Please see below. Just need help with the red box answers. Prepare the necessary adjusting entries for Ivanhoe Company at May 31, 2017. (Credit account titles are automatically indentedwhen amount is entered. Do not indent manually.)DateAccount Titles and ExplanationDebitCreditMay 31Cash2756Notes Receivable2756(To record collection of note receivable by bank)31Accounts Receivable435Cash435(To record NSF check)31Sales Revenue5050Cash(To correct error in deposit)1831Accounts Payable18Cash(To correct error in recording check)5131Miscellaneous Expense51Cash(To record charge for printing company checks) Ivanhoe Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2017, thecompany's Cash account per its general ledger showed a balance of $6,803.90.The bank statement from Emporia State Bank on that date showed the following balance.EMPORIA STATE BANKChecks and DebitsDeposits and CreditsDaily BalanceXXXXXX5-31 7,033.00A comparison of the details on the bank statement with the details in the Cash account revealed the following facts.1.The statement included a debit memo of $53.00 for the printing of additional company checks.Cash sales of $896.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip wereincorrectly made for $946.15. The bank credited Ivanhoe Company for the correct amount.2.3.Outstanding checks at May 31 totaled $267.25, and deposits in transit were $1,893.15.On May 18, the company issued check No. 1181 for $686.00 to H. Moses, on account. The check, which cleared the bank inMay, was incorrectly journalized and posted by Ivanhoe Company for $668.00.4.5.A $2,768.00 note receivable was collected by the bank for Ivanhoe Company on May 31 through electronic funds transfer.Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $347.00 that was incorrectlycharged to Ivanhoe Company by the bank.6.7.On May 31, the bank statement showed an NSF charge of $445.00 for a check issued by Sara Ballard, a customer, to IvanhoeCompany on account.

Financial transactions are tracked via journal entries. You enter transaction data into your…

Prepare the necessary adjusting entries for Ivanhoe Company at May 31, 2017. (Credit account titles are automatically in when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 31 Cash 2756 Notes Receivable (To record collection of note receivable by bank) 31 Accounts Receivable 435 Cash (To record NSF check) 31 Sales Revenue 50 Cash (To correct error in deposit)

Prepare the necessary adjusting entries for Ivanhoe Company at May 31, 2017. (Credit account titles are automatically in when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 31 Cash 2756 Notes Receivable (To record collection of note receivable by bank) 31 Accounts Receivable 435 Cash (To record NSF check) 31 Sales Revenue 50 Cash (To correct error in deposit)

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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A system contains many processes. Three common processes that are “grouped” together are transaction corrections, adjustments, and cancellations. These three elements work to properly serve customers. Imagine a system that allows you to register for a class online. The online system must give you a way to correct any errors you made, such as registering for the wrong class. This would be a transaction correction. The system should also allow you to make adjustments, such as adding or dropping classes. Finally, the system should allow you to make cancellations, such as cancelling the registration process entirely. Notice that all three of these processes, correction, adjustment, and cancellation, work together to provide you with one service, which is registering for classes. What type of requirements are transaction corrections, adjustments, and cancellations? Select one. Question 4 options: A Functional Requirements B Nonfunctional Requirements
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