Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer all 5 questions and i will give a thumbs up, i appreciate the help! If a firm's bank reconciliation statement shows a bank

please answer all 5 questions and i will give a thumbs up, i appreciate the help! image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
If a firm's bank reconciliation statement shows a bank statement balance of $13,200, total deposits in transit of $1,400, and total outstanding checks of $980, the adjusted bank balance is Multiple Choice O $10,820 O $12780 O $13.620 O $15.580 To amve at an accurate balance on a bank reconciliation statement, an error made by the bank in which the bank recorded the collection of a note and interest on behalf of another firm to the balance of the company's bank account should be Multiple Choice added to the bank statement balance deducted from the book balance. O deducted from the bank statement balance added to the book balance. part 1 MC Saved Help Save & Exit Submit Which of the following cash discounts is being offered if the credit terms are 3/10, n/60? Multiple Choice 3% O 10% O 30% O 60% On October 1, Jerry's Lighting purchased merchandise with a list price of $8.700 with credit terms of 2/15, n.45. On October 3. Jerry's returns 51700 of the merchandise. Assuming a periodic inventory system is used and derty's pays the remaining amount owed on the purchase within the discount period, Jerry's Journal entry to record the payment would Include Multiple Choice a debit to Accounts Payable for $7,000 a debit to Accounts Receivable for $7.000 a debit to Purchases Discounts for S140 a debit to Merchandise Inventory for $40 Merchandise is sold for cash for $3,600 plus 4 percent sales tax. The journal entry to record the sale will include Multiple Choice a debit to Cash for $3.744, a credit to Sales Tax Payable for S144 and a credit to Soles for $3,600 a debt to Accounts Receivable for $3,744 and a credit to Sales for $3,744 o debit to Cash for $3,600 and a credit to Sales for $3,600 debt to Accounts Receivable for $3,600, a deba to Sales Tax Payable for $144 and a credit to Sales for $3744

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sound Investing, Chapter 11 - Crafty Comprehensive Income

Authors: Kate Mooney

1st Edition

0071719334, 9780071719339

More Books

Students also viewed these Accounting questions

Question

2. Avoid controlling language, should, must, have to.

Answered: 1 week ago

Question

b. Did you suppress any of your anger? Explain.

Answered: 1 week ago