In Preparing the April Bank Reconciliation for Oscar Company,it Was

question 116

Short Answer

In preparing the April bank reconciliation for Oscar Company,it was discovered that on April 10 a check was written to pay delivery expense of $45 but the check was erroneously recorded as $54 in the company's books.The journal entry required to correct the error is

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Definitions:

Cash Flows

Movements of money into or out of a business, project, or financial product, often analyzed for assessing financial health or the viability of investments.

Demand Management

The process of forecasting, planning for, and managing the demand for products and services to optimize supply chain performance.

Service Sector

The segment of the economy that includes trade, financial, lodging, education, legal, medical, and other professional occupations.

Aggressive Approach

A strategic or operational stance characterized by taking bold decisions and actions, often involving some level of risk, to achieve objectives.