1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
kondor19780726 [428]
3 years ago
14

Kornett Company during its first fiscal year ended December 31, 2016, Journalize the selected transactions, starting on page 21

of the journal.*
2. Based on the following data, prepare a bank reconciliation for December 2016. Refer to the Labels and Amount Descriptions list for exact wording of text entries. Enter all amounts as positive numbers.
• Balance according to the bank statement at December 31, $283,000.
• Balance according to the ledger at December 31, $245,410.
• Checks outstanding at December 31, $68,540.
• Deposit in transit, not recorded by bank, $29,500.
• Bank debit memo for service charges, $750.
• A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000.
3. Based on the bank reconciliation prepared in (2), journalize the entry or entries to be made by Kornett Company on page 23 of the journal. Kornett Company uses the Miscellaneous Administrative Expense account for bank service charges.
4. Based on the following selected data, journalize the adjusting entries as of December 31, 2016 on page 23 of the journal:
• Estimated uncollectible accounts at December 31, $16,000, based on an aging of accounts receivable. The balance of Allowance for Doubtful Accounts at December 31 was $2,000 (debit).
• The physical inventory on December 31 indicated an inventory shrinkage of $3,300.
• Prepaid insurance expired during the year, $22,820.
• Office supplies used during the year, $3,920.
• Depreciation is computed as follows:
Business
1 answer:
weqwewe [10]3 years ago
3 0
I'll answer number 2 and 3. 

Bank Reconciliation:
Bank statement Balance:                          283,000
Add: Deposit in Transit                                 29,500
Deduct: Checks Outstanding                 <u>   (68,540)
</u>Adjusted Bank Statement Balance        243,960
<u>
</u>Book Reconciliation:
Ledger Balance:                                          245,410
Deduct:
Bank debit memo for service charge             (750)
Understatement of issued check            <u>         (700)</u>
Adjusted Book Statement Balance        243,960

3. Adjusting entries on Book reconciliation.
Miscellaneous Admin. Expense acct for bsc.     750
                    Cash in Bank                                                         750

*Assuming that accounts payable was the account used in the set up of the invoice.
Cash in Bank                                                          12,000
                     Accounts Payable                                           12,000

Accounts Payable                                                   12,700
                     Cash in BAnk                                                    12,700
You might be interested in
How are the layers of the atmosphere and the hydrosphere different?
bogdanovich [222]

Answer:

The “sphere” in lithosphere, atmosphere, and hydrosphere means envelop. The atmosphere, therefore, consists of gases that envelop the Earth. The hydrosphere defines the water that covers 71% of the Earth's surface. The lithosphere refers to the rocks of the Earth's surface and upper mantle, or the depth of the plates.

Explanation:

4 0
3 years ago
Assume that consumers' incomes and the number of sellers in the market for good A (a normal good) both decrease. Based upon this
Vadim26 [7]

Answer:

Quantity will Increase

Explanation:

As we know that when market is in equilibrium so the demand curve should be intersected the supply curve. At the time when there is an increase in suppliers so supply curve shift rightward due to which the consumer income would increase and this result in more demand. So the demand could be shift in rightward

So here the price should be the same but the quantity is increased

4 0
3 years ago
"_____ is a mechanism for gathering information about performance deficiencies after they occur."
Inessa05 [86]
Feedback Control <span>is a mechanism for gathering information about performance deficiencies after they occur.</span>
4 0
3 years ago
Esther lugo has gone for an interview at an advertising firm in manhattan and has been asked to complete a self-report survey to
postnew [5]

These characteristics about Lugo indicate her <u>"personality".</u>


Personality alludes to individual contrasts in characteristic patterns of reasoning, feeling and carrying on. The study of personality centers around two expansive territories:  

One is understanding individual differences specifically personality qualities, for example, amiability or touchiness.  

The other is seeing how the different parts of a man meet up all in all.

6 0
3 years ago
Computing second-year depreciation and accumulated depreciationAt the beginning of 2016, Air Asia purchased a used airplane at a
Bezzdna [24]

Answer:

1. a.$4,375,000

  b. $7,500,000

 c. $9,800,000

2. $8,750,000

  $18,200,000

  $17,500,000

Explanation:

1. The computation of the depreciation expense for the second year is presented  below:

a) Straight-line method:

= (Purchase value of airplane - residual value) ÷ (useful life)

= ($40,000,000  - $5,000,000) ÷ (8 years)

= ($35,000,000) ÷ (8 years)  

= $4,375,000

In this method, the depreciation is same for all the remaining useful life

(b) Double-declining balance method:

First we have to find the depreciation rate which is shown below:

= One ÷ useful life

= 1 ÷ 8

= 12.5%

Now the rate is double So, 25%

In year 1, the original cost is $40,000,000 so the depreciation is $10,000,000 after applying the 25% depreciation rate

And, in year 2, the $30,000,000 × 25% = $7,500,000

(c) Units-of-production method:

= (Purchase value of airplane - residual value) ÷ (estimated miles)  

= ($40,000,000  - $5,000,000) ÷ ($5,000,000 miles)

= ($35,000,000) ÷ ($5,000,000 miles)  

= $7 per miles

In first year, it would be

= Miles in first year × depreciation per miles

= 1,200,000 miles × $7

= $8,400,000

Now for the second year, it would be  

= Miles in second year × depreciation per miles

= 1,400,000 miles × $7

= $9,800,000

2. The calculation of the accumulated depreciation balance would be

Straight line method:

= $4,375,000 + $4,375,000

= $8,750,000

Double-declining balance method:

= $10,000,000 + $7,500,000

= $17,500,000

Units-of-production method:

= $8,400,000 + $9,800,000

=  $18,200,000

4 0
3 years ago
Other questions:
  • occurs when one supply chain member perceives that another supply chain member is making decisions in a manner that interferes w
    12·1 answer
  • (1 point)
    5·1 answer
  • Consider the following misperceptions model of the economy. AD: Y = 600 + 10(M/P) SRAS: Y equals top enclose Y plus P minus P t
    14·1 answer
  • Companies HD and LD have the same tax rate, sales, total assets, and basic earning power.Both companies have positive net income
    10·1 answer
  • Racine started a new business in the current year. She incurred $52,000 of start-up costs. If her business started on November 2
    15·1 answer
  • Ray's Satellite Emporium wishes to determine the best order size for its best-selling satellite dish (model TS111). Ray has esti
    5·1 answer
  • Given $100,000 to​ invest, construct a​ value-weighted portfolio of the four stocks listed below.
    5·1 answer
  • Which of the following describes a situation where monopolistic<br> competition exists?
    5·2 answers
  • 'Modigliani Manufacturing has a target debt-equity ratio of .50. Its cost of equity is 18 percent and its cost of debt is 11 per
    9·1 answer
  • in the long-run which of the following is true? a. total cost equals fixed cost plus variable cost. b. the size of a firm's phys
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!