HW#6 - 7500 Bank Error 4000 Interest Revenue 40 Deposit In...

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I. Upside Inc. Transactions 1. A. Accounts Receivable +A 20,000 Sales Revenue +R, +SE 20,000 B. 2,000 Accounts Receivable –A 2,000 C. Cash +A (0.97 x 18,000) 17,460 Sales Discount +XR, -R, -SE 540 Accounts Receivable –A 18,000 D. Allowance for Doubtful Accounts –XA, +A 3,000 Accounts Receivable –A 3,000 E. Bad Debt Expense +E, -SE 8,000 Allowance for Doubtful Accounts +XA, - A 8,000 2. A/R Net Realizable Value Net Sales Net Income A. + + + B. - - - C. - NE - D. - NE NE E. NE NE - II. Bank Reconciliation Homework Question Balance Per Books 3/31 $24,280 Balance Per Bank 3/31 $29,870 Add Add Funds Received by Bank
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Unformatted text preview: 7500 Bank Error 4000 Interest Revenue 40 Deposit In Transit 3500 Error in Recording Check 270 Bank Rent Revenue 2000 Deduct Deduct NSF Check 2500 Outstanding Checks 5800 Service Charge 20 Reconciled Book Balance $31,570 Reconciled Bank Balance $31,570 Book Entries Debit Credit Cash +A 9810 Note Receivable A 7500 Interest Revenue +R, +SE 40 Account Payable +L 270 Rent Revenue +R, +SE 2000 Debit Credit Accounts Receivable +A 2500 Bank Service Expense +E, -SE 20 Cash -A 2520 Ending Book Balance $31,570...
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This note was uploaded on 10/04/2011 for the course ACC 201 taught by Professor Bokmier during the Fall '10 term at Michigan State University.

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HW#6 - 7500 Bank Error 4000 Interest Revenue 40 Deposit In...

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