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:

Delphi Technique

A method used for forecasting or decision making that involves a panel of experts answering questionnaires in several rounds, with the anonymous responses being aggregated and shared with the panel after each round until a consensus is reached.

Expert Opinion

Insights or views given by a person recognized as an authority in a specific field, often used to inform decisions or clarify complex issues.

Management Forecast

The process of predicting future trends, outcomes, or behaviors in business operations based on current data and analysis.

Trend Analysis

The practice of collecting information and attempting to spot a pattern, or trend, in the data, often used for predicting future events or behaviors.