Using the Following Information, Record Journal Entries That Would Be

question 26

Essay

Using the following information, record journal entries that would be necessary after preparing the bank reconciliation for Johnson Brothers. All items will not require an entry.
a)The book balance is $5,895.62.
b)Outstanding cheques total $1,233.25.
c)The bank service charge based on the bank statement is $50.
d)A customer's cheque for $500 was returned for non-sufficient funds.
e)A deposit of $3,000 was credited to Johnson Brothers for $300 by the bank.
f)The bookkeeper recorded a $1,200 cheque as $120 in payment of the current month's rent.

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Definitions:

Distributive Justice

A concept in ethics and political philosophy concerning the fair allocation of goods, resources, and opportunities among members of society.

Unfettered Free Markets

Economic systems with minimal or no government intervention, where the forces of supply and demand are allowed to determine production, consumption, and price levels freely.

Libertarianism

A philosophical view that holds that individuals’ liberty is fundamentally important and that government must respect its citizens’ rights, understood as “negative” rights (that is, rights to act without interference so long as one’s actions do not interfere with the rights of others). Among the negative rights libertarians defend are the right to keep what one has or has earned, and the right to be free from government interference in all matters except when absolutely necessary to the general good.

Communitarian

Communitarian refers to a philosophical and social ideology emphasizing the importance of community and collective interests above individual rights.