Prepare journal entries for x VC Chegg Study I Guided S x Wiley PLUS C edugen.wi
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Question
Prepare journal entries for x VC Chegg Study I Guided S x Wiley PLUS C edugen.wileyplus.com/edugen/student/mainfr.uni Apps teachingasleadershi... Normal Probability DS F-value Calculator Login Page Wiley P... InformationNow Book Companion Si Wiley PLUS Kieso, Intermediate Accounting, 15e Home Read, Study & Practice Grade book ORION Assignment Assignment Open Assignment Brief Exercise 7 Horton Corporation is preparing a bank reconciliation and has identified the following potential reconciling items. (a) Deposit in transit $6,348 (b) Bank service charges $36. (c) Interest credited to Horton's account $47. (d) Outstanding checks $7,679. (e) NSI check returned $476 ke Hort (If required, ect "No Entry" f Prep plet automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation click if you would like to show work for this question: open show work License Agreement l Privacy Policy l 2000-2015 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. INTERMEDIATE ACCOUNTING NEXTN CALCULATOR FULL scREEN PRINTER VERSION BACK 0 for th Cred Version 4.16.2.2 12:34 PM 11/2/2015Explanation / Answer
Balance Sheet
Income Statement
Transaction
Cash Asset
+
Noncash Assets
=
Liabil-
ities
+
Contrib. Capital
+
Earned
Capital
Rev-enues
–
Expen-ses
=
Net
Income
+7,000
=
+7,000
(Common stock)
–
=
+5,000
=
+5,000
(Loan)
–
=
-3,400
+3,400
(Equipment)
=
–
=
-700
+700
(Prepaid rent)
=
–
=
-1,000
+5,000
(Inventory)
=
+4,000
(AP)
–
=
+5,650
(AR)
-2,500
(Inventory)
=
+3,150
(Retained earnings)
+5,650
–
+2,500
(Cost of goods sold)
=
+3,150
-3,500
=
-3,500
(AP)
–
=
-800
=
-720
(Loan)
-80
(Retained earnings)
–
+80
(Interest expense)
=
-80
Balance Sheet
Income Statement
Transaction
Cash Asset
+
Noncash Assets
=
Liabil-
ities
+
Contrib. Capital
+
Earned
Capital
Rev-enues
–
Expen-ses
=
Net
Income
+7,000
=
+7,000
(Common stock)
–
=
+5,000
=
+5,000
(Loan)
–
=
-3,400
+3,400
(Equipment)
=
–
=
-700
+700
(Prepaid rent)
=
–
=
-1,000
+5,000
(Inventory)
=
+4,000
(AP)
–
=
+5,650
(AR)
-2,500
(Inventory)
=
+3,150
(Retained earnings)
+5,650
–
+2,500
(Cost of goods sold)
=
+3,150
-3,500
=
-3,500
(AP)
–
=
-800
=
-720
(Loan)
-80
(Retained earnings)
–
+80
(Interest expense)
=
-80