Explanation Prepare journal entry to record book error amount . Date Accounts and Explanation Post Ref. Debit ($) Credit ($) 20Y6 August 31 Cash 1,350 Accounts Payable 1,350 (To record the reduction in the amount over-paid by accountant) Table (1) Description : Cash is an asset account. The amount is increased to decrease the over-paid check, and an increase in asset is debited. Accounts Payable is a liability account. The payable is credited to cancel the effect of previously debited or paid payable. Prepare journal entry to record bank service charge ...

15th Edition

ISBN: 9781337398169

Author: Carl Warren, Jeff Jones

Publisher: Cengage Learning

See similar textbooks

Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Chapter 7, Problem 7.19EX

To determine

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.

Debit and credit rules:

Debit an increase in asset account, increase in expense account, decrease in liability account, and decrease in stockholders’ equity accounts.

Credit decrease in asset account, increase in revenue account, increase in liability account, and increase in stockholders’ equity accounts.

To journalize: The transaction that arise from bank reconciliation statement

Expert Solution & Answer

Chapter 7 Solutions

Corporate Financial Accounting

Ch. 7 - Prob. 1DQ Ch. 7 - Prob. 2DQ Ch. 7 - Prob. 3DQ Ch. 7 - Why should the responsibility for maintaining the...Ch. 7 - Assume that Brooke Miles, accounts payable clerk...Ch. 7 - Prob. 6DQ Ch. 7 - Prob. 7DQ Ch. 7 - Prob. 8DQ Ch. 7 - Prob. 9DQ Ch. 7 - Prob. 10DQ

Ch. 7 - Prob. 7.1BE Ch. 7 - Prob. 7.2BE Ch. 7 - Prob. 7.3BE Ch. 7 - Prob. 7.4BE Ch. 7 - Days cash on hand Financial statement data for...Ch. 7 - Prob. 7.1EX Ch. 7 - Prob. 7.2EX Ch. 7 - Prob. 7.3EX Ch. 7 - Prob. 7.4EX Ch. 7 - Prob. 7.5EX Ch. 7 - Prob. 7.6EX Ch. 7 - Prob. 7.7EX Ch. 7 - Prob. 7.8EX Ch. 7 - Prob. 7.9EX Ch. 7 - Prob. 7.10EX Ch. 7 - Prob. 7.11EX Ch. 7 - Entry for cash sales; cash short The actual cash...Ch. 7 - Entry for cash sales; cash over The actual cash...Ch. 7 - Internal control of cash payments Abbe Co. is a...Ch. 7 - Prob. 7.15EX Ch. 7 - Prob. 7.16EX Ch. 7 - Prob. 7.17EX Ch. 7 - Prob. 7.18EX Ch. 7 - Prob. 7.19EX Ch. 7 - Prob. 7.20EX Ch. 7 - Prob. 7.21EX Ch. 7 - Prob. 7.22EX Ch. 7 - Prob. 7.23EX Ch. 7 - Prob. 7.24EX Ch. 7 - Prob. 7.1APR Ch. 7 - Prob. 7.2APR Ch. 7 - Prob. 7.3APR Ch. 7 - Prob. 7.4APR Ch. 7 - Prob. 7.5APR Ch. 7 - Prob. 7.1BPR Ch. 7 - Prob. 7.2BPR Ch. 7 - Prob. 7.3BPR Ch. 7 - Prob. 7.4BPR Ch. 7 - Prob. 7.5BPR Ch. 7 - Analyze and compare Amazon.com to Netflix...Ch. 7 - Analyze and compare J. C. Penney and Macys J. C....Ch. 7 - Prob. 7.3MAD Ch. 7 - Prob. 7.4MAD Ch. 7 - Prob. 7.5MAD Ch. 7 - Ethics in Action Tehra Dactyl is an accountant for...Ch. 7 - Bank error During the preparation of the bank...Ch. 7 - Prob. 7.4TIF Ch. 7 - Prob. 7.5TIF

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Recommended textbooks for you

Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Corporate Financial Accounting
Accounting
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,
Survey of Accounting (Accounting I)
Accounting
ISBN:9781305961883
Author:Carl Warren
Publisher:Cengage Learning
Financial Accounting: The Impact on Decision Make...
Accounting
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Cengage Learning
Century 21 Accounting General Journal
Accounting
ISBN:9781337680059
Author:Gilbertson
Publisher:Cengage