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3 years ago

The following information pertains to Sheridan Company.

Business

1 answer:

DanielleElmas [232]3 years ago

5 0

Answer:

Adjusted Cash Balance at 31 August 2022 = 9654

Explanation:

Bank Reconciliation Statement at August 31, 2022

Cash Balance as per Bank August 31, $7338

Add: Deposit in Transit $3010

Deduct: Outstanding Checks ($694 )

Adjusted Cash Balance $9,654

Cash Balance as per books, August 31, $7374

Add: Receivable collected by bank $2326

Less:Bank Service Charges ($46)

Adjusted Cash Balance $9,654

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Answer and Explanation:

The journal entry to record the given transaction as follows:

Uncollectible account expense or bad debt Dr $5,670

To Account receivable $5,670

(being uncollectible account expense is recorded)

Here the expense is debited as it increased the expenses and credited the account receivable as it decreased the asset

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3 years ago

On January 1, 2020, Levy Company issues 100 x 5% bonds with a face value of $1500, The bonds mature on December 31, 2030 and pay

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Answer:

$150,000

Explanation:

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Using this formula

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3 years ago

Retained earnings:40)A)Generally consists of a company's cumulative net income less any net losses and dividends declared since

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Answer:

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Explanation:

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Carmen left some room for discussion and this means it is a democratic approach in leadership.

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