FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The collection of an account in the amount of $20,000 was recorded and posted in the books as a debit to cash and credit to

image text in transcribed

The collection of an account in the amount of $20,000 was recorded and posted in the books as a debit to cash and credit to Sales by 2,000. At what amount should Cash be corrected? (The entry to correct the accounts serves as the solution for this problem)

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_2

Step: 3

blur-text-image_3

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

Intermediate Microeconomics And Its Application

Intermediate Microeconomics And Its Application

Authors: Walter Nicholson, Christopher M. Snyder

13th Edition

0357133064, 978-0357133064

More Books

Students also viewed these Accounting questions

Question

★★★★★
Describe some ways that an employer might adjust to an increase in the minimum wage

Answered: 1 week ago

Question

★★★★★
The Gourmand Cooking School runs short cooking courses at its small campus. Management has identified two cost drivers it uses in its budgeting and performance reports - the number of courses and the...

Answered: 1 week ago

Question

★★★★★
What does it mean when the ????-ratio indicates there is insufficient evidence to reject ????0 ????1 = 0?

Answered: 1 week ago

Question

★★★★★
A CPAs audit working papers contain a narrative description of a segment of the Croyden Factory, Inc., payroll system and an accompanying flowchart as follows: The internal control system with...

Answered: 1 week ago

Question

★★★★★
Max - Heapify ( 3 points ) : Illustrate the operation of MAX - HEAPIFY ( A , 3 ) on the array A = ( 6 , 8 , 1 0 , 9 , 7 , 5 , 4 , 1 3 , 2 3 , 1 , 5 , 7 , 1 2 , 4 ) Write your steps, and count the...

Answered: 1 week ago

Question

★★★★★
Is the globalization trend going to aide or hinder Dow's sustainability goals and objectives? What about the merger and restructuring that is ongoing?...

Answered: 1 week ago

Question

★★★★★
On 5 January, the day of her successful grand opening of Hair Affair Pty Ltd, Kate Brown collected \($2280\) in cash for hair styling services, and paid \($400\) in wages and \($92\) for rent. Kate...

Answered: 1 week ago

Question

★★★★★
For the four unrelated situations, A-D, calculate the unknown amounts indicated by the letters appearing in each column: A B Beginning Assets... Liabilities. $28,000 $12,000 $28,000 $ (d) 18,600...

Answered: 1 week ago

Question

★★★★★
The following items could appear on a bank reconciliation: a. Outstanding checks b. Deposits in transit c. NSF check d. Bank collection of our note receivable e. Interest earned on bank balance f....

Answered: 1 week ago

Question

★★★★★
Draw a line graph for each data set in Problems 36-39. Data set D Data set A: The annual wages of employees at a small accounting firm are given in thousands of dollars. 25 16 25 25 14 18 1 2 2 2...

Answered: 1 week ago

Question

★★★★★
A 20% ethylene glycol solution is flowing through a 4-nom sch 80 commercial steel pipe. The pipe is 350 ft long and is horizontal. The pressure drop through the pipe is 4 psi. The ethylene glycol is...

Answered: 1 week ago

Question

★★★★★
a. Employee-of-the-month awards for highest sales. (A special plaque would be used to recognize each monthly winner.)

Answered: 1 week ago

Question

★★★★★
2. Organizations are continually searching for ways to reward various employee behaviors. Pretend you are currently working at an upscale retail clothing store and the manager asks you to help her...

Answered: 1 week ago

Question

★★★★★
Describe the major barriers to the use of positive reinforcement.

Answered: 1 week ago

Previous Question Next Question