The questions are as follows:

A check drawn by a depositor for $149 was recorded in the journal as $194. This item would be included in the bank reconciliation as a (n)

A. addition to the balance per the depositor's records
B. deduction from the balance per the depositor's records
C. addition to the balance per the bank statement
D. deduction from the balance per the bank statment.
Which is the correct answer?

Based on the above data what entry is required in the depositor's accounts?

A. Debit Cash, credit Accounts Receivable
B. Debit Cash, credit Accounts Payable
C. Debit Accounts Receivable, credit Cash
D. Debit Accounts Payable, credit Cash

Veronica13

I believe that all you would have to do, is adjust the incorrect entry of $194 to $149 on the general ledger of your books. So you would propably just debit the accounts receivable portion of your books. Most likely the check went into your cash account as $149, double check that first.

Guest

What Is Liabilty Asset

festab

At the beginning of 2008, Lehman Company acquired equipment costing $90K. It was estimated that this equipment would have a useful life of 6 years and a residual value of $9K at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of equipment. Depreciation is to be recorded at the end of each year.
During 2010 (the third year of the equipment's life), the company's engineers reconsidered their expectations, and estimated that the equipment's useful life would probably be 7 years (in total) instead of 6 years. The estimated residual value was not changed at that time. However, during 2013 the estimated residual value was reduced to $5K.

Indicate how much depreciation expense should be recorded each year for this equipment, by completing the table

morgaine300

First, please start your own thread for your question. It not only gets very confusing having people continually tagging onto other threads, but the subject is not even related.

Also, please see the guidelines for posting homework problems:
http://www.askmehelpdesk.com/finance...-b-u-font.html