In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following...
In the process of reconciling its bank statement for January,
Maxi's Clothing's accountant compiles the following
information:
| Cash balance per company books on January 30 | $ | 5,325 |
| Deposits in transit at month-end | $ | 1,920 |
| Outstanding checks at month-end | $ | 580 |
| Bank service charges | $ | 31 |
| EFT automatically deducted monthly, not yet recorded by Maxi | $ | 500 |
| An NSF check returned on a customer account | $ | 325 |
The adjusted cash balance per the books on January 31 is:
Homework Answers
Solution:
Adjusted cash balance = cash balance per books -bank service charges - EFT automatically deducted - NSF Check
= $5325 - $31 -$500 -$325
= $4,469
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In the process of reconciling its bank statement for January,
Maxi's Clothing's accountant compiles the following...
In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following...
In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following information: Cash balance per company books on January 30 Deposits in transit at month-end Outstanding checks at month-end Bank service charges EFT automatically deducted monthly, not yet recorded by Maxi An NSF check returned on a customer account $6,325 $2,120 $ 680 $ 41 $ 700 $ 425 The adjusted cash balance per the books on January 31 is: Multiple Choice 0 $7.279 0...
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In the process of reconciling its bank statement for January, Maxi's Clothing's accountant compiles the following information: Cash balance per company books on January 30 Deposits in transit at month-end Outstanding checks at month-end Bank service charges EFT automatically deducted monthly, not yet recorded by Maxi An NSF check returned on a customer account $6,325 $2,120 $ 680 $ 41 $ 700 $ 425 The adjusted cash balance per the books on January 31 is: Multiple Choice 0 $7.279 0...
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A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: Accounts receivable Allowance for uncollectible accounts Net Sales $362,000 debit 570 debit 807,000 credit All sales are made on credit. Based on past experience, the company estimates that 0.3% of net credit sales are uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry...
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