On a current bank reconciliation

Assignment Help Financial Accounting
Reference no: EM131205596

On a current bank reconciliation, an amount is required to be added with the bank statement balance because in the previous closed accounting period a correction entry was not done in the general ledger (check was created in a different accounting period than when it was voided). If the cash account needs to be debited, what account should be credited? And should this correction be done in the current accounting period since the previous one is closed out?

Reference no: EM131205596

Questions Cloud

The importance of stability and gradual change : How does what we know about actual people and their limitations alter the importance of stability and gradual change?
Are these programs in line with social justice concepts : Select one of these three policy initiatives, and examine the positives and negatives of the approach. Determine the effects of the criminal justice policy on the other elements of the criminal justice community-courts, corrections, and juvenile j..
Important in supply chain management : Define radio frequency identification (RFID) and explain why it is important in supply chain management (SCM) minimum 75 words in length.
Small business that will employ : You are starting a small business that will employ at least five different jobs initially. Decide on what type of business you are starting (write a sentence or two describing the business) and the jobs you will need to fill to start your business..
On a current bank reconciliation : On a current bank reconciliation, an amount is required to be added with the bank statement balance because in the previous closed accounting period a correction entry was not done in the general ledger (check was created in a different accounting pe..
Features in modern automobile are customer driven : A. What features in modern automobile are customer driven? B. Henry Ford once said something to the effect that the customer can have any color Model T he wants as long as its black. How did the world evolve from (HF) his attitude towards customer ..
What advantages does the income tax have over taxes : What steps could be taken to make the federal individual income tax more progressive? Less progressive? What advantages does the income tax have over other taxes in terms of attaining a desired degree of progressivity?
Describe the intended outcome of your research : Analyze the topic, and describe the intended outcome of your research. Describe the approach or actions that you will take in conducting your research.
Describe the problems and challenges that exist in crime : Discuss the data and information that you have collected while conducting research on your topic. Discuss how the data relates to the problems and challenges in crime and criminology.

Reviews

Write a Review

Financial Accounting Questions & Answers

  What will be amount of uncollectible account expense report

The Allowance for uncollectible accounts currently has a debit balance of $900. After analyzing the accounts in the accounts receivable subsidiary ledger using the aging-of-accounts method, the company's management estimates that uncollectible accoun..

  Compute the income tax due from xyz

Compute the income tax due from XYZ, X, Y and Z for the year if XYZ Partnership is a: - Trade Partnership - General Professional Partnership.

  Values for a lump sum assuming annual compounding

Find the following values for a lump sum assuming annual compounding: Assume that you won 35 million and the state will pay you 20 annual payments of 1.7 million each begining immediately. Rate of return on securities of similar risk to the lottery e..

  What is saturns capital balance

What is Saturn's capital balance after closing Income Summary to Capital?- How much of the net income of $75,000 is allocated to Xavier?

  True regarding an indorsers liability on a note

Which of the following is TRUE regarding an indorser's liability on a note?

  Evaluate the company liquidity

Evaluate the company's liquidity relative to the industry averages and to the competitor that you chose.  Evaluate the company's solvency relative to the industry averages and to the competitor that you chose

  Receiving monthly pension payments

Amir is Single. He has 25,000 salary, tax-exempt interest of 3,000, and dividends from domestic corporations of 2700. On sep 1 he began receiving monthly pension payments of 1,000. Assume an exclusion ratio of 40%. He received rent of 12000 and incur..

  Usefulness to managers of fixed budget performance reports

What limits the usefulness to managers of fixed budget performance reports? Identify the main purpose of a flexible budget for managers and discuss them with your classmates. What type of analysis does a flexible budget performance report help manage..

  What are two critical operating assumptions

Based on this forecast method, what are operating profits and invested capital expected to be next year? What are two critical operating assumptions (identify one for profit, and one for capital) embedded in this forecast method.

  Provide the entries for the sale and leaseback

Provide the entries for the sale and leaseback in the books of Lisa Ltd as at 1 July 2015 - Provide the entries for the purchase and lease in the books of Anderson ltd as at 1 July 2015

  Determining egyptian fractions

Show that any rational number a/b , between 0 and 1, can be written as an Egyptian fraction. Can an irrational number between 0 and 1 ever be expressed as an Egyptian fraction? Why?

  Calculate sandras and bobs gain or loss

Sandra sold 500 shares of Wren Corporation to Bob, her brother, for its fair market value. She had paid $26,000 for the stock. Calculate Sandra's and Bob's gain or loss under the following circumstances:

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd