Match each item to a bank statement adjustment, a company books adjustment, or either. Clear AllOutstanding checksNSF checkbank statement adjustmentError in recording a checkcompany books adjustmentBank chargeseitherNote collected by the bankInterest revenueDeposit in transit On the first day of the fiscal year, Alpha Corporation purchased a machine with a cost of $65,000. The machine, which will be installed in Alpha Corporation's operating plant has an estimated salvage value of $5,000 and an estimated life of5 years or 15,000 hours. During the first year, the machine was operated for 5,000 hours. During the second year the machine was operated for 7,500 hours. The machine is to be depreciated by the straight-line method. What is theamount of depreciation for the first full year?Question.O s26,000Os13,000Os24,000Os12,000The dates of importance in connection with a cash dividend of $50,000 on a corporation's common stock are January 15, February 15, and March 15. Journalize the entries required on each date.Ir no entry is required, select "No Entry Required" and leave the amount boxes blank or enter "O".Jan. 15Feb. 15Mar. 15

These are related to bank reconciliation statements .

Answered: Match each item to a bank statement…

Business

Accounting

Match each item to a bank statement adjustment, a company books adjustment, or either.

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

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

Match each item to a bank statement adjustment, a company books adjustment, or either.

Clear All
Outstanding checks
NSF check
bank statement adjustment
Error in recording a check
company books adjustment
Bank charges
either
Note collected by the bank
Interest revenue
Deposit in transit

On the first day of the fiscal year, Alpha Corporation purchased a machine with a cost of $65,000. The machine, which will be installed in Alpha Corporation's operating plant has an estimated salvage value of $5,000 and an estimated life of
5 years or 15,000 hours. During the first year, the machine was operated for 5,000 hours. During the second year the machine was operated for 7,500 hours. The machine is to be depreciated by the straight-line method. What is the
amount of depreciation for the first full year?
Question.
O s26,000
Os13,000
Os24,000
Os12,000
The dates of importance in connection with a cash dividend of $50,000 on a corporation's common stock are January 15, February 15, and March 15. Journalize the entries required on each date.
Ir no entry is required, select "No Entry Required" and leave the amount boxes blank or enter "O".
Jan. 15
Feb. 15
Mar. 15

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