Where are adjusting journal entries recorded?

Debit memo vs credit memo in Bank Reconciliation

The freight rate to Hammond for a certain type of item is $38.87 per cwt or any remaining fraction of the total shipment. A customer wants to ship 9 crates weighing 95 pounds each and 11 cartons weighing 22 pounds each.

Estimate the freight charge.

Which of the following is not a component of M2?

a. gold

b.checking accounts

c. savings accounts

d. traveler's checks currency

What is the journal entry for deposit in transit in the Bank Reconciliation?

When the Federal Reserve decreases the required reserve ratio,

A. The money supply will increase.

B. The money supply will decrease.

C. There is no effect on the money supply.

D. Not enough information is given.

The current portion of long-term notes payable is

A) the amount of principal that will be paid within five years
B) typically included with the long-term liabilities on the balance sheet
C) reclassified as current for reporting purposes on the balance sheet
D) recorded as an adjusting entry

A computer that cost $2,400 is estimated to depreciate 20% each year. Using the declining-balance method , find the book value of the computer at the end of the third year

In perfect competition, the assumption of easy entry and exit implies that, in the _____ run, all firms in the industry will earn _____ economic profits.

Select one:

a. short; positive

b. long; positive

c. long; zero

d. short; zero

List the steps of the accounting cycle in their proper order.

a. Analyzing transactions and events.

b. Posting the journal entries.

c. Journalizing and posting adjusting entries

d. Preparing the adjusted trial balance.

e. Journalizing and posting closing entries

f. Preparing the financial statements.

g. Preparing the unadjusted trial balance

h. Journalizing transactions and events

Bank reconciliation of a trust account

What is the board resolution format for writing off bad debts?

adjusting entries are recorded in which step of the accounting cycle?

Increased participation in small business exporting owes credit to _________. (Points : 5)

• political constituents who have made in-roads abroad

• large events such as the Olympics that have brought attention to the potential in world markets

• technological advances such as the Internet and PayPal for safely fulfilling orders

• partnerships that small businesses have formed with large businesses