For Each of the Following, Explain Whether the Issue Would

question 111

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 number 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. The sale had previously been recorded when shipped and was equal to the payment amount of $125.

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Definitions:

Self Help

Taking action to address a problem or situation by oneself without relying on external assistance.

Storage Locker

A small, usually lockable space provided to individuals to store personal items, often found in public or private storage facilities.

Fair Housing Act

United States legislation that prohibits discrimination in the sale, rental, and financing of dwellings based on race, color, religion, sex, or national origin.

Sexual Orientation

An individual's emotional, romantic, or sexual attraction to others.