While preparing a bank reconciliation, a bank service charge was discovered. This adjustment would be recorded with a Credit to cash, debit to bank fees expense.
Bank Reconciliation is an important manner in accounting wherein agencies healthy their bank statements with the transactions which can be recorded in their preferred ledger. making ready a financial institution reconciliation statement facilitates businesses to put off viable errors in transactions or bookkeeping.
There are 5 principal kinds of bank reconciliation: financial institution reconciliation, consumer reconciliation, dealer reconciliation, inter-company reconciliation, and business-unique reconciliation.
In bookkeeping, a financial institution reconciliation is a procedure by using which the financial institution account balance in an entity’s books of account is reconciled to the balance said by using the monetary organization inside the maximum latest bank declaration. Any distinction between the 2 figures needs to be examined and, if appropriate, rectified.
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Explanation:
The preparation of the end December Income statement for Cowboy Law Firm is presented below:
Cowboy Law Firm
Income statement
Revenue
Service Revenue $7,900
Total revenues $7,900 (A)
Less: Expenses
Salaries expense $1,500
Utilities expense $1,000
Total expenses $2,500 (B)
Net income $5,400 (A- B)
Answer:
A revenue statement is not a basic financial statement.
Answer:
The court concluded truthfully, as he had done all the analysis and acknowledged the documentation and investment purposes.
The program scammed funds which might have been used for small-income housing by the government agency.
<em>United States v. McGuire, 744 F.2d 1197 (Cir. 11, 1984).</em>
Answer: Option (B) is correct.
Explanation:
Public saving refers to the tax revenue amount that a government left with after paying for its expenditure or spending.
Public saving = Tax revenue - Spending
Private saving refers to the after tax income of the individuals after paying for their consumption and taxes.
Suppose there is a government budget deficit, in this situation government's expenditure is greater than government's receipts. This means that tax revenue is not enough to pay out its expenditure.
Therefore, this will lead to negative public savings.