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:

Project Management Institute

An organization that sets standards, conducts research, and provides education and certification in project management.

Knowledge

Facts, information, and skills acquired through experience or education; the theoretical or practical understanding of a subject.

Skills

The abilities and expertise that individuals possess, which enable them to perform tasks effectively.

Tools

Instruments or software used to facilitate the accomplishment of a task or to achieve a specific result.