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

question 150

Essay

Hannah 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 $172 written to the company by J. Chandler was returned NSF.
2. The monthly service charge by the bank was $18.
3. The bank collected a $2000 note plus interest of $200 on the company's behalf. The company had not accrued the interest.

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Definitions:

Assembly Technician

is a professional skilled in assembling, testing, and repairing components or products in manufacturing or engineering settings, ensuring quality and functionality.

Sales Associates

Employees who assist customers in finding products, provide product information, and facilitate sales transactions.

Crossover Point

The point at which two different options, investments, or costs equate to each other in terms of their financial value or impact.

Rice Cooker

An electric kitchen appliance designed for boiling or steaming rice.