Concept explainers
(a)
To prepare: Bank reconciliation of Company PM as at June 30, 20Y1
(b)
Debit and credit rules:
- Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in
stockholders’ equity accounts. - Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.
To journalize: The transaction that arise from bank reconciliation statement
(c)
The amount of cash to be reported on the balance sheet of Company PM
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Chapter 7 Solutions
Cengagenowv2, 1 Term Printed Access Card For Warren/jones’ Corporate Financial Accounting, 15th
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