495.68 -$30,600=$624,135.68  

Interest expense on 31 December=$ 624,135.688*9.7705%*6/12=$30,490.59  

6 0
2 years ago
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