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:

Correct Verb

Choosing the appropriate action word in a sentence that accurately matches the subject and tense.

Seismographers

Scientific instruments used to detect and record the strength, duration, and nature of earth movements, including earthquakes.

Modern Technology

The use of the latest methods, ideas, or tools to create products and solutions for contemporary issues and needs.

Correct Verb

entails the use of appropriate verb forms in grammar to match subject-verb agreement, tense, mood, and voice.