Harnish Company Needs to Make Adjusting Entries for Each of the Following

question 170

Essay

Harnish Company needs to make adjusting entries for each of the following reconciling items. Identify the account to be debited and the account to be credited in each case.
1. A check for $127 written to the company by J. Chandler was returned NSF.
2. The monthly service charge by the bank was $20.
3. The bank collected a $1,000 note plus interest of $100 on the company's behalf. The company had not accrued the interest.

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Definitions:

Unexpected Crisis

A sudden, unanticipated event that poses a significant threat and requires immediate response.

Management Processes

The series of ongoing actions and tasks undertaken by an organization's management to plan, organize, lead, and control operations.

Performance Metrics

Quantitative measures used to gauge an organization's or individual's performance, often in comparison to a standard or benchmark.

Benchmarking

The practice of comparing business processes and performance metrics to industry bests or best practices from other companies to improve performance.