Answered step by step
Verified Expert Solution
Question
1 Approved Answer
76) A customer's check for $1,280 was returned for nonsufficient funds. Which of the following journal entries is needed to adjust for the NSF check?
76) A customer's check for $1,280 was returned for nonsufficient funds. Which of the following journal entries is needed to adjust for the NSF check? Accounts receivable Cash 1,2 B) Cash Sales revenue NSF check Cash Accounts payable Cash 77) The following information is needed to reconcile the cash balance for Fire Steel Inc. . A deposit of $5,800 is in transit. Outstanding checks total $1,500. The book balance is $6,800 at February 28, 2013. * The bookkeeper recorded a $1,740 check as $17,400 in payment of the current month's rent. The bank balance at February 28, 2013 was $18,000. . A deposit of $400 was credited by the bank for $4,000. A customer's check for $3,700 was returned for nonsufficient funds. The bank service charge is $60. What was the adjusted bank balance? A) $18,720 B) $18,700 C) $18,820 D) $18,060 78) Evans Company had the following balances and transactions during 2014 eginning Merchandise Inventory arch 10 une 10 10 units at $70 Sold 8 units Purchased 20 units at $80 ober 30 ld 15 units What is the amount of the company's Merchandise Inventory, as disclosed in the December 31, balance sheet as per the periodic last-in, first-out (LIFO) costing method? 23
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started