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Olenka [21]
3 years ago
8

Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for J

uly: Cash balance according to the company's records at July 31, $32,110. Cash balance according to the bank statement at July 31, $31,350. Checks outstanding, $2,870. Deposit in transit, not recorded by bank, $4,150. A check for $170 in payment of an account was erroneously recorded in the check register as $710. Bank debit memo for service charges, $20. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge
Business
1 answer:
mario62 [17]3 years ago
5 0

Explanation:

The journal entries are as follows

a. Cash $540

         To Account payable $540

(Being the error is recorded)

It is computed below:

= Corrected amount - incorrect amount

= $710 - $170

= $540

b. Bank service charges $20

          To Cash $20

(Being the bank services charges are paid in cash is recorded)

All other information is ignored

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How do natural resources and geography relate to economic growth for a country?
Archy [21]

Answer:

Limited natural resources such as infertile land and lack of coastal access can limit economic growth for a country.

Explanation:

Natural resources are a source of wealth for the country.  Mineral such oil and precious stones have made nations wealthy.

Land is a factor of production. Lack of fertile lands will make a nation dependent on imports for its food security.  Access to coastal areas facilitates cheaper and fast international trade. Landlocked countries use harbor of other nations for global business. Goods and services from landlocked counties may be more expensive as a result of high transport costs.

4 0
4 years ago
Read 2 more answers
Journalize the following transactions in the accounts of Sedona Interiors Company, a restaurant supply company that uses the all
Vaselesa [24]

Answer:

The journal entries are made below;

Explanation:

May 1. Account Receivable-Beijing Palace Co. Dr.$18,900

          Sales Revenue                                         Cr.$18,900

         Cost of Goods Sold       Dr.$11,200

        Inventory Stock              Cr.$11,200

Aug 30.     Cash      Dr.$8,000

               Bad Debt Expense        Dr.$10,900

              A/R-Beijing Palace Co.         Cr.$18,900

Dec 8.  A/R Beijing  Palace   Dr.$10,900

            Bad Debt Expense   Cr.$10,900

          Cash           Dr.$10,900

         A/R Beijing Palace Co. Cr.$10,900

6 0
3 years ago
Verslas is a firm operating in a monopolistically competitive market. It is currently maximizing profit with an output of 1,200
Marina86 [1]

Answer:

b

Explanation:

A monopolistic competition is when there are many firms selling differentiated products in an industry. A monopolistic competition has characteristics of both a monopoly and a perfect competition. the demand curve is downward sloping. it sets the price for its goods and services.

An example of monopolistic competition are restaurants  

When firms are earning positive economic profit, in the long run, firms enter into the industry. This drives economic profit to zero

If firms are earning negative economic profit, in the long run, firms leave the industry.  This drives economic profit to zero

in the long run, only normal profit is earned

If Verslas is producing at a profit maximising point, it means that marginal revenue equal marginal revenue and the firm is earning a normal profit

3 0
3 years ago
Carter invested $3,900 in an account paying an interest rate of 3. 9% compounded daily. Assuming no deposits or withdrawals are
denis23 [38]

$822.18 is how much earned interest so add $3,900 and you get $4,722.18

6 0
3 years ago
You are considering moving your money to new bank offering a​ one-year CD that pays an 5 %5% APR with monthly compounding. Your
Gelneren [198K]

Answer:

<u>2.53%</u>

Explanation:

We need to understand what effective annual rate is to solve this question.

Effective Annual Rate is the actual interest earned on an investment due to effect of compounding.

The formula is:

Effective Annual Rate = (1+\frac{i}{n})^n - 1

Where

i is the interest rate given (nominal interest rate)

n is the number of compounding per year

For the old bank,

5% is the interest rate, so i = 5% = 5/100 = 0.05

n is the number of compounding per year, that will be n = 12 since compounding monthly

So, we have:

Effective Annual Rate (1+\frac{0.05}{12})^{12} -1\\=0.051161

For second bank, we have:

i = what we need to find

n = 2 (since semi annual compounding, every 6 months)

So,

Effective Annual Rate = (1+\frac{i}{2})^2 - 1

This should be equal to APR from 1st bank (0.05)

So, we solve for i:

0.05=(1+\frac{i}{2})^2 - 1\\1.05=(1+\frac{i}{2})^2 \\i=0.0253

So, the interest would have to be

0.0253 * 100 = <u>2.53%</u>

8 0
4 years ago
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