What are two methods of remedying

Assignment Help Accounting Basics
Reference no: EM132607051

A client has added a deposit through Bank Feeds and posted it to income rather than receiving payment on the applicable invoices. They have completed the bank reconciliation for the month.

Question 1: What are 2 methods of remedying this without undoing the bank reconciliation?

a. Create a Receive Payment and post it to the bank account; delete the incorrectly recorded deposit

b. Create a Receive Payment, go back to the incorrectly recorded deposit and add the payment received, delete the line posting to income

c. Create a Credit Memo against a product/service item that posts to the bank account; apply it against the outstanding invoice(s)

d. Go back to the incorrectly recorded deposit, change the posting account from income to Accounts Receivable, and apply the deposit to the applicable invoice(s)

Reference no: EM132607051

Questions Cloud

What can creditors and other users glean from an analysis : Referencing this week's readings and lecture, describe the following terms as they relate to the statement of cash flows: cash, operating activities.
What pressures did george have to commit the fraud : How did the fact that George was such a trusted employee give him the opportunity to commit the fraud? What pressures did George have to commit the fraud?
Action-observation-reflection model : Leadership styles and practices have evolved over the last century in response to changing work environments and employee needs.
Question - Is it a debt waiver fringe benefit : Question - Is it a debt waiver fringe benefit? Mary owes $5,000 to her company. Her company decided to waive $1,000 debts
What are two methods of remedying : A client has added a deposit through Bank Feeds and posted, What are 2 methods of remedying this without undoing the bank reconciliation?
Explaining the purpose of a cash flow statement : In a two- to three-page paper (not including the title and reference pages), explain the purpose of a cash flow statement and how it reflects the firm's.
Determine what amount of maintenance services total cost is : Determine What amount of Maintenance Services total cost is allocated to the Packaging Department? (round to closest whole dollar)
What types of information about business would bankers want : What types of information about a business would bankers want before extending a loan? What types of information would owners not be willing to provide
Analyse the changing business strategies of japanese : Read the case carefully and give the answer to the below question. Answer should be from case.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What will be the balance in the allowance

If the company estimates that 9% of its outstanding receivables will be uncollectible, what will be the balance in the allowance for doubtful accounts

  SHR053-6 Personal and Professional Development Assignment

SHR053-6 Personal and Professional Development Assignment Help and Solution, Majan University College - Assessment Writing Service

  Prepare a multiple-step income statement

Prepare a multiple-step income statement showing expenses by function. Assume that 100,000 common shares were outstanding during the year

  Compute the labor rate and efficiency variances for month

Huron Company produces a commercial cleaning compound known as Zoom. Compute the labor rate and efficiency variances for the month

  Prepare a comprehensive business memo

In Question 2, prepare a comprehensive business memo addressing each decision and your recommendation. The memo should be properly formatted as a business memo.

  If fixed costs are 240000 the unit selling price is 36 and

1it would be acceptable to have the selling price of a product just above the variable costs and expenses of making and

  Problem related to gross profit

Gomez Company had a gross profit of $360,000, total purchases of $420,000, and an ending inventory of $240,000 in its first year of operations as a retailer. Gomez's sales in its first year must have been:

  Compute the income allocation for the current month

Doctors Maben, Orlando, and Clark have been in a group practice for several years. Maben and Orlando are family practice physicians, and Clark is a general.

  Pursco is a domestic corporation that distributes

pursco is a domestic corporation that distributes scientific equipment worldwide. during the current year pursco had

  Analyze one researched accounting position

Analyze one researched accounting position, and explain the essential skills that would make a candidate successful in the position.

  Calculate the discounted selling price

Pete's Wheels n' Spokes has a rate of markup on cost of 25% on a model of bikes. Calculate the discounted selling price

  Calculate the minimum level of return required by investor

What is the position value today? Calculate the minimum level of return required by the investor if he can tolerate 20% risk.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd