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on october 31, 2021, the bank statement for the checking account of blockwood video shows a balance of $12,856, while the company’s records show a balance of $12,301. information that might be useful in preparing a bank reconciliation is as follows: outstanding checks are $1,200. the october 31 cash receipts of $755 are not deposited in the bank until november 2. one check written in payment of utilities for $131 is correctly recorded by the bank but is recorded by blockwood as a disbursement of $311. in accordance with prior authorization, the bank withdraws $544 directly from the checking account as payment on a note payable. the interest portion of that payment is $44 and the principal portion is $500. blockwood has not recorded the direct withdrawal. bank service fees of $18 are listed on the bank statement. a deposit of $561 is recorded by the bank on october 13, but it did not belong to blockwood. the deposit should have been made to the checking account of hollybuster video, a separate company. the bank statement includes a charge of $69 for an nsf check. the check is returned with the bank statement, and the company will seek payment from the customer.
record the necessary cash adjustments. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)
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Business, 21.06.2019 22:50
He taylor company sells music systems. each music system costs the company $100 and will be sold to the public for $250. in year one, the company sells 100 gift cards to customers for $250 each ($25,000 in total). these cards are valid for just one year, and company officials expect them to all be redeemed. in year two, only 96 of the cards are returned. what amount of net income does the company report for year two in connection with these cards? a. $15,000b. $15,400c. $15,500d. $15,800
Answers: 1
Business, 22.06.2019 02:50
Acompany set up a petty cash fund with $800. the disbursements are as follows: office supplies $300 shipping $50 postage $30 delivery expense $350 to create the fund, which account should be credited? a. postage b. cash at bank c. supplies d. petty cash
Answers: 2
Business, 22.06.2019 05:00
What is free trade? a. trade that is not subject to taxes or fees b. trade that governments do not interfere with c. trade with a high level of government regulation d. trade between states in the u.s. b
Answers: 1
Business, 22.06.2019 07:20
Richardson hired j.c. flood company, a plumbing contractor, to correct a stoppage in the sewer line of her house. the plumbing company's 'snake' device, used to clear the line leading to the main sewer, became caught in the underground line. to release it, the company excavated a portion of the sewer line in richardson's backyard. in the process, the company discovered numerous leaks in a rusty, defective water pipe that ran parallel with the sewer line. to meet public regulations, the water pipe, of a type no longer approved for such service, had to be replaced either then or later, when the yard would have to be excavated again. the plumbing company proceeded to repair the water pipe. though richardson inspected the company's work daily and did not express any objection to the extra work involved in replacing the water pipe, she refused to pay any part of the total bill after the company completed the entire operation. j.c. flood company then sued richardson for the costs of labor and material it had furnished. (c) for what, if anything, should richardson be liable? explain."
Answers: 1
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