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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:9. What double entry is required to close off the following bank account at the end of the
accounting period?
BANK
GHC
300 Purchases
200 Wages and Salaries
38,200 Drawings
GHC
Opening balance b/f
Sales
Receivables
12,000
18,500
1,000
300
Debit Side
Closing balance c/f GHC6,900.
Opening balance b/f GHC6,900
Closing balance c/f GHC7,200.
Opening balance b/f GHC7,200.
Credit Side
Opening balance b/f GHC6,900
Closing balance c/f GHC6,900
Opening balance b/f GHC7,200
Closing balance c/f GHC7,200
A.
C.
D.
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- Which of the following journal entries is recorded as a result of the bank reconciliation process to record a NSF check for $250? A. Cash 250 Accounts Receivable 250 B. Accounts Receivable 250 Petty Cash 250 C. Accounts Receivable 250 Cash 250 D. Cash 250 Accounts Payable 250arrow_forwardThe bank reconciliation shows the following adjustments: • Deposits in transit: $882 • Notes receivable collected by bank: $1,040; interest: $35 • Outstanding checks: $580 • Error by bank: $310 • Bank charges: $40 Prepare the correcting journal entries. If an amount box does not require an entry, leave it blank. Accounts Payable Accounts Receivable Bank Service Charges Cash Interest Income II II II IIarrow_forwardGet the Answer with Correct optionarrow_forward
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