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Alona [7]
3 years ago
6

Due Monday by 5:29pm Points 100 Submitting a file upload Available Nov 30 at 12am - Dec 7 at 5:29 pm 8 days ACG2021 - Comprehens

ive Exam - V2 Bank Reconciliation (LO3) The following information is available for Airborne, Inc. as of March 31, 2020: a. Cash on the books as of March 31 amounted to $22,754.16. Cash on the bank statement for the same date was $32,351.46. b. A deposit of $3,344.50, representing cash receipts of March 31, did not appear on the bank statement. c. Outstanding checks totaled $3,936.80. d. A check for $1,920.00 returned with the statement was recorded incorrectly in the check register as $1,380.00. The check was for a cash purchase of merchandise. antage e. The bank collected $10,300.00 for Airborne, on a note. The face value of the note was $10,000.00 f. The bank mistakenly charged to the company account a check for $755.00 drawn by another company. REQUIRED: y 1. Prepare in a proper format the Bank Reconciliation for Airborne, Inc. as of March 31, 2020 2. Prepare in proper format the Journal Entries necessary to adjust the accounts as of March 31, 2020 brary.​
Business
1 answer:
jarptica [38.1K]3 years ago
3 0

Answer:

Explanation:

What’s the question?!

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g During Year 2, the company experienced the following events: Purchased inventory that cost $5,200 on account from Ross Company
meriva

Answer:

a) I used an excel spreadsheet to record the T-accounts

the closing entries would be:

Dr Sales revenue 12,100

Dr Purchase discounts 48

Dr Interest revenue 600

Dr Gain on sale of land 1,500

    Cr Income summary 14,248

Dr Income summary 8,512

    Cr Cost of goods sold 6,450

    Cr Sales returns 1,680

    Cr Sales discounts 242

    Cr Distribution costs 140

Dr Income summary 5,736

    Cr Retained earnings 5,736

b) Ross Company

Income Statement

For the year ended December 31, Year 2

Revenues:

  • Sales revenues $12,100
  • Sales returns ($1,680)
  • Sales discounts ($242)                         $10,178

Cost of goods sold                                       <u>($6,450)</u>

Gross profit                                                     $3,728

Expenses:

  • Distribution costs ($140)                          <u>($140)</u>

Operating income                                          $3,588

Other sources of income:

  • Gain on sale of land $1,500
  • Interest revenue $600                          <u>$2,100</u>

Net income before taxes                               $5,688

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8 0
3 years ago
As additional slices of pizza are consumed, the additional satisfaction gained from each slice less than that of the previous sl
Mamont248 [21]

Answer:

The correct answer is letter "E": diminishing marginal utility.

Explanation:

The Law of Diminishing Marginal Utility states that the more you use a good or service, the less pleased you will be with each use or use that follows. The law of diminishing utility is a key principle in assessing consumer preferences. This assumes consumers are rational and spend money in such a way as to maximize their contentment with each subsequent unit without impacting their overall enjoyment negatively.

5 0
3 years ago
Which one of the government actions would most enhance efficiency in a free market, according to most economists? regulating pro
aleksklad [387]

Answer: 1. statement d

2. statement d

Explanation:  This can be explained as follows :-

1.Government intervention should be done on those sectors that results in maximization of wealth. Private sector is the back bone of every  economy's free market, thus, protecting private property is the correct option.

.

2. Issuing patent right to the inventor will result in monopoly by that particular producer and that too of a necessary commodity hence option d is correct.

3 0
3 years ago
Lloyd is a divorce attorney who practices law in Florida. He wants to join the American Divorce Lawyers Association (ADLA). The
Rasek [7]

Answer:

13 years

Explanation:

Note that, if we add the annual interest rate of 7.9% to $8000 [(0.079*8000)+8000] we get a total value of $8632. We perform random division of the 8632 with 11 12, 13 years we note that at 13 years the total annual payment is lowest.

Such that 8632/13 years= $664 lower than paying $750.

8 0
3 years ago
Ben wants to purchase a new tablet. He spends a lot of time researching the latest features available on different brands of tab
Vladimir [108]

Answer:

motivated

Explanation:

to purchase the target, making him a (n) motivated consumer

5 0
3 years ago
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