For Each of the Following, Explain Whether the Issue Would

question 120

Essay

For each of the following, explain whether the issue would require you to prepare a journal entry for your company, assuming any original entry is correct. If an entry is required, please include it as part of your answer.
(1) The bank recorded your deposit as $91 rather than the actual amount of $191.
(2) Two outstanding checks amounted to $450.
(3) Company Check No. 538 for postage was recorded incorrectly by the company bookkeeper as $50 instead of $59.
(4) The bank paid a check for $500 after the company had issued a stop payment and voided the check.
(5) An EFT deposit was made by one of the company's customers, Atlas Design, for merchandise received. Thesale had previously been recorded when shipped and was equal to the payment amount of $125.

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Definitions:

Positively Correlated

A relationship between two variables where both variables move in the same direction, meaning as one variable increases, the other also increases, or as one decreases, the other also decreases.

Hours Spent Watching Television

A measure often used in research to assess the amount of time individuals dedicate to watching TV, which can impact various aspects of health and behavior.

Grade Point Averages

A numerical representation of a student's academic performance, averaged over their courses.

Negatively Correlated

A relationship between two variables in which one variable increases as the other decreases.