Consider the following journal entry made by Jones Company. Upon investigation, what might you find happened...
Consider the following journal entry made by Jones Company. Upon investigation, what might you find happened to create this amount of Cash Over/Short account difference? Give three possible reasons for this difference.
|
Cash |
2,235.00 |
|
|
Cash Short and Over |
100.00 |
|
|
Sales |
2,135.00 |
Homework Answers
| Possible reasons are: |
| a) The beginning change fund in the drawer was not considered |
| b) A customer may have used a debit card and requested $100 cash back that was not given to the customer |
| c) A sale for the exact amount of $100 was not recorded into the sales of the cash register. However, this is a VERY improbable occurrence |
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THANK YOU FOR THE HELP!!!
Exercise 7-21 Presented below is information for Jones Company. 1. 2. 3. Beginning-of-the-year Accounts Receivable balance was $15,000. Net sales (all on account) for the year were $100,000. Jones does not offer cash discounts. Collections on accounts receivable during the year were $70,000. Jones is planning to factor some accounts receivable at the end of the year. Accounts totaling $25,000 will be transferred to Credit Factors, Inc. with recourse. Credit Factors will retain 5% of...
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write down the journal entry that the company ACTUALLY MADE
(shown on the right side of the attached sheet) for each
error.
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thank you!!
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Use the horizontal model, or write the journal entry, for each of the following transactions and...
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How would you calculate the journal entry for #13 and what
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THANK YOU FOR THE HELP!!!
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write down the journal entry that the company ACTUALLY MADE
(shown on the right side of the attached sheet) for each
error.
Write down the journal enrtry that the company SHOULD HAVE
made.
thank you!!
in the column headings in the table. Use the following symbols:0 = overstated, U = understated and NE no effect Total Revenue Total Expenses Net Income Total Assets Total Liabilities Error Owners' Equity a. Recorded a declared but unpaid dividend by debiting dividends and crediting...
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Use the horizontal model, or write the journal entry, for each
of the following transactions and adjustments that occurred during
the first year of operations at Kissick Co.
a. Issued 100,00 shared of $5-par-value common stock for
$500,000 in cash.
B. Borrowed $250,000 from Oglesby National Bank and signed a 12%
note due in three years.
C. Incurred and paid $190,000 in salaries for the year.
D. Purchased $320,000 of merchandise inventory on account during
the year.
E. Sold inventory...
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