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3 years ago

"Which one of the following items requires an adjustment on the bank side of the bank reconciliation?

Business

1 answer:

ale4655 [162]3 years ago

5 0

Answer:

Deposits in transit

Explanation:

A company's deposit in transit is the currency and customers' checks that have been received and are rightfully reported as cash on the date received, and the amount will not appear on the company's bank statement until a later date. A deposit in transit is also known as an outstanding deposit.

When there is a deposit in transit, the amount should be listed on the company's bank reconciliation as an addition to the balance per bank.

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103. Department M had 600 units 60% completed in process at the beginning of June, 6,000 units completed during June, and 700 un

eimsori [14]

Answer:

b. 5,640 units

Explanation:

Please see attachment

5 0

4 years ago

The balance sheet for the newly formed ACME Bank is shown below.ACME Bank Balance Sheet 1Assets Liabilities and net worthReserve

Anon25 [30]

Answer:

Explanation:

As the loan has not been used yet, it will stay in the Loan account of the bank. The balances on the books for ACME will therefore be,

Reserves - $151,000.

It does not change as loan has not been used yet. If Toshi was to use loan then this figure will reduce because withdrawals are given from the Bank reserves.

Checkable Deposits will increase by the loan amount as that was where Toshi was credited to.

= 140,000 + 28,000

= $168,000

Loans - $28,000

The bank will now have a loan balance of $28,000 on its debit side to reflect the loan it just gave out.

Stock Shares - $286,000.

Not affected by the transaction.

Property - $275,000

Not affected by the transaction.

6 0

3 years ago

Gary is the founder of an animal shelter; he shares a special bond with animals. Hence, he prefers to employ people who care for

Iteru [2.4K]

Answer:

D) normative control

Explanation:

Based on the information provided within the question in regards to the situation it seems that this is an example of normative control. This term refers to making decisions based on behavioral patterns and actions that you deem acceptable instead of following a set of guidelines and procedures. Which is what Gary is doing by focusing on the way that the individuals handle and care for the animals as opposed to what they know when hiring.

5 0

3 years ago

It was the third meeting, but the group had finally agreed on the roles for each member. Cathy felt good about how things were p

Aleksandr-060686 [28]

Answer: norming

Explanation:

The third stage of a group development model is regarded to as the norming stage. The norming stage is the stage whereby members or teammates start appreciating the strengths that are possessed by each other in the team.

At this stage, there is resolution of conflicts and establishment of leadership positions. Here, everyone is happy with their roles.

8 0

3 years ago

Consider the following transactions for Huskies Insurance Company: Equipment costing $30,000 is purchased at the beginning of th

Reika [66]

Answer:

a. Dr Depreciation expense $5,000

Cr Accumulated depreciation $5,000

b. Dr Interest receivable 750

Cr Interest revenue 750

c. Dr Unearned revenue 2,000

Cr Service revenue 2,000

Explanation:

Preparation to record the necessary adjusting entry for Huskies Insurance at its year-end of December 31.

a. Dr Depreciation expense $5,000

Cr Accumulated depreciation $5,000

(Being to adjust for Depreciation of Equipment)

b. Dr Interest receivable 750

Cr Interest revenue 750

(30,000*5%*6/12)

(Being to adjust for accrued interest)

c. Dr Unearned revenue 2,000

Cr Service revenue 2,000

(8,000*3/12)

(Being to adjust for accrued rent revenue)

6 0

3 years ago