Sheridan buys $1050 of sports equipment from Sunland Sports using his VISA Chase Credit Card. Chase charges a service fee of 2%.Sunland Sports' journal entry includes adebit to Service Charge Expense of $21.O credit to Sales Revenue of $1029.O debit to Cash of $1050.debit to Accounts Receivable of $1029.

Journal entries are the initial step in accounting cycle just after the financial transactions are…

Answered: Sheridan buys $1050 of sports equipment…

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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Rick Rambis operates a ski lodge center at Bull Mountain in Alaska. He has just received the monthly bank statement at October 31 from Bull National Bank. The bank statement shows an ending balance at October 31 of $750. The following items are listed on the statement:1. The bank collected rent revenue for Rick in the amount of $330.2. Service charge of $10.3. Two NSF checks from customers totaling $110.4. Printing check charge of $11.In reviewing his cash records and the bank statement, Rick identifies the following:1. Outstanding checks totaling $603.2. Deposit in transit on October 31 of $1,770.3. An error made by Rick: Rick recorded a salary check for $31 but it cleared the bank at $310.Rick’s cash records show a balance on October 31 of $1,997.Requireda) Reconcile the bank account.b) Prepare journal entries that should be made as a result of the bank reconciliation.c) What should the balance in Rick’s Cash account be after the reconciliation?d) What total amount of cash should the…
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