Required information [The following information applies to the questions displayed below.] At year-end December 31, Chan Company estimates its bad debts as 0.60% of its annual credit sales of $955,000. Chan records its bad debts expense for that estimate. On the following February 1, Chan decides that the $478 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off.

In the reconciliation of the June bank statement, a deposit made on June 30 did not appear on the June bank statement. How is this deposit in transit shown on the bank reconciliation? Multiple Choice O O Added to the unadjusted bank balance. Subtracted from the unadjusted bank balance. Added to the unadjusted book balance. Subtracted from the unadjusted book balance.

May you please help me determine which of the following statements are false?

7) Adjusting entries are made: A) For the differences between the bank statement cash balance and adjusted cash balance on the bank reconciliation. B) For the difference between the book (financial statement) cash balance and the adjusted cash balance on the bank reconciliation. C) Both A and B are true. D) Neither A, nor B, is true.

Which of the following statements is false?   a) An entry to write off an uncollectible account does not change the net realizable value of accounts receivable.   b)The issuer ofa note records a receivable on their books on the date the note is issued.   c)Using the allowance method of accounting for accounts receivables follows the matching concept.   d)Recording an accrued asset for interest increases stockholders' equity.

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A trial balance does not balance. The owner believes the following mistakes WOULD cause animbalance. Do you agree? (Answer TRUE or FALSE for each statement) A. The owner forgot to record a cash saleB. A credit sale was recorded as a debit to sales and a debit to trade receivablesC. When transferring the bank overdraft from the Cash T account it was entered on thedebit side of the trial balanceD. Rates expense of £500 was debited to rent expenses and credited to cashE. A payment to a supplier of £690 was entered to cash as £690 but to trade payables as£609