Subtraction from the book balance

Assignment Help Accounting Basics

Reference no: EM13763106

1. Classify the following items as (a) an addition to the bank balance, (b) a subtraction from the bank balance, (c) an addition to the book balance, or (d) a subtraction from the book balance:

_____ $20 in service charges

_____ A $300 check deposited that was returned NSF

_____ An outstanding check that you wrote for $2,000

_____ A deposit in transit of $5,500

_____ Bank Error: the bank credited your account for a deposit made by another customer

2. During 2013, Jimmy Enterprises completed the following transactions:

a. Sales revenue on account, $550,000.

b. Collections on account, $325,000

c. Write-offs of uncollectibles, $13,000

d. Uncollectible account expense, 5% of sales revenue

Required:

1. Prepare the journal entries for the above transactions.

Reference no: EM13763106

Questions Cloud

Reaction to the terms capitalism and socialism : What is your emotional reaction to the terms capitalism and socialism? Explain why you feel the way you do.

Write a working definition of term at-risk in your own words : Write a working definition of the term at-risk in your own words. Review the Week One Instructor Guidance for what constitutes a working definition.

Program solves the n-queens problem : you will write a program that solves the N-Queens problem by the backtracking method. The pseudocode for the solution is on the last page. Your program should run in standard Java, either as an application or an applet.

Common pattern or stages involved in corporate violence : Identify and discuss the most common pattern or stages involved in corporate violence.

Subtraction from the book balance : Classify the following items as (a) an addition to the bank balance, (b) a subtraction from the bank balance, (c) an addition to the book balance, or (d) a subtraction from the book balance:

Create a new animal that flys with a jetpack : Create a new animal that flys with a jetpack. This will require a new fly behavior and a new class. This new animal eats kale.

Return on stockholders equity : What is its return on stockholders' equity?

Factors of production and economic activities : In a command or planned economy, the government, not the market, regulates the factors of production and economic activities considered essential to the function of the economy.

Identify the degree and cardinalities of the relationship : A piano manufacturer wants to track all pianos it makes. Each piano has a unique serial number and a manufacturing completion date. Each instrument represents exactly one piano model, all of which have an identification number and model.

User Account

All Pages