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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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PQ 2.9
Mike Ackerman decided to open Mike’s Nail Spa. Mike completed the following transactions: a. Invested $17,000 cash from his personal bank account into the business.
b. Bought store equipment for cash, $3,900.
c. Bought additional store equipment on account, $6,100.
d. Paid $700 cash to partially reduce what was owed from transaction C.
Based on this information, record these transactions into the basic
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- Comprehensive Problem 3 Part 2: The following is a comprehensive problem which encompasses all of the elements learned in previous chapters. Yo refer to the objectives for each chapter covered as a review of the concepts. Note: You must complete part 1 before completing part 2. Based on the following data, prepare a bank reconciliation for December of the current year: a. Balance according to the bank statement at December 31, $283,000. b. Balance according to the ledger at December 31, $245,410. c. Checks outstanding at December 31, $68,540. d. Deposit in transit, not recorded by bank, $29,500. e. Bank debit memo for service charges, $750. f. A check for $12,700 in payment of an invoice was incorrectly recorded in the accounts as $12,000. Kornett Company Bank Reconciliation December 31, 20Y8 Adjusted balance Deduct: Adjusted balancearrow_forwardProvide Answer with calculationarrow_forwardX the column involved in the journal entry. Debit Cash Account 1 business You put $10,000 cash in your 2 next month. You sell a $5000 painting to Joey. The money's due You buy $300 supplies on account 3 from the paint store You pay $100 cash bonus to your helper so they can buy 4 turkey dinner. 8 5 delivered. 9 You owe Staples for $75 of copy paper you had 6 Joey paid his bill You pay off what you owe at the 7 paint store Amy puts $300 on your desk for a painting you'll do over New Years You pay Staples You buy a scanner 10 for $4000 cash Debit Accts Receivable Debit Accts Payable Credit Cash Credit Credit Accts Accts Receivable Payable harrow_forward
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