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
Korolek [52]
3 years ago
6

Accompanying a bank statement for Borden Company is a credit memo for $21,200 representing the principal ($20,000) and interest

($1,200) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries. Journalize the entry that should be made by the company to bring the accounting records up to date?
Business
2 answers:
Olenka [21]3 years ago
5 0

Answer:

<em>Bank reconciliation is a statement carried out by a company to know the difference between cash balance per book and cash balance per bank.</em>

<em>A journal is needed by a company to keep day to day updates of records.</em>

Explanation:

<em>Banks prepares statement of account. the Borden company has updates its own records from their end. most times times the balance of cash per bank and per book rarely work well or agree.</em>

<em>Bank reconciliation is a statement that is prepared by a company to know the disagreement and dissimilarity of cash balance per book and cash balance per bank</em>

<em>A record journal entry must be made by the company to  have a good update of their records.</em>

<em>An example of a journal is shown below</em>

<em>Date, Account and explanation, post reference, Debit($), Credit ($)</em>

Lorico [155]3 years ago
5 0

Answer:

The journal entry should be:

Dr Cash                                  21,200

Cr Note Receivable              20,00

Cr Interest Income                1,200

( to record receivable collected by the bank)

Explanation:

The company is collected its interest income generating receivable through the bank, with the principal amount is $20,000 and the interest amount is $1,200.

So, its cash account - an asset account will increase ( Dr) by the total amount collected which is $21,200. The Receivable account - an asset account will decrease (Cr) by $20,000 which is also the principal amount and Interest Income will be recorded $1,200 by crediting the amount into the Interest Income account.

You might be interested in
Marvin Gaye's song "Gotta Give It Up" was protected by ___________ .
monitta

Answer:

d. not selected option d copyright

6 0
3 years ago
Read 2 more answers
Which of the following sentences uses the term ration correctly?
lisabon 2012 [21]

Answer:

The last one.

We had to ration the food to make it last the whole week.

Explanation:

Look up the meaning of ration and it'll make sense.

4 0
2 years ago
Supposed you have had 10 apples. You gave 4 apples to your friend for Christmas. What portion of the initial amount did you give
shtirl [24]

Answer:

The portion of the initial amount that was given away is:

= 0.40

Explanation:

a) Data and Calculations:

Number of apples available = 10

Number of those apples given to a friend for Christmas = 4

The portion given away = 4/10 = 0.4

This represents 40% of the whole.

b) The portion given away to the friend for Christmas is a proportion of the whole.  In this case, it represents just 40% of the 10 apples.  This means that only 60% or 0.60 of the original apples are still available or on hand because 40% had been given away.

6 0
2 years ago
A building with an appraisal value of $128,156 is made available at an offer price of $153,050. The purchaser acquires the prope
elena55 [62]

Answer:

$117,201

Explanation:

Calculation for what The cost basis recorded in the buyer's accounting records to recognize this purchase is

Using this formula

Cost basis=Cash+Note payable+Mortgage

Let plug in the formula

Cost basis=$32,829+$26,957+$57,415

Cost basis=$117,201

Therefore The cost basis recorded in the buyer's accounting records to recognize this purchase is $117,201

7 0
3 years ago
Move to Green Computing. Your organization is a leader in the development of renewable energy sources based on enhanced geotherm
loris [4]

Answer:

B and C

b. Green computing will result in the safe disposal or recycling of computers and computer-related equipment.

c. Demand for the firm's goods and services will increase as existing and potential customers recognize its leadership in the use of environmentally friendly equipment.

Explanation:

Green computing is the environmentally friendly way of using resources, it involves manufacturing, using, and disposing of computer technology in such a way that the environment is not affected. For example getting involved to electronic recycling, limiting printing, and recycling paper.

Direct results from implementation of green computing will result in the safe disposal or recycling of computers and computer-related equipment.

Demand for the companie's goods will also increase due to its use of green computing because environmentally friendly practices are more sustainable.

5 0
2 years ago
Other questions:
  • Whitman and Greene are partners in a real estate venture. At January 1, 2020, their respective capital balances were $200,000 an
    15·1 answer
  • You have ​$. You put ​% of your money in a stock with an expected return of ​%, ​$ in a stock with an expected return of ​%, and
    14·1 answer
  • A property is being appraised using the income capitalization approach. Annually, it has potential gross income of $40,000, vaca
    7·2 answers
  • How do advertising and publicity play a role when it comes to demand?
    10·1 answer
  • I have a fallacious argument is one that is based on
    11·1 answer
  • Jake is leaving Shoe Warehouse to open his own shoe boutique. Jake currently earns $40,000 a year at Shoe Warehouse, but he is e
    11·1 answer
  • 10) A worker performs a repetitive assembly task at a workbench to assemble products. Each product consists of 25 components. Va
    13·1 answer
  • It is common in large breweries for the long-run average total cost to decline as output increases. this indicates that many bre
    10·2 answers
  • A list of sources that is used for in-text citations that usually appears at the end of the document is called
    13·1 answer
  • On May 1, a two-year insurance policy was purchased for $26,400 with coverage to begin immediately. What is the amount of insura
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!