Business, 02.03.2020 19:18, sassy11111515
On October 31, 2021, Damon Company’s general ledger shows a checking account balance of $8,397. The company’s cash receipts for the month total $74,320, of which $71,295 has been deposited in the bank. In addition, the company has written checks for $72,467, of which $70,982 has been processed by the bank. The bank statement reveals an ending balance of $11,727 and includes the following items not yet recorded by Damon: bank service fees of $150, note receivable collected by the bank of $5,000, and interest earned on the account balance plus from the note of $320. After closer inspection, Damon realizes that the bank incorrectly charged the company’s account $300 for an automatic withdrawal that should have been charged to another customer’s account. The bank agrees to the error.
Required:
a. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2021
b. Record the necessary entries to adjust the balance for cash.
Answers: 2
Other questions on the subject: Business
Business, 21.06.2019 15:10, toricepeda82
In which of the following situations would the price of a good be most likely to increase? a. a breakthrough in productive technology enables a company to increase its output. b. an increase in production costs results from a rise in wages. c. there's a sudden increase in the number of companies competing to sell the good. d. a drop in demand happens too quickly for producers to decrease production to keep up.
Answers: 1
Business, 22.06.2019 03:00, nyahdrake
You are the manager of the packaging department in a cookie factory. (obviously, the packaging employees cannot eat the cookies that are transferred in during the period.) after your employees insert cookies into colorful packages (step 1) for display on store shelves, the packages of cookies are then boxed using cardboard cartons (step 2) for shipment to stores. each unit of product is represented by a carton of packaged cookies. the packaging department began the period with 1,000 units of cookies. during the period, 5,000 units of cookies were transferred in from the baking department and 5,500 units of cookies were transferred out to the finished goods department. the number of units of cookies in the ending inventory of the packaging department equals:
Answers: 1
Business, 22.06.2019 06:30, solphiafischer
Individual consumers belong to which step of choosing a target market? possible customers competition demographics communication
Answers: 2
Business, 22.06.2019 22:40, songulakabulut1992
Which of the following will not cause the consumption schedule to shift? a) a sharp increase in the amount of wealth held by households b) a change in consumer incomes c) the expectation of a recession d) a growing expectation that consumer durables will be in short supply
Answers: 1
Do you know the correct answer?
On October 31, 2021, Damon Company’s general ledger shows a checking account balance of $8,397. The...
Questions in other subjects:
