Fill the blanks:The adjusting entries would include a debit to ....blank.... for 1250 and a credit to ....blank....The adjusting entries would include a ....blank.... to accounts receivable for ....blank....The adjusting entry would include a debit to....blank.... for 150 and a credit to ....blank.... XYZ company has made the following bank reconciliatioCash balance per bank4550Add: NSF check700Less: Collection of NotesReceivable1250Less: Bank service charge150Adjusted balance per bank3850Cash balance per books5570Less: Deposits in transit2400Add: Outstanding checks980Adjusted balance per books6550

Answered: check 700 ection of Notes 1250

Business

Accounting

check 700 ection of Notes 1250

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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Question

Fill the blanks:

The adjusting entries would include a debit to ....blank.... for 1250 and a credit to ....blank....

The adjusting entries would include a ....blank.... to accounts receivable for ....blank....

The adjusting entry would include a debit to....blank.... for 150 and a credit to ....blank....

XYZ company has made the following bank reconciliatio
Cash balance per bank
4550
Add: NSF check
700
Less: Collection of Notes
Receivable
1250
Less: Bank service charge
150
Adjusted balance per bank
3850
Cash balance per books
5570
Less: Deposits in transit
2400
Add: Outstanding checks
980
Adjusted balance per books
6550

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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