Entry Required" in the first account field.)View transaction listJournal entry worksheet1>Record the amounts that increase cash.Note: Enter debits before credits.DateGeneral JournalDebitCreditOctober 31,2021CashRecord entryClear entryView general journal On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8,433. The company's cash receiptsfor the month total $74,560, of which $71,355 has been deposited in the bank. In addition, the company has written checks for$72,503, of which $71,198 has been processed by the bank.The bank statement reveals an ending balance of $12,603 and includes the following items not yet recorded by Damon: bank servicefees of $270, note receivable collected by the bank of $6,200, and interest earned on the account balance plus from the note of$920. After closer inspection, Damon realizes that the bank incorrectly charged the company's account $780 for an automaticwithdrawal that should have been charged to another customer's account. The bank agrees to the error.

Name: Entry Required" in the first account field.)View transaction listJour
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Entry Required" in the first account field.)View transaction listJournal entry worksheet1>Record the amounts that increase cash.Note: Enter debits before credits.DateGeneral JournalDebitCreditOctober 31,2021CashRecord entryClear entryView general jo

Bank Reconciliation Statement: Bank statement is prepared by bank. The company maintains its own…

Answered: Record the amounts that increase cash.

Business

Accounting

Record the amounts that increase cash.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 21MC: You just posted a debit to ABC Co. in the accounts receivable subsidiary ledger. Which special...

See similar textbooks

Similar questions

Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. Note: Any available cash discount is taken only on the sale price before taxes. Aug. 1 Purchased $2,100 of merchandise for cash. 2 Purchased $6,900 of merchandise; terms 3/10, n/30. 5 Sold merchandise costing $3,700 for $5,300; terms 2/10, n/30. 12 Paid for the merchandise purchased on August 2. 15 Collected the amount owing from the customer of August 5. 17 Purchased $6,100 of merchandise; terms n/15. 19 Recorded $7,100 of cash sales (cost of sales $5,900). View transaction list Journal entry worksheet 6 7 8 > 1 2 3 4 Record the cash purchase. Note: Enter debits before credits.
Prepare the four closing entries for the following adjusted trial balance, using the journal on the next page. Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking revenue Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense Debit $ 8,000 17,500 3,000 172,000 85,000 20,000 23,500 61,000 8,000 12,000 Credit $ 36,000 12,000 4,000 58,000 30,000 140,000 130,000
The income statement and a schedule reconciling cash flows from operating activities to net income are provided below for Mike Roe Computers. MIKE ROE COMPUTERS Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales $150.20 (90.10) Cost of goods sold Gross margin Salaries expense 60.10 $20.20 Insurance expense 12.20 Depreciation expense Interest expense 5.10 6.10 (43.60) Gains and losses: Gain on sale of equipment 12.20 Loss on sale of land (3.20) Income before tax 25.50 Income tax expense (12.75) $ 12.75 Net income Reconciliation of Net Income to Net Cash Flows from Operating Activities ($ in millions) Net income $ 12.75 Adjustments for noncash effects: Decrease in accounts receivable 5.10 Gain on sale of equipment Increase in inventory (12.20) (6.10) Increase in accounts payable Increase in salaries payable Depreciation expense 9.10 3.10 5.10 Decrease in bond discount 3.05 Decrease in prepaid insurance 2.10 Loss on sale of land 3.20 Increase in income tax payable…
On August 1, 2018, Trico Technologies, an aeronautic electronics company, borrows $19.7 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 9% promissory note. Interest is payable at maturity. FirstBanc Corp's year-end is December 31. Required: 1., 2.& 3. Record the necessary entries in the Journal Entry Worksheet below for FirstBanc Corp. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet 2 3 Record the acceptance of note. Note: Enter debits before credits. Date General Journal Debit Credit August 01, 2018 Record entry Clear entry View general journal
On October 31, 2021, Damon Company's general ledger shows a checking account balance of $8,439. The company's cash receipts for the month total $74,600, of which $71,365 has been deposited in the bank. In addition, the company has written checks for $72,509, of which $71,234 has been processed by the bank. The bank statement reveals an ending balance of $12,749 and includes the following items not yet recorded by Damon: bank service fees of $290, note receivable collected by the bank of $6,400, and interest earned on the account balance plus from the note of $1,020. After closer inspection, Damon realizes that the bank incorrectly charged the company's account $860 for an automatic withdrawal that should have been charged to another customer's account. The bank agrees to the error. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on October 31, 2021. (Amounts to be deducted should be indicated with a minus sign.) DAMON COMPANY Bank…
Date Account Titles eTextbook and Media Debit Credit
Account Titles and Explanation (To record sales on account) (To record collection of accounts receivable) Debit Credit 100
Magical Manufacturing Company purchased land, a building, and some vehicles on January 7, 2021, for $520,000 cash. The land was appraised at $75,000, the building at $330,000, and the vehicles at $95,000. REQUIRED: Allocate purchase price (show your work) and prepare the journal entry to record the transaction. *** Paragraph V BIU A 58°
You just posted a debit to ABC Co. in the accounts receivable subsidiary ledger. Which special journal did it come from? A. sales journal B. cash receipts journal C. purchases journal D. cash disbursements journal E. general journal
A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which special journal?
Indicate how changes in the following types of accounts would be recorded (Dr for debit; Cr for credit). Table 3.18
Indicate how changes in these types of accounts would be recorded (Dr for debit; Cr for credit). Table 3.23