The Bramble Company received $820 on account frana cto The transaction was eneously recorded as a detto Cashf$280 and a cradit to Accounts Payable of 5280 The correcting entry isO Accounts PayableCavAccounts ReceivableAccounts PayableCashAcourts ReceivableAccounts PayableCahAccounts PayableAccounts Receivable8201402005402902001300820240

Answered: Cash Accounts Payable Ca Accounts…

Business

Accounting

Cash Accounts Payable Ca Accounts Payable 820 200 R 1300 R to Cash of

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

The Bramble Company received $820 on account frana cto The transaction was eneously recorded as a detto Cashf
$280 and a cradit to Accounts Payable of 5280 The correcting entry is
O Accounts Payable
Cav
Accounts Receivable
Accounts Payable
Cash
Acourts Receivable
Accounts Payable
Cah
Accounts Payable
Accounts Receivable
820
140
200
540
290
200
1300
820
240

Expert Solution

Step 1: Explanation of the concept of Rectification Entries

Rectification entries correct errors in financial records, ensuring accurate accounting by adjusting entries to rectify mistakes or omissions.

These entries help maintain financial accuracy and compliance with accounting standards.

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Accounting for Cash and cash equivalents

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The bank statement for Unique Fashion had an ending cash balance of $2,200 on April 30, 2022. On this date the cash balance in their general ledger was $3,678. After comparing the bank statement with the company records, the following information was determined. The bank returned an NSF cheque in the amount of $350 that Unique Fashion deposited on April 20. The NSF service fee was $9. A direct deposit received from a customer on April 29 in payment of their accounts totaling $3,780. This has not yet been recorded by the company. On April 29, the bank deposited $16 for interest earned. The bank withdrew $35 for bank service charges. Deposits in transit on April 30 totalled $4,880. Required Reconcile the ledger and bank statement and create the required journal entries. Do not enter dollar signs or commas in the input boxes. Do not use negative signs. Select the proper order for the headings of the Bank Reconciliation. Cash balance per bank statement Add Outstanding deposit Adjusted bank…
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