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Anika [276]
1 year ago
5

The bank statement reported an ending balance of $43,860 after deducting $660 in service charges and an addition of $13,500 for

a note collected by the bank on the Cherokee Company's behalf. The company books reported an ending balance of $29,070, and determined that deposits in transit equal $16,800 and outstanding checks equal $18,750.
What is the adjusted cash balance?
Select one:
A. $21,120
B. $41,910
C. $16,800
D. $35,910
Lakeside Company is holding a $18,000, 90-day, 6% note receivable, dated December 1, 2019. The journal entry to record accrued interest at the end of its fiscal year on December 31, 2019 will include a:
Select one:
A. Credit note receivable for $18,000
B. Credit interest income for $270
C. Debit to interest receivable for $90
D. Debit cash for $18,270
Business
1 answer:
Jet001 [13]1 year ago
7 0

Answer:

Question 1

B. $41,910

Question 2

C. Debit to interest receivable for $90

Explanation:

Question 1

Calculation for the adjusted cash balance

Using this formula

Adjusted cash balance = Cash balance per books +Deposits in transit - Outstanding checks

Let plug in the formula

Adjusted cash balance= $43,860+$16,800-$18,750

Adjusted cash balance= $41,910

Therefore Adjusted cash balance is $41,910

Question 2

Based on the information given The Appropriate journal entry to record accrued interest at the end of its fiscal year on December 31, 2019 will include a:

Debit to interest receivable for $90 which is calculated as:

Interest receivable=[(6%*$18,000*90days/360)/3]

Interest receivable=$270/3

Interest receivable=$90

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Harrison Industries began July with a finished-goods inventory of $48,000. The finished-goods inventory at the end of July was $
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Answer:

Option (D) is correct.

Explanation:

Given that,

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2 years ago
Patrick Rach International issued 5% bonds convertible into shares of the company's common stock. Rach applies U.S. GAAP. Upon i
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Answer:

The correct answer is letter "B": The proceeds of the bond issue entirely as debt.

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2 years ago
Jason purchased ABC stock at $40 per share and DEF stock at $35 per share on the same day in 2015. Exactly 6 months later, the A
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Answer:

C) ABC 5% and DEF 5.7%

Explanation:

Data provided in the question:

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