FUND.ACCT.PRIN.
FUND.ACCT.PRIN.
25th Edition
ISBN: 9781260247985
Author: Wild
Publisher: RENT MCG
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Chapter 8, Problem 8QS
To determine

Concept Introduction:

Bank Reconciliation:

Bank reconciliation is the process in which the entity reconciles its cash entries in accounts with the entries in the bank statement issued by the bank. The entity prepares bank reconciliation statements and it has two sides: Bank Side and Cash side.

To prepare:

The bank reconciliation statement

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Orion Enterprises data for the year 2019 is presented below: • Credit sales during the year: $5,200,000 • Accounts receivable - December 31, 2019: $480,000 • Allowance for bad debts - December 31, 2019: $40,000 ⚫ Bad debt expense for the year: $25,000 What amount will Orion Enterprises report on its year-end balance sheet for the net realizable value of its accounts receivable? A. $445,000 B. $440,000 C. $480,000 D. $460,000
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