Prepare Any Journal Entries Based on the Following Data Regarding

question 97

Essay

Prepare any journal entries based on the following data regarding the bank reconciliation prepared by Corruption Company on July 31, 2014.
a. A customer's cheque for $260 was returned with the bank statement and stamped NSF.
b. Outstanding cheques amount to $650.
c. Service charges for July per bank statement are $25.
d. Cheque #925 for $3,250 for office equipment was erroneously recorded by the bookkeeper as $2,350.
e. The bank erroneously credited Corruption Company's account for a $575 deposit made by Bribe and Bilk Inc.
f. A deposit ticket correctly prepared for $695 appeared on the bank statement as a deposit for $965.
g. Cheque #930 for $900 for rent expense was erroneously recorded by the bookkeeper as $90.

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Definitions:

Product Assessment

The evaluation process of a product's performance, features, and market potential to determine its viability and success in the market.

Disruptive Innovation

An innovation that significantly alters the market landscape by introducing simplicity, convenience, accessibility, or affordability where complexity and high cost are the status quo.

Product Development Activities

A series of steps that include the conceptualization, design, development, and marketing of newly created or newly rebranded goods or services.