Question 9 Once a month, a client processes all of the customer direct debit payments in...
Question 9
Once a month, a client processes all of the customer direct debit payments in one batch. A customer’s payment has been returned stating that the customer’s account has been closed.
What is the first thing that needs to be done to record this transaction?
- Create an expense transaction, allocate to bank fees and then to the client as a billable expense.
- Create a service item called bounced checks.
- Create a journal entry to credit the bank account and debit the Accounts Receivable account.
- Create an invoice to the customer, and allocate the amount directly to the bank account in the account details.
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Homework Answers
The answer is create an invoice to the customer and allocate the amount directly to the bank account in the account details. By way of doing this, Bank account gets debited and Sales gets credited and recorded.
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Question 9
Once a month, a client processes all of the customer direct
debit payments in...
On October 31, 2021, the bank statement for the checking account of Blockwood Video shows a balance of $12,742, while t...
On October 31, 2021, the bank statement for the checking account of Blockwood Video shows a balance of $12,742, while the company's records show a balance of $12,336. Information that might be useful in preparing a bank reconciliation is as follows: a. Outstanding checks are $1,235. b. The October 31 cash receipts of $790 are not deposited in the bank until November 2. C. One check written in payment of utilities for $138 is correctly recorded by the bank but...
Required information [The following information applies to the questions displayed below.) On October 31, 2021, the...
Required information [The following information applies to the questions displayed below.) On October 31, 2021, the bank statement for the checking account of Blockwood Video shows a balance of $12,864, while the company's records show a balance of $12,346. Information that might be useful in preparing a bank reconciliation is as follows: a. Outstanding checks are $1,245. b. The October 31 cash receipts of $800 are not deposited in the bank until November 2. c. One check written in payment...
23-18 (OBJECTIVE 23-3) The Cairo Wheat Supply Company, a client of yours, informs you that they...
23-18 (OBJECTIVE 23-3) The Cairo Wheat Supply Company, a client of yours, informs you that they recently lost several employees in their accounting department. They are strug- gling to prepare for their yearly audit, so they have asked you to assist with their bank reconciliation for the year ended December 31, 2010. You obtain the following financial information from the company: General Ledger Bank Statement Beginning balance 12/1/10 $ 8,178 $ 10,123 Deposits 30,012 Cash receipts journal 32,156 Checks cleared...
Required information The following information applies to the questions displayed below) On October 31, 2021, the...
Required information The following information applies to the questions displayed below) On October 31, 2021, the bank statement for the checking account of Blockwood Video shows a balance of $12,985, while the company's records show a balance of $12,366. Information that might be useful in preparing a bank reconciliation is as follows a. Outstanding checks are $1,265. b. The October 31 cash receipts of $820 are not deposited in the bank until November 2 c. One check written in payment...
do not answer question 4 please do quetion 5 instead 4. After all adjustments have been...
do
not answer question 4 please
do quetion 5 instead
4. After all adjustments have been made, but before the accounts have been closed, the following balances were taken from the ledger: $ 40,000 54,500 Accounts payable Accounts receivable Accumulated depreciation Capital stock Cash Depreciation expense 83,325 50,000 7,150 23,500 Insurance expense Prepaid insurance Rent expense Retained earnings Salaries expense Salaries payable Service revenue $8,600 5,275 21,400 50,950 66,000 150 151,000 Dividends Equipment 28,000 155,000 Supplies Supplies expense 2,500 3,500...
Question 1 (20 marks) Determine if a debit, credit, or nil entry would be made to...
Question 1 (20 marks) Determine if a debit, credit, or nil entry would be made to the balance sheet: Increase Accounts Receivable Increase Accounts Payable Decrease Mortgage Payable Increase Office Supplies Decrease Owner’s Capital Increase Cash Decrease Office Furniture Increase Owner’s Withdrawals Decrease Unearned Revenue Increase Revenue Determine if the normal balance is a debit or a credit: Service Revenue Unearned Revenue Cash Accounts Receivable Bank Loan Advertising Expense Note Payable Rent Expense Owner’s Capital Undeveloped Land Question 2 (10...
The bank statement for the checking account of Management Systems Inc. (MSI) showed a December 31,...
The bank statement for the checking account of Management Systems Inc. (MSI) showed a December 31, 2021, balance of $15,333.87. Information that might be useful in preparing a bank reconciliation is as follows: a. Outstanding checks were $1,391.30. b. The December 31, 2021, cash receipts of $610 were not deposited in the bank until January 2, 2022 c. One check written in payment of rent for $253 was correctly recorded by the bank but was recorded by MSI as a...
INSTRUCTIONS: QUESTION 5 The cash account for American Medical Co, at April 30 indicated a balance...
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Bank reconciliation and entries Amount Descriptions Instructions Chart of Accounts Bank Reconciliation Journal Final Question Instructions...
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Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. During the month, Jones Architects...
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On October 31, 2021, the bank statement for the checking account of Blockwood Video shows a balance of $12,742, while the company's records show a balance of $12,336. Information that might be useful in preparing a bank reconciliation is as follows: a. Outstanding checks are $1,235. b. The October 31 cash receipts of $790 are not deposited in the bank until November 2. C. One check written in payment of utilities for $138 is correctly recorded by the bank but...
Required information [The following information applies to the questions displayed below.) On October 31, 2021, the bank statement for the checking account of Blockwood Video shows a balance of $12,864, while the company's records show a balance of $12,346. Information that might be useful in preparing a bank reconciliation is as follows: a. Outstanding checks are $1,245. b. The October 31 cash receipts of $800 are not deposited in the bank until November 2. c. One check written in payment...
23-18 (OBJECTIVE 23-3) The Cairo Wheat Supply Company, a client of yours, informs you that they recently lost several employees in their accounting department. They are strug- gling to prepare for their yearly audit, so they have asked you to assist with their bank reconciliation for the year ended December 31, 2010. You obtain the following financial information from the company: General Ledger Bank Statement Beginning balance 12/1/10 $ 8,178 $ 10,123 Deposits 30,012 Cash receipts journal 32,156 Checks cleared...
Required information The following information applies to the questions displayed below) On October 31, 2021, the bank statement for the checking account of Blockwood Video shows a balance of $12,985, while the company's records show a balance of $12,366. Information that might be useful in preparing a bank reconciliation is as follows a. Outstanding checks are $1,265. b. The October 31 cash receipts of $820 are not deposited in the bank until November 2 c. One check written in payment...
do
not answer question 4 please
do quetion 5 instead
4. After all adjustments have been made, but before the accounts have been closed, the following balances were taken from the ledger: $ 40,000 54,500 Accounts payable Accounts receivable Accumulated depreciation Capital stock Cash Depreciation expense 83,325 50,000 7,150 23,500 Insurance expense Prepaid insurance Rent expense Retained earnings Salaries expense Salaries payable Service revenue $8,600 5,275 21,400 50,950 66,000 150 151,000 Dividends Equipment 28,000 155,000 Supplies Supplies expense 2,500 3,500...
The bank statement for the checking account of Management Systems Inc. (MSI) showed a December 31, 2021, balance of $15,333.87. Information that might be useful in preparing a bank reconciliation is as follows: a. Outstanding checks were $1,391.30. b. The December 31, 2021, cash receipts of $610 were not deposited in the bank until January 2, 2022 c. One check written in payment of rent for $253 was correctly recorded by the bank but was recorded by MSI as a...
INSTRUCTIONS: QUESTION 5 The cash account for American Medical Co, at April 30 indicated a balance of $334,985. The bank statement indicated a balance of $388,600 on April 30. Comparing the bank statement and the accompanying canceled checks and memos with the records revealed the following reconciling items: A. Checks outstanding totaled $61,280. B. A deposit of $42,500, representing receipts of April 30, had been made too late to appear on the bank statement. C. The bank collected $42.000 on...
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Ken Jones, an architect, organized Jones Architects on April 1, 20Y2. During the month, Jones Architects completed the following transactions: a. Transferred cash from a personal bank account to an account to be used for the business in exchange for Common Stock, $39,200. b. Purchased used automobile for $25,000, paying $5,900 cash and giving a note payable for the remainder. c. Paid April rent for office and workroom, $3,900. d. Paid cash for supplies, $1,880. e. Purchased office and computer...
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