Question
In: Accounting
Corbin Company was charged $25 for a check printing service fee associated with its checking account....
Corbin Company was charged $25 for a check printing service fee associated with its checking account. Which journal entry is required?
A.Debit Miscellaneous Expense for $25 and credit Accounts Payable for $25.
B.Debit Miscellaneous Expense for $25 and credit Accounts Receivable for $25.
C.Debit Miscellaneous Expense for $25 and credit Cash for $25.
D.No journal entry is required.
Solutions
Expert Solution
The entry would be
| Debit | Credit | |
| Miscellaneous expenses (Expense increase) | 25 | |
| Cash (Asset decrease) | 25 |
Option C is the answer
ekkarill92 answered 2 years agoRelated Solutions
Corbin Catering prepares monthly bank reconciliations of its checking account balance. The bank statement received by...
Corbin Catering prepares monthly bank reconciliations of its
checking account balance. The bank statement received by Corbin
Catering for February 20X9 follows:,Corbin Catering, First Fifth
Bank,54 Windsong Drive ,POBox 22,
BANK STATEMENT ,DATEOF STATEMENT:
February 28, 20X9,,Balance,February 1,
2009,$29,500,Interestearned
,$100,Servicecharge,$40,Accountcollected on behalf of Corbin
,1,600,Checks:,#310 ,120,#312,260,#313 ,180,#314 ,215,#316 ,80,#317
,110,Deposits:,February 15, 20X9 ,5,000,Ending Balance
,$35,195,Corbin Catering’s books disclosed the following additional
information:,
Checking account balance, February 1, 20X9
,$29,500,Checkswritten:,#310 ,$120,#311 ,40,#312 ,260,#313
,180,#314,215,#315 ,200,#316 ,80,#317 ,110,Deposits:,February15,
20X9,$5,000,February28, 20X9,2,500,Endingbalance ,$35,795,:,
a)Prepare...
1. What is not a cost of keeping money in a checking account? A) Transaction fee...
1. What is not a cost of keeping money in a checking
account?
A) Transaction fee for ATM transaction
B) Fees for various services like stop payments
C) Minimum balance requirement for free checking
D) FDIC insurance
2. You have estimated that you need $6,500 in liquid assets for
an emergency fund. You currently have only $1,000, which is
invested in a savings account earning 3percent nominal interest,
compounded monthly. Your current budget leaves $290per month to
apply to this...
A bank charges $10 per month plus the following check fees for a commercial checking account:...
A bank charges $10 per month plus the following check fees for a
commercial checking account: $.10 each for less than 20 checks $.08
each for 20 - 39 checks $.06 each for 40 - 59 checks $.04 each for
60 or more checks Write a program that prompts the user for the
number of checks written each month. Then compute and display the
bank’s total service fees for the month. Make sure the output
displays with a $ and...
The following transactions were completed by B&A Sales & Service The owner opens the checking account...
The following transactions were completed by B&A Sales &
Service
The owner opens the checking account by making a deposit of
$10,000 with his personal funds. (1-1-18)
Purchase a desk for the office of $1000. (1-5-18)
Purchase inventory to sell $5000. (1-5-18)
Paid rent $750. (1-5-18)
Purchase vehicle $8000 with a loan. (1-8-18)
Insurance paid $250. (1-10-18)
Equipment purchased $2600 with a loan. (1-15-18)
Cash sales $1500. (1-17-18)
Cost of Goods sold for entry #8 is $900 (1-17-18)
Office supplies...
Question 2 facts – Joe reconciles his checking account check register to the penny every month...
Question 2 facts – Joe reconciles his checking
account check register to the penny every month with the bank’s
statement. After accurately recording all of the transactions that
he initiated during the month, his check registered showed a
balance in his checking account of $1,900 as of the end of the
month. When he received his bank statement for the month, he noted
for the first time the following as of the end of the month:
outstanding checks - $300;...
Ink Spill, a printing company, provides printing services to its customers. Customers normally pay for printing...
Ink Spill, a printing company, provides printing
services to its customers. Customers normally pay for printing
services in advance. In October 2020, Ink Spill received
$20,000 from customers for services to be provided in November
2020. A senior accountant at Ink Spill wants to record the
full amount as a liability in the company’s Balance Sheet at the
end of October 2020.
Required:
Should the $20,000 be recorded as a liability in the company’s
Balance Sheet at the end of...
The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides...
The Fitzgerald Company maintains a checking account at the Bank
of the North.
The bank provides a bank statement along with canceled checks on
the last day of each month. T
he October 31, 2016, bank statement included the following
information:
Balance, October 1, 2016 $ 32,690
Deposits 86,000
Checks processed -75,200
Service charges -350
NSF checks -1,600
Monthly loan payment deducted
directly by bank from account
(includes $400 in interest)
(3,400)...
The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides...
The Fitzgerald Company maintains a checking account at the Bank
of the North. The bank provides a bank statement along with
canceled checks on the last day of each month. The October 31,
2016, bank statement included the following information:
Balance, October 1, 2016
$
32,590
Deposits
81,000
Checks processed
(70,200)
Service charges
(250)
NSF checks
(1,500)
Monthly loan payment deducted
directly by bank from
account
(includes $300 in
interest)
(2,300)
Balance, October 31, 2016
$
39,340
The...
The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides...
The Fitzgerald Company maintains a checking account at the Bank
of the North. The bank provides a bank statement along with
canceled checks on the last day of each month. The October 31,
2018, bank statement included the following information:
Balance, October 1, 2018
$
32,690
Deposits
86,000
Checks processed
(75,200
)
Service charges
(350
)
NSF checks
(1,600
)
Monthly loan payment deducted
directly by bank from account
(includes $400 in interest)
(3,400
)
Balance, October 31, 2018
$...
Golding Bank provided the following data about its resources and activities for its checking account process:
Assigning Cost of Resources to Activities, Unbundling the
General LedgerGolding Bank provided the following data about its resources and
activities for its checking account process:ResourcesActivitiesClerical HoursSupervision$72,000Processing accounts10,360Phone and supplies91,000Issuing statements7,000Salaries280,000Processing transactions7,840Computer30,000Answering customer inquiries2,800 Total$473,000 Total28,000Computers are used only by the issuing (20 percent) and
processing transaction (80 percent) activities.Phone and supplies are 70 percent customer inquiries with the
other 30 percent divided equally among the remaining activities,
including supervising the checking operation.The supervisor spends 100 percent of his time on supervision.
In...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Describe System Development Life Cycle (SDLC) and how it is used.
- What symbolism do you find in the play,Oedipus?
- • Using the Scanner class to obtain input from the user. • Using printf to output...
- In each of the following situations, develop a tentative plan for the client. List the various...
- MARGI sells different types of wine. Customers place orders to the most popular “Summer Wine” at...
- Java. If possible please put explanations for each line of code. Write a test program that...
- . Use the following information to calculate your company's expected return State Probability Return Boom 20%...
ADVERTISEMENT