Martinez Corp. has the following transactions during August of the current year.Aug. 1 Issues shares of common stock to investors in exchange for $10,930.4 Pays insurance in advance for 3 months, $1,760.16 Receives $810 from clients for services rendered.27 Pays the secretary $570 salary.Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented whenamount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)Account Titles and ExplanationDebitCreditDate

Journal entry refer to the recording of all the non-economic & economic transactions made in the…

Answered: Martinez Corp. has the following…

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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The accounting records and bank statement of Orison Supply Store provide the following information at the end of April. The closing 'Cash' account balance was $28,560, and the bank statement shows a closing balance of $32,000. On reviewing the bank statement it is found an account customer has deposited $2,000 into the bank account for a March sale and the monthly insurance premium of $4,500 was automatically charged to the account. Interest of $5,10 was paid by the bank and a bank fee of $50 was charged to the account. A payment of $1,500 to a supplier has been recorded twice in the accounts. After the ,calculation of the "ending reconciled cash balance", what is the balance of the 'cash' account?
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