All categories

3 years ago

Identify each of the following reconciling items as:

Business

1 answer:

Dmitry_Shevchenko [17]3 years ago

8 0

Answer:

Reconciling Items

Item Treatment

1. b. a deduction from the cash balance according to the bank statement

2. b. a deduction from the cash balance according to the bank statement

3. d. a deduction from the cash balance according to the company's records

4. a. an addition to the cash balance according to the bank statement

5. a. an addition to the cash balance according to the bank statement

6. a. an addition to the cash balance according to the bank statement

7. a. an addition to the cash balance according to the bank statement

Explanation:

a) Data and Analysis:

1. Bank service charges, $30 Cash $30

2. Accounts Receivable (NSF) $400 Cash $400

3. Accounts Payable $90 Cash $90

4. Cash $990 Bank $990.

5. Bank $3,300 Cash $3,300

6. Cash $7,950 Bank $7,950

7. Cash $10,500 Accounts Receivable $10,500

You might be interested in

The accounts in the ledger of Seaside Furniture Company as of August 20Y5 are listed in alphabetical order as follows. All accou

musickatia [10]

Answer:

Cash $426,800.00

Debit side $6,500,000.00

Credit side $6,500,000.00

Explanation:

Preparation of the Unadjusted trial balance

SEASIDE Unadjusted Trial Balance

DEBIT SIDE

Cash 426,800.00

Accounts Receivable 660,500.00

Prepaid Insurance 21,600.00

Supplies 11,200.00

Land 1,850,000.00

Dividends 36,000.00

Wages Expense 2,950,000.00

Utilities Expense 82,000.00

Rent Expense 390,000.00

Supplies Expense 23,700.00

Insurance Expense 18,000.00

Miscellaneous Expense 30,200.00

TOTAL $6,500,000.00

CREDIT SIDE

Notes Payable 75,000.00

Accounts Payable 118,600.00

Unearned rent 12,000.00

Common stock 150,000.00

Retained Earnings 1,814,400.00

Fees Earned 4,330,000.00

TOTAL $6,500,000.00

CASH will be the balancing figure since the total of both Debit and Credit columns of trial balance must equal.

Therefore the Unadjusted trial balance be:

Debit side $6,500,000.00

Credit side $6,500,000.00

8 0

3 years ago

Which statement below best describes the accounting equation? Multiple Choice The change in retained earnings equals net income

8_murik_8 [283]

Answer:

The correct answer is Resources of the company equal creditors' and owners' claims to those resources.

Explanation:

It can be used to determine that the income or income of the consumer is exactly equal to the expense (purchase) of goods, for the determined period of consumption. In other words, by adding the value spent on the acquisition of goods "x" and goods "y". To have such values it is enough to multiply the number of possible units to acquire - in each of the points - by their respective price and then add them; This can be done at any point in the price line.

4 0

4 years ago

Lionel is an unmarried law student at State University Law School, a qualified educational institution. This year Lionel borrowe

UNO [17]

Answer:

Since 2019, the deduction limit for interest expense deductions on qualified higher education loans is $2,500. In order to qualify for this deduction, the taxpayer's adjusted AGI must be less than $85,000 for single filers (Lionel's income is below the threshold).

So Lionel will be able to deduct $1,650 as interest expense (above the line deduction).

Lionel can also deduct $2,500 form the American Opportunity Tax Credit for higher education expenses.

7 0

3 years ago

What steps should e taken if the results do not support the hypothesis?

lys-0071 [83]

More information please

6 0

3 years ago

Price Company’s note receivable is receivable from Score Company. Interest of $7,520 was paid by Score to Price during 2015. Any

Minchanka [31]

Answer:

Please see attachment

Explanation:

Please see attachment

7 0

4 years ago