Wildhorse Company needs to make adjusting entries for each of the following reconciling items, Identify the account to be debited and the account to be credited in each case 1. 2 3 A check for $76 written to the company by J Anderson was returned NSF The monthly service charge by the bank was $46. The bank collected a $2.000 note plus interest of $71 on the company's behalf. The company had not accrued the interest. Debit Credit: Debit: Credit: Debit: Credit:
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- A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer was able to negotiate with the company and transferred the accounts receivable into a note that includes interest, along with an up-front cash payment of $6,000. The note maturity date is 24 months with a 15% annual interest rate. What is the entry to recognize this transfer?On June 30, Oscar Inc.s bookkeeper is preparing to close the books for the month. The accounts receivable control total shows a balance of $2,820.76, but the accounts receivable subsidiary ledger shows total account balances of $2,220.76. The accounts receivable subsidiary ledger is shown here. Can you help find the mistake?On June 30, Isner Inc.s bookkeeper is preparing to close the books for the month. The accounts receivable control total shows a balance of $550, but the accounts receivable subsidiary ledger shows total account balances of $850. The accounts receivable subsidiary ledger is shown here. Can you help find the mistake?
- ABC Co.'s July bank statement shows a $5,450 cheque received from customer Ms. Mary Opal for invoice# 536 returned NSF. Ms. Mary Opal has agreed to replace the cheque ASAP. ABC Co. should record the following adjusting entry: O A. Debit bank charges expense, credit accounts receivable B. Debit bad debt expense, credit cash O C. Debit cash, credit accounts receivable D. Debit accounts receivable, credit cash Reset SelectionA cheque in the amount of $455 was returned by the bank marked "NSF". A bank service fee of $15 was charged for processing the returned cheque. Upon notification of the NSF, the company who initially received the customer’s cheque will most likely 1. reverse the customer’s payment on their books to re-establish the accounts receivable for $455 and debit the accounts receivable for the bank service fee of $15. 2. reverse the customer’s payment on their books to re-establish the accounts receivable for $455. 3. reverse the customer’s payment on their books to re-establish the accounts receivable for $455 and debit bank charges expense for the bank service fee of $15. 4. make no changes to the accounting records but advise the customer that the payment was declined and is still outstanding.Company provided the following information related to its accounts receivable. Last year 12/31 Estimated that P7,000 of accounts receivable would become uncollectible. Current year 1/05 Wrote-off the P 5,000 balance owed by J Company and the 2,000 balance owed by F Company. 3/18 Reinstate the account of J Company that had been written off since they signify and confirmed the payment. 3/21 Receipt of payment in full. Required: Journalize the transactions
- Given the following information for Carla Vista Company, prepare the adjusting entries needed for its April bank reconciliation: (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Cash balance per books, 4/30 $19,300 Deposits in transit 2,650 Notes receivable collected by bank (including interest of $240) 9,800 Outstanding checks 6,600 NSF check from Sunland Company 9,560 Date Account Titles and Explanation Debit Credit April 30 (To record collection of note receivable and interest by the bank) April 30 (To record NSF check)5. A credit note attached to the bank statement indicates that the bank has recovered a bill receivable of $2,700 on behalf of the company, for a collection fee of $27, and that it has raised the net amount to Collette Inc.'s bank account .6. A debit note of $320 accompanies a non-provisional check of 300 S. This check comes from customer David Gabriel in payment of his customer account.The difference of $20 represents the fee charged by the bank for the processing of the non-fund cheque.7. The bank statement indicates that a bank fee of $25 was charged in April.8. The receipts of April 30, in the amount of $789, were deposited in the bank's night safe. On May 2, they were recorded on the bank statement.Work to be done1. Draw up the April bank reconciliation of Collette inc.2. Pass the entries to the general newspaper to regularize the Cash account.Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, Gideon Company wrote off the $2,000 uncollectible account of its customer, A. Hopkins. On July 10, Gideon received a check for the full amount of $2,000 from Hopkins. The entry or entries Gideon makes to record the recovery of the bad debt is: Multiple Choice Account Title Credit Accounts Receivable-A. Hopkins Debit 2,000 Allowance for Doubtful Accounts 2,000 Cash 2,000 Accounts Receivable-A. Hopkins 2,000 Account Title Debit Credit Cash 2,000 Accounts Receivable-A. Hopkins 2,000 Account Title Debit Credit Accounts Receivable-A. Hopkins 2,000 Bad debts expense 2,000
- On June 30, the check register balance is $391.04. The service charge is $4.10, and interest earned is $1.23. Check #124 for $9.53 was not entered, and a debit purchase for $15.75 was incorrectly entered as $17.55. A deposit for $81.70 was not entered. Question 1 What is the total amount that should be deducted from the checkbook register balance? Answers A. $129.86 B. $31.18 C. $29.38 D. $19.85 Question 2 What is the corrected checkbook balance? Answers A. $465.14 B. $481.20 C. $462.14 D. $261.18 Question 3 On April 1, your checkbook balance is $442.22, and the bank statement balance is $542.33. The service charge is $2.80, and interest earned is $1.57. Outstanding are check #131 for $53.34 and debit purchases of $18.92 and $29.08. What is your available bank balance? Answers A. $440.99 B. $442.22 C. $437.85 D. $443.45Accompanying a bank statement for Marsh Land Properties is a credit memo for payment on a $15,000 1-year note receivable and $900 of interest collected by the bank. Marsh Land Properties had been notified by the bank at the time of collection, but had made no entries. Journalize the entry that should be made by Marsh Land to bring the accounting records up to date. If an amount box does not require an entry, leave it blank.The following data represents information necessary to assist in preparing the July 31, 2019 bank reconciliation for Domore Company. On July 31, the bank balance was $5,353. The bank statement indicated a deduction of $20 for all bank service charges. A customer deposited $1,210 directly into the bank account to settle an outstanding accounts receivable bill. Cheque #566 for $800 and cheque #573 for $560 have been recorded in the company ledger but did not appear on the bank statement. A customer paid an amount of $4,570 to Domore Company on July 31 but the deposit did not appear on the bank statement. The accounting clerk made an error and recorded a $150 cheque as $1,500. The cheque was written to pay an outstanding accounts payable account. Cheque #8603 for $170 was deducted from Domore Company's account by the bank. This cheque was not written by Domore Company and needs to be reversed by the bank. The bank included an NSF cheque in the amount of $490 relating to a…