1. On the back of Casey's monthly statement, she listed the following outstanding withdrawals #1223, $36.09; #1216, $274; # 1232, $642.34; debit card, $175.26; and #1238, $92.74. She also determined that a deposit for $702 and the other for $384.12 are outstanding. Using these outstanding transactions, what adjustment will have to be made to her statement balance? Check number Transaction number D36109mh S4 1223 1216 1232 1338 36.09 274 642.34 92.74 Unit 175.26 274 642.34 92.74 175.26-1045.17=869.91
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
