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jek_recluse [69]
3 years ago
15

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:

Business
1 answer:
Sergeeva-Olga [200]3 years ago
8 0

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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Total Output Price Marginal Revenue Average Total Cost Marginal Cost 1 $ 100 $ 100 $ 100.00 $ 30 2 90 80 63.00 26 3 80 60 52.67
mario62 [17]

At the  profit-maximizing output, this firm's total profit will be $280.

<h3>Who is a monopolist?</h3>

A monopolist is a single firm that operates in an industry. There is only one firm in the industry because there are usually high barriers to entry of firms. The demand curve is downward sloping. A monopoly sets the price for its goods and services.

Profit is maximised when marginal revenue is equal to marginal cost. Looking at the given table, marginal revenue is equal to marginal cost when output is 4 and price is $70

Total profit = 70 x 4 = $280

To learn more about monopolies, please check: brainly.com/question/10441375

8 0
2 years ago
An actor is hired to appear in a series of commercials promoting a new laptop computer. The actor's last two movies, though, hav
MA_775_DIABLO [31]

Answer:

Unconditioned stimulus.

Explanation:

Unconditioned stimulus is one that results in a reflexive response. The response is natural, unconditional, and automatic. For example if one smells a food he likes (unconditioned stimulus) the person' s response is to become hungry.

In contrast conditioned stimulus is learners and voluntary.

The actor has had two of his movies fail at the box office so his appearance on the commercial will produce a unconditioned response from the audience that is not favorable. He will have to wait till there is a good impression about him.

3 0
3 years ago
An analysis and aging of the accounts receivable of Yates Company at December 31 reveal these data:Accounts receivable $ 1,600,0
saveliy_v [14]

Answer:

d. $1,470,000

Explanation:

The computation of the cash realizable value of the accounts receivable is shown below:

= Ending balance of accounts receivable - credit balance of uncollectible amount

= $1,600,000 - $1,30,000

= $1,470,000

For finding out the cash realizable value, we deduct the credit balance of uncollectible amount from the ending balance of accounts receivable

4 0
3 years ago
Assume that you are the sales manager of a soap-manufacturing company. Your supervisor has asked you to present the sales data o
posledela

Answer:

I'm sorry dude I literally have no idea.

Explanation:

5 0
3 years ago
It has been Shelly's dream to open a bakery, and while she has experience in making all types of baked goods, she always gets ra
jok3333 [9.3K]

Answer: Limited marketing  

                         

Explanation:  Limited marketing strategy refers to the marketing strategy in which the organisation tries to target a specific set of customers from a target market rather than everyone.

These are opted by organisation that have unique features in the product they are offering or have specialization in a specific product among others.

      In the given case, Shelly has expertise in making bakery products but her cupcakes gets special attention from the customers.

Thus, we can conclude that the decision of Shelly to open a cupcake shop is an example of limited marketing.

4 0
3 years ago
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