Accompanying a bank statement for Santee Company is a credit memo for $24,516 representing the principal ($22,700) and interest ($1,816) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries. Required: On March 1, journalize the entry that should be made by the company to bring the accounting records up to date. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Accompanying a bank statement for Santee Company is a credit memo for $24,516 representing the principal ($22,700) and interest ($1,816) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries. Required: On March 1, journalize the entry that should be made by the company to bring the accounting records up to date. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 18E: Happy Tails Inc. has a September 1, 20Y4, accounts payable balance of 620, which consists of 320 due...
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Accompanying a bank statement for Santee Company is a credit memo for $24,516 representing the principal ($22,700) and interest ($1,816) on a note that had been collected by the bank. The company had been notified by the bank at the time of the collection but had made no entries.
Required:
| On March 1, |
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