INTER. ACCOUNTING - CONNECT+ALEKS ACCESS
10th Edition
ISBN: 9781264770335
Author: SPICELAND
Publisher: MCG
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Prepare any necessary journal entries based on the following data regarding the bank reconciliation prepared by Ragoon Services on May 31, 2019.
a) Outstanding cheques amount to $1,650.
b) The service charges for May amount to $35.
Prepare the journal entries, with appropriate journal entry descriptions, for 2020, including any required year-end adjusting entries.The company prepares annual adjusting entries.
On August 1, 2022, Colombo
Company's treasurer signed a note
promising to pay $121,800 on
December 31, 2022. The proceeds
of the note were $114,600. Record
the journal entry to show the effects
of signing the note and the receipt of
the cash proceeds on August
1, 2022. Record the journal entry to
show the effects of recording
interest expense for the month of
September. Record the journal entry
to show the effects of repaying the
note on December 31, 2022.
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