Read the scenario below and answer the following question. Chen at Chen Construction works on new neighbourhood developments that take many months to complete. They often cross a fiscal year. He typically requires a deposit from the homeowners. When a 3rd customer called to complain that they had recently overpaid for a home build, Chen discovered that their $200,000 deposit was still sitting in the Customer Deposits liability account. Due to this and other errors, he has just fired his bookkeeper and hired you to review and fix his books. He's looking for you to advise him on correct procedures to use going forward What step was missed from the Unearned Income workflow to cause this scenario? A Recording the customer deposit into the Customer Deposits liability account BO Recording a credit memo to reflect the amount of the deposit CO Writing a cheque to refund the overpayment DO Recording the deposit as a negative amount on invoices E Mapping the Customer Deposit product/service item to the correct income account

Read the scenario below and answer the following question. Chen at Chen Construction works on new neighbourhood developments that take many months to complete. They often cross a fiscal year. He typically requires a deposit from the homeowners. When a 3rd customer called to complain that they had recently overpaid for a home build, Chen discovered that their $200,000 deposit was still sitting in the Customer Deposits liability account. Due to this and other errors, he has just fired his bookkeeper and hired you to review and fix his books. He's looking for you to advise him on correct procedures to use going forward What step was missed from the Unearned Income workflow to cause this scenario? A Recording the customer deposit into the Customer Deposits liability account BO Recording a credit memo to reflect the amount of the deposit CO Writing a cheque to refund the overpayment DO Recording the deposit as a negative amount on invoices E Mapping the Customer Deposit product/service item to the correct income account

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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Three friends agreed to start a printing business called BZ printing. The manager is Lorine and the assistant manager are Jarret and Sandra. After one month of the business being established, the manager, Lorine, decided to renovate their office and the cost to be paid using a loan from Bank of Newington is $200k. Question Newington Bank is considering legal action because it has not received any loan repayment. Assist the company in identifying who is liable for the debt.
Bridget Youhzi works for a large firm. Her alma mater has asked her to make a presentation to the upcoming accounting honor society’s annual scholarship dinner. Her firm supports the presentation because it hopes to recruit more excellent employees like Bridget. The university is 192 miles from her office. In order to get to the dinner by 5:00 p.m., she will need to leave work at 1:00 p.m. She can drive her personal car and be reimbursed $0.50 per mile. The dinner ends at 9:00 p.m. Company policy allows her to spend the night if the return trip is four hours or more. There is a student-run inn and conference center across the street from campus that charges $101 per night. Instead of driving, she could catch a 3:00 p.m. flight that has a round-trip fare of $290. Flying would require her to rent a car for $40 per day and pay an airport parking fee of $25 for the day. The company pays a per diem of $36 for incidentals if the employee spends at least six hours out of town. (The per diem…
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Sue is a customer account representative for ABC Company. She recently acquired several new accounts when a previous representative, Dan, took an early retirement. Sue reviewed each of Dan’s accounts to help familiarize herself with his clients and understand how she can better serve each one’s individual needs. As she was reviewing the client list, she found a major customer she had never heard of before. Surprised that she had not yet done business with the company, she called it to introduce herself as the new representative. When Sue placed the call, she found that the reported number had been disconnected. Thinking that the customer may have done business with ABC in the past and have moved on, she reviewed the account transactions and found that the most recent transaction had taken place the week prior. During her review, she also noticed the latest transaction was for an unusually large amount for ABC. As Sue pursued her curiosity, she went to other employees to find out more…
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The end part of the question wouldn't fit in one snip picture so I have copied and pasted the text from the question. I am so lost on this question on how to break it down piece by piece. My numbers aren't adding up correctly at all, I have been trying over and over again for almost 40 minutes and keep going in circles.On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following transactions during the month:Jan. 1 Sharon Matthews transferred cash from a personal bank account to an account to be used for the business, $31,000.2 Paid rent on office and equipment for the month, $3,050.3 Purchased supplies on account, $2,250.4 Paid creditor on account, $850.5 Earned fees, receiving cash, $14,660.6 Paid automobile expenses (including rental charge) for month, $1,540, and miscellaneous expenses, $670.7 Paid office salaries, $2,600.8 Determined that the cost of supplies used was $1,050.9 Withdrew cash for personal use, $2,200.Required:1. Journalize entries…
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