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

Question

1 Approved Answer

While completing a bank reconciliation, ABC Company noticed that a $500 deposit on the bank statement had been recorded in the accounting records as a

While completing a bank reconciliation, ABC Company noticed that a $500 deposit on the bank statement had been recorded in the accounting records as a $50 receipt of cash from a customer. Which one of the following journal entries could be used to correct this error?
image text in transcribed
While completing a bank reconciliation, ABC Company noticed that a $500 deposit on the bank statement had been recorded in the accounting records as a $50 receipt of cash from a customer. Which one of the following journal entries could be used to correct this error

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

Sampling Theory In The Auditing Of Nuclear Materials Accountancy Statistical Modeling Of Accountancy And Audit

Sampling Theory In The Auditing Of Nuclear Materials Accountancy Statistical Modeling Of Accountancy And Audit

Authors: Dictus

1st Edition

3844365427, 978-3844365429

More Books

Students also viewed these Accounting questions

Question

★★★★★
Countywide Cable Services, Inc. is organized with three segments: Metro, Suburban, and Outlying. Data for these segments for the year just ended follow. In addition to the expenses listed above, the...

Answered: 1 week ago

Question

★★★★★
Consider community safety or defense, meaning freedom from crime and threats, to answer the following questions. a. What sort of good is community safety? b. If you lived in a place with no...

Answered: 1 week ago

Question

★★★★★
Describe the concept of networks from your own work experience. Were you central to the process? Can you label your role?

Answered: 1 week ago

Question

★★★★★
Love All is a fairly large manufacturing company located in the southern United States. The company manufactures tennis rackets, tennis balls, tennis clothing, and tennis shoes, all bearing the...

Answered: 1 week ago

Question

★★★★★
Your client has a risk aversion of A=3 when applied to return on wealth over a 1 year horizon. She is looking at two portfolios: The S\&P 500 with a Risk Premium of 8% and a standard Deviation of...

Answered: 1 week ago

Question

★★★★★
Interview question: How do ensure accuracy in your work? Especially if you are an accountant or finance analyst.

Answered: 1 week ago

Question

★★★★★
c). You want to write a simple model to understand some of the determinants of the likelihood of getting unemployed during an upcoming economic recession. Assume you have the following information...

Answered: 1 week ago

Question

★★★★★
In today's increasingly VUCA (Volatile, Uncertain, Complex and Ambiguous) world, it is important for firms to be able to quickly and accurately adapt to shifts in the marketplace or changes in...

Answered: 1 week ago

Question

★★★★★
Concept of Value Chain. The phrase "value chain" refers to all of the commercial activities and procedures that go into making a product or providing a service. A value chain can include all stages...

Answered: 1 week ago

Question

★★★★★
Calculate the following expressing all answers in lowest terms: 1. 777 = 2. 3 3-3 3. Find the first derivative: f(x) = 4x + 7 4. Find the first derivative: h(x) = 2 5. Find the first derivative: g(x)...

Answered: 1 week ago

Question

★★★★★
The average retirement age in America is 64 years old. Do small business owners retire at an older average age? The data below shows the results of a survey of small business owners who have recently...

Answered: 1 week ago

Question

★★★★★
Discuss consumer-driven health plans.

Answered: 1 week ago

Question

★★★★★
Evaluate the importance of a health navigator to healthcare consumers.

Answered: 1 week ago

Question

★★★★★
Examine the role of allied health professionals in the healthcare industry.

Answered: 1 week ago

Previous Question Next Question