Solution-Journalize the entry that should be made by the

Journalize the entry that should be made by the company

Reference no: EM132681376

Problem - Entries for note collected by bank

Accompanying a bank statement for O'Fallon Company is a credit memo for $21,200, representing the principal ($20,000) and interest ($1,200) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection, but had made no entries. Journalize the entry that should be made by the company to bring the accounting records up to date.

Reference no: EM132681376

Questions Cloud

Problem - Variation in Cash Flows : Problem - Variation in Cash Flows - Explain why Mattel reported negative net cash flows from operating activities during the first two quarters

Best practices on testing new technologies : Search the internet for best practices on testing new technologies (focus on ensuring that the technology works as it is needed).

Determine the amount of cash receipts stolen by sales clerk : Cash according to the April 30, 2012, bank statement 20,500. Determine the amount of cash receipts stolen by the sales clerk

Concerned about on your home network : What are the threats that you need to be concerned about on your home network? What are the vulnerabilities for each of your devices on your home network?

Journalize the entry that should be made by the company : Accompanying a bank statement for O'Fallon Company is a credit memo for $21,200, Journalize the entry that should be made by the company

What amount should be reported for cash : Checks outstanding, $3,180. If the balance sheet were prepared for Maplewood Co. on July 31, what amount should be reported for cash

Why is it important to learn how to use the microscope : Why is it important to learn how to use the microscope? What does it allow you to learn and see?

Firewall rules can hinder the performance of network : Using a firewall rules can hinder the performance of a network, what are some way to stop that from happening?

Common business problems addressed by big data analytics : What are the common business problems addressed by Big Data analytics? In the era of Big Data, are we about to witness the end of data warehousing?

User Account

All Pages

Journalize the entry that should be made by the company

Reference no: EM132681376

Reference no: EM132681376

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT