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Nostrana [21]
3 years ago
12

Does the company need to prepare a journal entry relating to this item to adjust the book balance to the correct balance?

Business
1 answer:
natta225 [31]3 years ago
4 0

Answer:

1. The company's bank reconciliation on June 30 included outstanding checks that totaled $4,000 at June 30.  NO, SINCE THE CHECKS WILL EVENTUALLY BE CASHED BY THE PAYEES.

2. The company's bank reconciliation on June 30 included deposits in transit that totaled $3,000 on June 30.  NO, THE DEPOSITS WILL EVENTUALLY BE REGISTERED BY THE BANK.

3. The company's bank reconciliation on June 30 included a credit memorandum in the amount of $150 for interest.  YES, BECAUSE THIS TRANSACTION WAS NOT RECORDED BY THE COMPANY.

4. The company's bank reconciliation on June 30 included check #1221 (in payment of an select account payable) written for $4,900, but recorded in the accounting records as $4,090. YES, BECAUSE THE ACTUAL AMOUNT OF THE CHECK IS DIFFERENT THAN THE AMOUNT RECORDED.

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Jane has been operating Mansfield Park as a C corporation and decides she would like to make an S election. What is the earliest
podryga [215]

The earliest elections will come effective on January 1, 2016 for case a, b, d anf January 1, 2017 for rest options.

<h3>For different alternative scenarios:</h3>

a.) Jane is on top of things and makes the election on January 1, 2016.

January 1, 2016

b.) Jane is mostly on top of things and makes the election on January 15, 2016.

January 1, 2016

c.)Jane makes the election on February 10, 2016. She needed a little time to convince a C corporation shareholder to sell its stock to a qualifying shareholder. That process took all of January, and she was glad to have it over with.

January 1, 2017

d.)Jane makes the election on March 14, 2016.

January 1, 2016

e.)Jane makes the election on February 5, 2016. One of the shareholders refused to consent to the S election. He has since sold his shares (on January 15, 2016) to another shareholder who consented to the election.

January 1, 2017

To view similar question about election scenarios, refer to:

brainly.com/question/17101454

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3 0
2 years ago
If you were to going to use a graphic that best showed the relative proportions of educational spending in the State of Californ
Svetradugi [14.3K]

Answer:

(c) Circle graph

Explanation:

The circle graph or pie chart is commonly used when we want to give a visual demonstration of the proportional division of a data. Each item is expressed as a sector of the circle where the angle is relative to the value of the item.

6 0
3 years ago
Read 2 more answers
HMO coverage has much more flexibility than PPO coverage. Please select the best answer from the choices provided. T F
Rus_ich [418]
It is a completely false statement that HMO <span>coverage has much more flexibility than PPO coverage. The correct option among the two options that are given in the question is the second option. I hope that this is the answer that you were looking for and the answer has actually come to your help.</span>
6 0
3 years ago
Read 2 more answers
The amount of time from one credit card bill to the next is called the _.
BARSIC [14]
Grace period is the answer aka c
5 0
3 years ago
Determine the maturity date and compute interest for each note. (Use 360 days a year. Do not round intermediate calculations.) N
Alinara [238K]

Explanation:

The determination of the maturity date and the interest for each notes is as follows

Contract date    Maturity Month Maturity Date   Interest expenses

March 19                  May                         18                           $280

May 11                      August                     9                            $660

October 20             December               4                             $105

For March 19, the interest expense calculation is

= $28000 × 6% × 60 days ÷ 360 days

= $280  

For May 11, the interest expense calculation is

= $33,000 × 8% × 90 days ÷ 360 days

= $660

For October 20, the interest expense calculation is

= $21000 × 4% × 45 days ÷ 360 days

= $105                                                        

5 0
3 years ago
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