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:

Antebellum Period

The time period in the United States before the Civil War, noted for its growing divisions over slavery.

Population

The total number of people inhabiting a particular area or country.

Antebellum Period

The era in the United States history immediately before the Civil War, marked by the division over slavery and states' rights, approximately between the late 18th century and 1861.

Eastern Seaboard

Refers to the eastern coast of the United States, stretching from Maine to Florida, known for its significant historical, economic, and cultural importance.