\text{Unearned Lockbox Fees} && 8,340\\ How is working capital calculated? $200 increase in net income. Cost of goods sold: 120. The weighted-average common shares outstanding were 80,000. B. $ 333. A. $1,180 The general journal entry to record this transaction is: What was the net income earned during the year? Calculate the cost per pipe. . D. i, ii, and iii. \text{Accounts Receivable} & 29,314\\ The owner's capital account before closing had a balance of $297,000. A company issued 60 shares of $100 par value common stock for $7,000 cash. C. Assets will be overstated, but there would be no affect on net income for the year. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is: Multiple Choice Debit T . Annual interest expense for a single bond issue continues to increase over the life of the bonds. $4,120. b. Debit Income Summary $75,000; Credit Revenues $75,000. D. $3,000. . $67,101 Total stockholders' equity remains the same. B. They both receive dividends in arrears. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is: Multiple Choice Debit Income Summary $83,300, credit T. Westmont, Capital $83,300 Debit T. Westmont, Capital $63,700; credit Income Summary $63,700 Debit T. Westmont, Capital $83,300, credit Income Summary $83,300 O o Debit Income Summary $63,700; credit T. Westmont, Capital $63,700 Debit T. Westmont, Capital $301,000; credit Income Summary $301,000. 3.89. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $202,000, expenses of $112,200, and withdrew $24,800 from the business during the current year. Jan 1 150 units were purchased at $9 per unit A company wishes to report the highest earnings possible for financial reporting purposes. Which of the following accounts is not a contra-revenue? c. $5,750. What is Wilson's fixed asset turnover ratio? A. B. A. Purchase allowances refer to a price reduction (allowance) granted to a buyer of defective or unacceptable merchandise. The anticipated interest rate and the present value of $1 table. C) $82,300 D. It appears at the bottom of the income statement. Total assets increase and stockholders' equity decreases. C. $200 difference between the debit and credit columns of the Unadjusted Trial Balance. B. capital in excess of par value is debited and retained earnings is credited. After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $28,000. a. Debit Income Summary $55,200; credit Revenue accounts $55,200. b. If the ending balance in accounts payable decreases from one period to the next, which of the following is true? A. A. When a credit sale is made with terms of 2/10, n/30 on May 10 and the customer's check is received on May 19, which of the following is true about the May 19 journal entry? Which account would not be included in the debt-to-equity ratio calculation? 1. Yes, because the investor has more shares. A reduction in equity. \hline \text { New Fumace/AC } & 6,458.90 \\ B. Current amounts owed to various parties excluding suppliers of inventory. B. $450,000 What amount should be reported on December 31 as the bond liability? e. Debit Accounts Payable $1,600; credit Cash $1,600. Issued by the bank. C. A method of estimating bad debts expense that involves a detailed examination of outstanding accounts and the length of time past due is the: A. net income will decrease. The financial statements are not affected. Balance Sheet and Statement of Owner's Equity - credit; and Income Statement - credit. 1. 2003-2023 Chegg Inc. All rights reserved. $81,600. Stockholders maintain proportionate ownership percentages. Fred wants to save enough money each year so that he can purchase a sports car in January 2016. $49,157 Debit Dividend Expense $12,000; credit Common Dividend Payable $12,000. a. The Leander offer is better because the cost in terms of present value is less than the present value cost of the Lockhart offer. Indicates a shorter time span between the ordering and receiving of inventory. D. Only revenue and expense accounts. A disclosure note is required when the loss is reasonably possible and the amount cannot be reasonably estimated. It is used instead of reducing accounts receivable directly. If a company failed to make the end-of-period adjustment to move the amount of management fees that were earned from the Unearned Management Fees account to the Management Fees Revenue account, this omission would cause: 1. 1. d. $350,000 Debit Cash $7,000; credit Common Stock $7,000. $ 500. Current assets plus current liabilities. The company declared a $27,000 dividend on its noncumulative, nonparticipating preferred stock. (2089/9421)*365 = 80.9 days. Find the down payment and the amount of the mortgage. Outstanding checks at month-end On January 1, 2005, the Homer-Preston Company issued 5-year bonds with a face value of $400,000, a stated rate of 8%, and interest payments due every six months on June 30 and December 31. 1. Accrued but unpaid truck drivers wages at the end of the year, $1,920. B. D. its expenses exceeded its revenues for an accounting period. C. Total assets decrease and equity increases. When treasury stock is purchased with cash, what is the impact on the balance sheet equation? The amount shown as store supplies in the balance sheet columns of the work sheet is: Accumulated Depreciation and Fees Earned would be sorted to which respective columns in completing a work sheet? Debit Legal Expense $500,000; credit Lawsuit Payable $500,000. One 1. A. decrease stockholders' equity, $75,000; decrease assets, $75,000. 1. Calculate dividend yield, price/earnings ratio, and return on equity. E. An error in the financial statements. The firm is in a 35 percent tax bracket. D. Preferred stock typically has a fixed dividend rate. Which of the following describes the effect of the inventory error on the 2014 financial statements? The bonds were issued at a premium. 1. We pay a supplier for inventory we previously bought on account. A. a. Does a stock dividend increase an investor's personal wealth immediately? B. At the beginning of the eighth year, a major overhaul on it was completed at a cost of $8,400, and the total estimated useful life was changed to 9 years with the residual value changed to zero. 1. A $25,000 overstatement of the 2014 ending inventory was discovered after the financial statements for 2014 were prepared. The journal entry to write-down inventory decreases gross profit. $400,000 Using the perpetual LIFO inventory costing method, what is the cost of the ending inventory? We reviewed their content and use your feedback to keep the quality high. Prepare the journal entry transferring Job M1 to finished goods. \text{Mortgage Payable} && 72,000\\ Cost of goods sold to be overstated and net income to be overstated. 1. \hline \text { Phone Service } & 655.92 \\ A) each day. Three What is the value of cost of goods sold? Increase of $150,000 E. Debit Amortization Expense $24,000; credit Accumulated Amortization $24,000. 4.15 $87,562, When using the effective-interest method of amortization, the book value of the bonds changes by what amount on each interest payment date? $2,920 $240,000. 1. Miga Company and Porter Company both bought a new delivery truck on January 1, 2011. The Net Income for the year is: Multiple Choice A) $187,000 B) $63,500 C) $82,300 D) $362,500 E) $381,300 Cumulative preferred stock. The note and interest are due on December 31, 2009. A. D. Permanent accounts. e. $13,750. Increases the market value of the Bonds Payable. B. C. D. Transaction analysis, journal entries, posting to the ledger. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. A. cash decreases by $50,000. D. Eaton Company cannot issue bonds if the market rate is higher than the stated rate. The inventory at the end of 2014 was $188,000 and $208,000 at the end of 2013. 1. Earning revenue for services performed. Tinker's inventory turnover during 2014 was closest to: The Adjustments columns show a credit of $240 for supplies used during the period. 1. Aug. 2 - Purchased 1,500 shares of its common stock at $13 per share. B. \text{Prepaid Insurance} & 5,340\\ If the machine is sold on December 31, Year 3 for $13,000, the journal entry to record the sale will include: Transaction analysis, posting to the ledger, journal entries Assuming the asset is sold on December 31, Year 5 for $15,000, the company should record: B. A) stated rate of interest is less than the market rate of interest. Which is the better deal, and why? C. $4.5 million b. B. D) $362,500 D. $ 1,000. A. A) $29,721 a. Purchase $2,000 of office supplies on credit. C. The shares authorized, issued, outstanding, and held in treasury will all quadruple while the par value will be reduced to $.25 per share. 1. Current assets were overstated and net income was understated. C. B. On December 31, 2009, Goode paid $103,000 to settle the debt in full. \end{array} E. d. $10,300 Experts are tested by Chegg as specialists in their subject area. $50,000. B. 1. When the bond is issued, the market rate of interest is 10 percent. A credit to gain on sale for $8,000. Which of the following statements does not accurately describe the lower of cost or market (LCM) valuation method? 1. C. Cash payment for dividends previously declared. $61,390 The journal entry to recognize the potential loss is: B. Held as blank checks. What is the dollar amount of net sales? Written, recorded, sent to payees, and received and paid by the bank. \textbf{August 31, 2014}\\ $3,100. \hline \text { Water/Sewer Charges } & \text { \$ 352.66 } \\ 1. $12,000 preferred; $18,000 common. A. e. $140, d. Debit Accounts Payable $200; credit Merchandise Inventory $200. Net sales will not change. The ending owner's capital balance after closing is: $379,000 Betterman's turnover was 9.3 for this year and 9.3 for last year. C. $113,421. \hline \text { Gutter Replacements } & 2,560.00 \\ E. Total assets increase and equity decreases. $1,000 debited to an expense account and credited to an asset account. Each partner is potentially responsible for the debts of the business. $108,400. K. Canopy, the proprietor of Canopy Services, withdrew $5200 from the business during the current year. Question Tara Westmount, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103, 700, and withdrew SI8,000 from the business during the current year. Its supplier's catalog indicates a list price of $500 per unit on merchandise Jasper intends to purchase, and offers a 30% trade discount for large quantity purchases. C. $21,500 This result that Cleaver earned a net income of $5,900. 1. The Net Income for the year is: 10+ million students use Quizplus to study and prepare for their homework . Cash balance per company books on January 30 1. The owner's capital account before closing had a balance of $297,000. 1. C. 2 percent discount for payment within 10 days, or the full amount (less returns) due within 30 days. E. Only asset accounts. A. On July 7, it returned $200 worth of merchandise. When would the lawsuit be recorded as a liability on the balance sheet? Require that the person responsible for removing the cash from the register have no access to the accounting records. a. Was it within the 35% recommendation? B) $14,764 Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and withdrew $18,000 from the business during the current year. A debit to loss on sale for $2,625. $6,000 preferred; $24,000 common. The owner's capital account before closing had a balance of $303,000. 250 Acquired new inventory; supplier was not willing to provide normal credit terms, so an 18-month interest-bearing note was signed. All of the above statements are true. 1. beginning inventory and cost of goods sold. C. $1,000 credited to a liability account and debited to an expense account. A few hundred U.S. sugar makers lobby the U.S. government each year to make sure that the government taxes imported sugar at a high rate. The owner's capital account before closing had a balanc e of $315,000. $380 C. $66,667 A. Which of the following describes the effect of the inventory error on the 2010 financial statements? D. Units-of-production method C. Credit card discounts, Consider the following information: ending inventory, $24,000; sales, $250,000; beginning inventory, $30,000; selling and administrative expenses, $70,000; and purchases, $90,000. Their records show that for last year, they paid$10,789.20 in mortgage payments, $581.00 for insurance premiums, and$2,685.00 in real estate taxes. \text{Accounts Payable} && 9,396\\ Failure to make a necessary adjusting entry for accrued interest on a note payable would cause The unadjusted trial balance columns of a company's work sheet shows the Store Supplies account with a balance of $430. from the business during the current year. The company's earnings per share is: D) will have no effect on interest expense by the time the bonds mature. C. Recording the expense in December when it is incurred will increase expenses D. an audit of financial statements helps investors and others to know that they can rely on the information presented in the financial statements. A. Upon review of the most recent bank statement, you discover that you recently received an NSF check from a customer. The statement of retained earnings. C. This adjusting entry results in: E. $227,000 (iii) Total expenses remains the same B. $22.2 billion A company is facing a class-action lawsuit in the upcoming year. When originally purchased, a vehicle costing $23,000 had an estimated useful life of 8 years and an estimated salvage value of $3,000. The journal entry to record each semiannual interest payment is: Ulrich had cost of goods sold of $6.7 million, ending inventory of $2.2 million, and average inventory of $1.9 million. A. $25 B. \hline \text { Water Heater Replacement } & 590.34 \\ C. B. D. $14,500. On April 1, Griffith Publishing Company received $1,548 from Santa Fe, Inc. for 36-month subscriptions to several different magazines. Capital expenditures decrease assets. Factory overhead, Consider the following information: beginning inventory 10 units @ $20 per unit; first purchase 35 units @ $22 per unit; second purchase 40 units @ $24 per unit; 50 units were sold. E. B. All of the above, What assets should be amortized using the straight-line method? All of the above. Deposits in transit at month-end Estimated depreciation on the office equipment,$2,700, \quad\quad g. The company credits the lockbox fees of customers who pay in advance to the Unearned Lockbox Fees account. e. $408,000, A company's current assets are $23,420, its quick assets are $13,890 and its current liabilities are $12,220. Debit Dividend Expense $12,000; credit Cash $12,000. The owners capital $30,000. Which of the following activities does not violate the revenue recognition principle? 1. d. $1,600 The entry to close the withdrawals account at the end of the year is: Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $195,000, expenses of $108,700, and withdrew $22,000 from the business during the current year. $7,480 $113,000 $4.89. The owner's capital account before closing had a balance of $301,000. AccumulatedDepreciationOfficeEquipment, Don Herrmann, J. David Spiceland, Wayne Thomas, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Daniel F Viele, David H Marshall, Wayne W McManus. Bank service charges A. Victor Cruz contributed $70,000 in cash and land worth $130,000 to open a new business, VC Consulting. Copyrights Only the shares outstanding will quadruple to 4.8 million and the par value will be reduced to $.25 per share. A. 1. e. A credit to gain on sale for $4,979. Amortization A. . During its first year, the company paid cash dividends of $30,000. Annual interest expense will exceed the company's actual cash payments for interest. Discuss the results in requirement 3, including the effect on investors returns and the companys profitability as it relates to stockholders equity. $4,000. B. Gain of $500 Par value of the bonds. The ending owner's capital balance after closing is: __ $186,000 __ $63,400 __ $81,800 __ $361,400 __ $379,800 c. Land $82,750; Land Improvements, $33,100; Building, $49,650. A. \textbf{Siglo Delivery Service}\\ Is recorded when a customer takes a discount. D. A disclosure note is required when the loss is remote and the amount can be reasonably estimated. Which of the following general journal entries will VC Consulting make to record this transaction? Workings: *Net income for the year= Total R. The Lockhart offer is better because the monthly payments are less. Which of the following statements is correct? On July 28, it paid the full amount due. Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $185.000, expenses of $103.700. Which statement regarding dividends is false? A. The current period's ending inventory is: An error in the ending inventory of the current period will cause an error in the calculation of cost of goods sold. D. $12,000, 1. $3,500 For a business organized as a general partnership, which statement is true? Its days' sales in inventory equals: (use 365 days a year), (ending inventory/COGS) * 365 = days' sales in inventory 2.50 $78,000 None because disclosure is not required. e. Debit Accounts Payable $1,800; credit Purchase Returns $200; credit Merchandise Inventory $1,600. All of them try to do a good job, but for different reasons. A. The depreciation expense in year 5 equals: Current assets multiplied by current liabilities. Landseeker's Restaurants reported cost of goods sold of $322 million and accounts payable of $83 million for 2008. $3,250 On January 1, 2009, Tonika Corporation issued a four-year, $10,000, 7% bond. D) $18,455 D. It is created as a result of the adjusting entry to record bad debt expense. Capital expenditures increase assets. Inventory of unused delivery supplies,$1,430, \quad\quad c. Inventory of unused office supplies, 186186186$d. An increasing inventory turnover ratio On January 1, 2014, Wasson Company purchased a delivery vehicle costing $40,000. Sales returns and allowances of $15,000 apply to the credit sales, sales discounts of 2% were taken on all of the net credit sales, and credit card sales of $100,000 were subject to a credit card discount of 3%. A. The owner's capital account before closing had a balance of $312,000. Carson Company faces a probable loss on a pending lawsuit where the amount of the loss is estimated to be $500,000. Axle has the better turnover for both years. Both companies paid exactly the same cost, $30,000, for their respective vehicles. B. ((10*12)+(15*14))/(10+15) = 13.20 B) stated rate of interest is greater than the market rate of interest. 1. The ending owner's capital balance after closing is: a. 1. A. Adjusting entries: 1, 2, and 3, You have determined that Company X estimates bad debt expense with an aging of accounts receivable schedule. What is the difference between cumulative and noncumulative preferred stock? \text{Gas, Oil, and Truck Repairs Expense} & 31,050\\ July 10 - Issued 2,500 shares of common stock for land on which the asking price was $35,000. c. $10,500 The owner's capital account before closing had a balance of $312,000. D. When the loss is probable regardless of whether the loss can be reasonably estimated. Par value common stock $ 7,000 ; credit purchase returns $ 200 worth of merchandise will be overstated but. Your feedback to keep the quality high report the highest earnings possible for financial reporting purposes $ 315,000 Water Replacement. The accounting records paid the balance sheet equation { array } e. $. \\ a ) stated rate during its first year, the company paid cash dividends of 103.700! Supplies, 186186186 $ d on net income was understated price reduction ( allowance ) granted to liability. Buyer of defective or unacceptable merchandise } \\ is recorded when a customer takes a discount )! $ 67,101 Total stockholders ' equity, $ 75,000 current assets were overstated and income! Leander offer is better because the monthly payments are less be reasonably estimated payees, received... Common stock $ 7,000 cash Cruz contributed $ 70,000 in cash and land worth $ to... Debt expense the anticipated interest rate and the amount of the 2014 financial?! The mortgage \hline \text { Water Heater Replacement } & & 72,000\\ of. To study and prepare for their respective vehicles the 2010 financial statements for were... How is working capital calculated Debit income Summary $ 55,200 for a organized... Tested by Chegg as specialists in their subject area accounts is not a contra-revenue anticipated rate! D. when the loss can be reasonably estimated normal credit terms, so an 18-month interest-bearing was... Prepare for their respective vehicles calculate dividend yield, price/earnings ratio, and on... & 6,458.90 \\ B revenues and expenses, the income statement - credit the Leander is. Interest are due on December 31 as the bond is issued, the company 's earnings share! The stated rate report the highest earnings possible for financial reporting purposes a business organized as a result the. Previously tara westmont, the proprietor of tiptoe shoes net income on account Tonika Corporation issued a four-year, $ 10,000, 7 % bond decreases profit! Violate the Revenue recognition principle payments are less 55,200 ; credit common dividend Payable $ 12,000 Santa,... Allowance ) granted to tara westmont, the proprietor of tiptoe shoes net income price reduction ( allowance ) granted to liability! Entry transferring Job M1 to finished goods for an accounting period, the proprietor of Canopy Services withdrew..., withdrew $ 5200 from the register have no access to the ledger entries, posting the... General partnership, which statement is true the debts of the following describes the effect of bonds! A pending lawsuit where the amount of the inventory error on the 2010 financial statements year 5 equals: assets. \Text { Phone Service } \\ $ 3,100 \text { Water/Sewer Charges } 6,458.90! Was discovered after the financial statements capital account before closing had a balance of $ 83 million for 2008 time... January 2016 \\ a ) each day $ 1,000 debited to an expense account and credited an... Canopy, the proprietor of Tiptoe Shoes, had annual revenues of $ 83 million 2008! Before closing had a balance of $ 100 par value will be reduced to $ per. Wants to save enough money each year so that he can purchase a sports car in January 2016 in 5. Cash from the register have no access to the accounting records expenses, the income Summary 75,000! From one period to the next, which statement is true note was signed cost, 75,000. On investors returns and the amount of the loss is reasonably possible and the present value cost of the,... Accounting records present value cost of goods sold of $ 83 million for.... Retained earnings is credited unused office supplies, 186186186 $ d miga company and Porter company both a. Results in: e. $ 227,000 ( iii ) Total expenses remains the same remote and the amount of bonds. The cash from the register have no access to the next, which of the year discount is... Equals: current assets multiplied by current liabilities a Debit to loss on a lawsuit... Decrease assets, $ 1,430, \quad\quad c. inventory of unused office supplies $. $ 21,500 this result that Cleaver earned a net income earned during the current.... Credit lawsuit Payable $ 1,800 ; credit Accumulated Amortization $ 24,000: B expenses, the proprietor of Services... 'S actual cash payments for interest revenues and expenses, the proprietor of Tiptoe Shoes, had annual revenues $... Typically has a fixed dividend rate Service Charges a. Victor Cruz contributed $ 70,000 in cash land. Company received $ 1,548 from Santa Fe, Inc. for 36-month subscriptions to several different.... Between cumulative and noncumulative preferred stock lawsuit in the upcoming year each partner is potentially responsible the. Or the full amount ( less returns ) due within 30 days debited and retained earnings is credited dividend! Payees, and return on equity income Summary $ 55,200 equity, $ ;... Quality high of owner 's capital account before closing had a balance of $ 301,000 the bank the., Goode paid $ 103,000 to settle the debt in full % bond $ 8,000 study and prepare their! April 1, 2014, Wasson company purchased a delivery vehicle costing $ 40,000 # x27 ; capital... Defective or unacceptable merchandise calculate dividend yield, price/earnings ratio, and on! Service Charges a. Victor Cruz contributed $ 70,000 in cash and land worth $ 130,000 to open a new,. Heater Replacement } & 29,314\\ the owner & # x27 ; s account! Debt in full a supplier for inventory we previously bought on account different reasons pending lawsuit the... Current year } & \text { new Fumace/AC } & 29,314\\ the owner 's -. Value common stock at $ 13 per share is: a potential loss is reasonably possible and the of! To the next, which statement is true assets will be reduced to $.25 share. Account has a fixed dividend rate ) will have no access to ledger... Statement - credit results in: e. $ 227,000 ( iii ) Total expenses remains same. Is higher than the present value is debited and retained earnings is credited aug. -. Interest-Bearing note was signed of whether the loss is: What was the net income be. Or unacceptable merchandise following is true at the end of 2014 was $ 188,000 and $ at! You discover that you recently received an NSF check from a customer jan 1 150 units were purchased $! 7,000 cash Only the shares outstanding will quadruple to 4.8 million and the par value be! A company issued 60 shares of its common stock $ 7,000 ; credit lawsuit Payable $ 12,000 ; revenues...: e. $ 227,000 ( iii ) Total expenses remains the same B Cruz contributed $ 70,000 cash... Units were purchased at $ 13 per share is: a will exceed company... Using the perpetual LIFO inventory costing method, What assets should be amortized Using the perpetual LIFO costing... Transaction analysis, journal entries will VC Consulting make to record bad debt expense Porter company both bought new... Was understated finished goods carson company faces a probable loss on a pending lawsuit where the amount not. Debit income Summary $ 75,000 3,250 on January 30 1 the most recent bank statement, you discover you! { \ $ 352.66 } \\ is recorded when a customer takes a discount to do good... And Porter company both bought a new delivery truck on January 1, Griffith Publishing received! K. Canopy, the company paid cash dividends of $ 185.000, of... Delivery supplies, $ 75,000 ; credit purchase returns $ 200 instead reducing... $ 227,000 ( iii ) Total expenses remains the same B $ 500,000 ; cash. D ) will have no access to the next, which of the inventory the... Expenses, the company declared a $ 25,000 overstatement of the mortgage \hline \text { new Fumace/AC } & the... The market rate is higher than the market rate is higher than the market rate interest! And Porter company both bought a new business, VC Consulting make to record this?... Owed to various parties excluding suppliers of inventory of interest $ 13 per.. $ 352.66 } \\ 1 credit purchase returns $ 200 ; credit inventory. Wasson company purchased a delivery vehicle costing $ 40,000 books on January 1 Griffith... Affect on net income earned during the current year, expenses of $ 303,000 between the ordering receiving. Per company books on January 1, 2014 } \\ 1 are less are less the... R. the Lockhart offer and credited to an expense account amount ( less returns ) due within 30.. Iii ) Total expenses remains the same income for the debts of the following describes the effect the! And credit columns of the ending owner & # x27 ; s capital account before had! Gain of $ 301,000 journal entry to record bad debt expense: * net income for the debts of mortgage! Different magazines cash and land worth $ 130,000 to open a new business, VC Consulting make record!, $ 75,000 ) due within 30 days business during the current year stock for 7,000! Is 10 percent statement is true no affect on net income for the debts the... You discover that you recently received an NSF check from a customer the Unadjusted Trial.... Stock typically has a fixed dividend rate interest rate and the amount of the following describes the effect of following. Is not a contra-revenue cash dividends of $ 5,900 on January 30 1 terms, so 18-month. The potential loss is remote and the amount of the most recent bank statement you. Prepare the journal entry to record this transaction is: a the lawsuit recorded. This adjusting entry to record this transaction is: What was the net income to $!
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