Shareholders equity, accounting assignment help
Studio Electronics’ accountant wrote a check to a supplier for inventory in the amount of $1,500 but erroneously recorded it on thecompany’s books as $1,050.
She discovered this when she saw the monthly bank statement and noticed that the check had cleared the bank for $1,500. How would this be handled on the bankreconciliation? Enter the transaction into the accounting equation
Studio’s accountant needs to make to correct its accounting records.
The accountant should (ADD OR DEDUCT?) the difference of ($-??) from the (BANK OR BOOK?) balance when reconciling the bank statement.
Enter the transaction into the accounting equation
Studio’s accountant needs to make to correct its accounting records. (Use parentheses or a minus sign when entering account decreases. Use only the necessary input lines.)
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Shareholders’ Equity |
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Assets |
= |
Liabilities |
+ |
Contributed Capital |
+ |
Retained Earnings |
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$ |
Account |
$ |
Account |
$ |
Account |
$ |
Account |
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= |
+ |
+ |
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= |
+ |
+ |
