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Ilia_Sergeevich [38]
3 years ago
7

Palm Company gathered the following reconciling information in preparing its April bank reconciliation: Cash balance per books,

4/30 $4,300 Deposits in transit 150 Notes receivable and interest collected by bank 850 Bank charge for check printing 20 Outstanding checks 2,000 NSF check 170 The adjusted cash balance per the books on April 30 is a.$3,110. b.$2,280. c.$2,450. d.$4,960.
Business
1 answer:
EleoNora [17]3 years ago
6 0

Answer:

D. $4,960

Explanation:

Given cash balance = 4300

Receivable collection = 850

Bank charge = 20

NSF check = 170

Thus,

Adjusted bool balance = Cash balance + receivable collection- bank charge - NSF check

Therefore,

= 4300 + 850 - 20 - 170

= $4,960

So, adjusted cash balance = $4960

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Option a) $5075.88 is the addition to the retained earnings

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Computing after-tax profit:

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Management estimates that 1% of the $100,000 of credit sales will be uncollectible. The Allowance for Doubtful Accounts has a $1
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<h3>What is Bad debt?</h3>

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According to the given question, The credit balance is $100  in Allowance for Doubtful Accounts.

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Journal Entry for the estimated bad debts is as follows:

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