How often can adjusting entries be journalized?

How often should a bank reconciliation be done?

Choctaw Co. completed the following transactions in 2016, the first year of operation:

1. Issued 20,000 shares of $10 par common stock for$10 per share.

2. Issued 3,000 shares of $20 stated value preferred stock for$20 per share.

3. Purchased 1,000 shares of common stock as treasury stock for $12 per share.

4. Declared a$2,000 cash dividend on preferred stock.

5. Sold 500 shares of treasury stock for $14 per share.

6. Paid$2,000 cash for the preferred dividend declared in Event 4.

7. Earned cash revenues of $78,000 and incurred cash expenses of$41,000.

8. Closed revenue, expense, and dividend accounts to the retained earnings account.

9. Appropriated $8,000 of retained earnings.

Required

Prepare journal entries to record these transactions and post them to T-accounts.

Which of the following statements is true regarding variable costing?

a. It is the required method for external financial reporting.
b. It includes direct materials, direct labor, and variable overhead costs in product costs.
c. It is not permitted to be used for managerial reporting.
d. It treats overhead in the same manner as absorption costing, it makes it easier to manipulate earnings with changes in production levels

What is the purpose of preparing a bank reconciliation?

Which of the following is not a fixed cost?Select one:

a. lease expense

b. property taxes

c. direct materials

d. straight-line depreciation

What is the effect of bad debts on revenue recognition?

What type of risk do zero-coupon bonds eliminate?

Which of the following would not be found in the accounting system of a service provider?

a.finished goods ledger

b.deferred revenue account

c.job cost sheets

d.cost ledger

What is a bond indenture? What provisions are usually included in it?

How to prepare a bank reconciliation statement for the month.

Rabern Corp. completed the following transactions in 2016, the first year of operation:

1. Issued 15,000 shares of $10 par common stock at par.

2. Issued 5,000 shares of$50 stated value preferred stock at $52 per share.

3. Purchased 800 shares of common stock as treasury stock for$12 per share.

4. Declared a 5 percent cash dividend on preferred stock.

5. Sold 300 shares of treasury stock for $16 per share.

6. Paid the cash dividend on preferred stock that was declared in Event 4.

7. Earned revenue of$80,000 and incurred operating expenses of $48,000.

8. Closed revenue, expense, and dividend accounts to the retained earnings account.

9. Appropriated$6,000 of retained earnings.

Required

Prepare journal entries to record these transactions and post them to T-accounts.

When a new partner is admitted to a partnership, there should be a(n)

a. revaluation of assets

b. realization of assets

c. allocation of assets

d. return of assets

What are the duties and responsibilities of a Bank Reconciliation Officer?