Question 2.6LA Fashion records indicate that the balance in their cash account (in the ledger) at the end of themonth is $3,918. Comparing the corporation's records with the monthly bank statement revealsseveral additional cash transactions, such as a $40 bank service charge, a $500 note receivablecollected by the bank plus interest earned of $25, and an NSF (dishonoured) cheque for $250 from acustomer. There are also deposits in transit of $3,022, and three outstanding cheques totalling $597.Determine the corporation's adjusted cash balance. NOTE: Enter only the number of dollars, do notenter the dollar, "$" , symbol. Therefore if your answer is "$10", enter only "10".Question 27Question 2.7Prepare the journal entries necessary to adjust the cash account balance based on the informationprovided in Question 2.6 (above).[ Select ]40[ Select ]40[ Select ]500[ Select ]500[ Select ]25[ Select ]25[ Select ]250[ Select ]250<>><> Read the following information to answer questions 2.1 - 2.2.LA Fashion has credit sales of $6,400,000 for the financial year ending June 30, 2021, and estimatesat the end of the financial year that five per cent of accounts receivable will not be received.Accounts receivable total $3,100,000. The corporation uses the allowance method to account forbad debts, based on the percentage of receivables approach.

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Question 2.6 LA Fashion records indicate that the balance in their cash account (in the ledger) at the end of the month is $3,918. Comparing the corporation's records with the monthly bank statement reveals several additional cash transactions, such as a $40 bank service charge, a $500 note receivable collected by the bank plus interest earned of $25, and an NSF (dishonoured) cheque for $250 from a customer. There are also deposits in transit of $3,022, and three outstanding cheques totalling $597. Determine the corporation's adjusted cash balance. NOTE: Enter only the number of dollars, do not enter the dollar, "$", symbol. Therefore if your answer is "$10", enter only "10".

Question 2.6 LA Fashion records indicate that the balance in their cash account (in the ledger) at the end of the month is $3,918. Comparing the corporation's records with the monthly bank statement reveals several additional cash transactions, such as a $40 bank service charge, a $500 note receivable collected by the bank plus interest earned of $25, and an NSF (dishonoured) cheque for $250 from a customer. There are also deposits in transit of $3,022, and three outstanding cheques totalling $597. Determine the corporation's adjusted cash balance. NOTE: Enter only the number of dollars, do not enter the dollar, "$", symbol. Therefore if your answer is "$10", enter only "10".

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 43P

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