Question
In: Accounting
The following items were included as cash on the statement of financial position Lawton Company. How...
The following items were included as cash on the statement of financial position Lawton Company.
How should each of the items have been reported? Write your answer on the space after each item.
The lists of possible answers are as follows: Cash, Notes Receivable, Accounts Receivable, Advances to Employees, Office Supplies and Other Noncurrent Asset
| Demand deposits with bank | |
| Bank account used for payment of salaries and wages | |
| Cash in special cash account to be used currently for the construction of a new building | |
| Customers’ checks returned by the bank marked “No Sufficient Fund” | |
|
Customers’ post-dated checks |
|
|
IOUs from employees |
|
|
Postage stamps received in the mail for merchandise |
|
|
Postal money orders received from customers and not yet deposited |
|
|
Notes receivable in the hands of the bank for collection |
|
|
Customer’s checks not yet deposited |
Solutions
Expert Solution
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| Demand deposits with bank | Cash |
| Bank account used for payment of salaries and wages | Cash |
| Cash in special cash account to be used currently for the construction of a new building | Cash |
| Customers’ checks returned by the bank marked “No Sufficient Fund” | Accounts Receivable |
| Customers’ post-dated checks | Accounts Receivable |
| IOUs from employees | Advances to Employees |
| Postage stamps received in the mail for merchandise | Office Supplies |
| Postal money orders received from customers and not yet deposited | Cash |
| Notes receivable in the hands of the bank for collection | Notes Receivable |
| Customer’s checks not yet deposited | Cash |
ekkarill92 answered 2 years agoRelated Solutions
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