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You are asked to balance the petty cash account You find there was 20.00 in it to begin with and you have vouchers for 17.00 How much is left in petty cash?
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∙ 12y ago
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∙ 12y ago
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What transaction would cause decrease and increase liability account?
A liability account is money owed by a company. Such as Accounts Payable and Notes Payable.A transaction that would increase a liability account is if you purchased an item on account. This would increase either the Account Payable or Note Payable accounts.A transaction that would decrease these are actual payments you make to the person/company you owe, hence lowering the balance of how much is owed.For example, I purchase a truck costing $15,000, that transaction has increased my liability in notes payable. Once I begin making payments on that truck, each of those payments will decrease the liability.
What is the general ledger journal entry to begin a Reserve Account?
debit reserve accountcredit cash / bank
What is the major difference between adjusted trial balance and trial balance?
The trial balance is just that, a "trial" balance. It shows where the company stands at a certain point in time. the "adjusted trial balance" does the same thing with one slight difference, it's the balance after all adjusting entries are made. These entries may include, the expiration of pre-paid insurance, payments received and the closing of the books for the period. For example, you can begin your month with a trial balance, to ensure everything is correct, at the end of the month you have made all your adjusting entries and transactions, after this point you want to have your adjusted trial balance (because entries have been "adjusted" for the period)
How does one prepare a company's first bank statement reconciliation?
To prepare a bank reconciliation for a company that never prepared one previously, I would first make a list of outstanding checks. For example, if your recent bank statement is dated August 31, I would look at the bank statements from June through August and make a list of the check numbers that had been written after June 1, but had not appeared on any of the bank statements from June through August. Next to each check number write the dollar amount of each check. Subtract the total of the outstanding checks as of August 31 from the bank statement balance as of August 31. The resulting amount is the adjusted balance per bank.Next, look at the general ledger account that is associated with the bank statement. Let's assume it is the Cash account. Be certain that the Cash account shows items that appear on the recent bank statements. For example, Have the bank service charges been entered in the Cash account? Have the electronic transfers been entered? If not, you will need to make those entries. You may have to go back to earlier bank statements and enter those amounts as well.Eventually, you need to get the August 31 balance in the Cash account to be equal to the adjusted balance per bank. If the difference is not a significant amount, you can debit or credit the Cash account for the amount necessary for it to agree to the adjusted balance per bank. I would put the same amount into an income statement account such as Difference per Bank Rec. Keep a copy of your documentation and begin a file entitled Bank Reconciliations.When the September 30 bank statement arrives, prepare another bank reconciliation. Using a copy of the August 31 listing of outstanding checks, cross off the checks that cleared on the September bank statement. Prepare a September 30 listing of outstanding checks beginning with the checks not crossed off on the August 31 copy, and then add the checks written in September that did not clear on the September bank statement. The total of the outstanding checks as of September 30 should be deducted from the bank statement balance of September 30 to arrive at the adjusted balance per bank as of September 30. Be sure to enter into the Cash account the September bank service charge and other items appearing on the bank statement that have not yet been entered in the Cash account. This adjusted balance in the Cash account as of September 30 should be the same as the adjusted balance per bank as of September 30. If there is a difference, you must identify it and make any necessary adjustments.
Steps that begin with analyzing source documents and conclude with the post closing trial balances are called the?
Steps that begin with analyzing source documents and conclude with the post closing trial balance are called the accounting cycle. The last step of getting back to zero is called closing the books.
How do you find the true balance of your checking account?
To balance off the account, we look at the side which is larger than the other, make both sides balance by taking the difference between the higher and the lower figure to the side which has lower value and the figure is entered against balance carried down or "c/d". This means the two sides balance then the figure is taken to the opposite side and entered against balance brought down or " b/d' to begin the list of transactions for the following period.
What happens when the cosigner dies and the loan is in default?
If the account was secured by what ever was purchased, then it is likely to be repossessed, and regular collection procedures will begin to collect any remaining balance. If the account is unsecured, collections will begin against the guarantor or primary on the account. It is possible that the guarantor may be able to get all or part of the debt covered by any funds available from the cosigner's estate, but this would likely require the assistance of an estate attorney.
When did checks and balance begin?
the constitution of the united states.
Can a sentence begin with asked?
Rarely. An example: "Asked what he thought of the political campaign, my grandfather said, 'ugh.' "
What questoin is most commonly asked?
How do the universe begin is the most asked question, because their is no answer. Their are many theory's to this volcano, meteor or god and many many more! ANSWER: "How did the universe begin"
Can 'am' begin a sentence?
Am I ever glad you've asked me this question!
Can you begin a sentence with quotations marks?
Technically you can: "Why would you do that?" I asked.
As you begin to think about a writing assignment get into the habit of asking?
As you begin to think about a writing assignment, get into the habit of asking yourself questions like: What is the purpose of the assignment? Who is the intended audience? What key points or arguments do I want to convey? How can I structure my writing to effectively communicate my ideas?
How do you create account in?
On the home page of Runescape theirs a create an account button from their you can make your name and begin scaping.
Why did Britain begin exporting opium china?
to change the balance of trade in favor of Britain.
How do you create account in RuneScape?
On the home page of Runescape theirs a create an account button from their you can make your name and begin scaping.
When does interest begin to get charged on the balance on your credit card?
at the time when i enter your wet mothers ass
