Answer: Option B : An Isoquant
Explanation: An isoquant (otherwise known as equal product curve) is an equal quantity curve which represent a consistent amount of output.
Del Gato Clinic deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the clo
se of business on June 30, 2017, its Cash account shows an $11,589 debit balance. Del Gato Clinic's June 30 bank statement shows $10,555 on deposit in the bank.
Outstanding checks as of June 30 total $1,829.
The June 30 bank statement lists a $16 service charge.
Check No. 919, listed with the canceled checks, was correctly drawn for $467 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $476.
The June 30 cash receipts of $2,856 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement.
Exercise 6-10 Adjusting entries from bank reconciliation LO P3
Prepare the adjusting journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Exercise 6-9 Bank reconciliation LO P3
Prepare a bank reconciliation for Del Gato Clinic using the above information:
Outstanding checks as of June 30 total $1,829.
The June 30 bank statement lists a $16 service charge.
Check No. 919, listed with the canceled checks, was correctly drawn for $467 in payment of a utility bill on June 15. Del Gato Clinic mistakenly recorded it with a debit to Utilities Expense and a credit to Cash in the amount of $476.
The June 30 cash receipts of $2,856 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement.
Exercise 6-10 Adjusting entries from bank reconciliation LO P3
Prepare the adjusting journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Exercise 6-9 Bank reconciliation LO P3
Prepare a bank reconciliation for Del Gato Clinic using the above information:
1 answer:
Answer:
Explanation:
Bank Reconciliation: The bank reconciliation deals with the bank statement balance and the cash statement balance. The motive is to compare these two statements so that the organization can run in the smoothly manner.
There are various transactions due to which the bank statement balance and the cash statement balance do not match. To match these statements, we adjust the transactions accordingly.
The journal entries are shown below:
a. No journal entry required
b. Miscellaneous expense A/c Dr $16
To Cash A/c $16
(Being service charges is paid)
c. Cash A/c Dr $9 ($476 - $467)
To Utilities expense A/c $9
(Being correction is recorded)
d. No journal entry required
The preparation of the bank reconciliation statement is presented in the spreadsheet. Kindly find the attachment below:
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