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Reil [10]
2 years ago
6

Exquisite Prints is an up-and-coming photography company. To date, producing good photography is the priority of the company - n

ot business. Thus, it currently does not have a contract to provide to customers as the company thinks that "contract-talk" makes things uncomfortable and too stuffy. Borderline Elementary makes an agreement with Exquisite to take school pictures for all 425 of its students. Exquisite completed the work and now Borderline will not pay. Exquisite heard that you had contract knowledge based on your current enrollment in Business Law. What would you tell Exquisite about its chance of success to recover money from Borderline based on Exquisites account of the events leading to its contract? He tells you the following: Borderline approached me about taking pictures for the school. We agreed that I would be paid $12.00 per child and the principal told me that I would be paid immediately after all pictures were taken and if she, the principal, was satisfied with my work. Now that the pictures are taken, the principal says that she is not paying a dime and she is not rejecting my calls. She has all of the pictures.
Business
1 answer:
pogonyaev2 years ago
7 0
This is the answer to th
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Answer:

Explanation:

                                    The Carla Boat Company

                                     Bank Reconciliation Statement

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Balance as per bank balance                                          $8,500

Add:  Uncredited payment                                              $6,480

Add:   Bank Charges                                                         $50

Add:  Returned Chq                                                           $700

Less:  Outstanding Chqs                                                  ($6,260)

Less:   Note received                                                         ($3,880)

Less: transposition error on payment                             ($54)

Balance as per cash book                                                 $5,536

Journal entries for transactions:

1. Debit : Bank Charges Expenses                         $50

  Credit: Bank Account                                            $50

Being bank charges expenses for the month of Nov

2. Debit: Cash in bank                                           $54

    Credit: Account Payable                                   $54

Being transposition error on Check No 138

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   Credit: Bank Account                                           $700

Being NSF check returned

4. Debit: Bank Account                                           $3,880

   Credit: Notes Receivable                                   $3,748

    Credit: Interest on investment                          $132

Being note receivable and accrued int

4 0
3 years ago
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Answer:

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