In the process of reconciling its bank statement for January…

In the process of reconciling its bank statement for January, Haley’s Clothing’s accountant complies the following information: Cash balance per company books on January 30    $4,725 Deposits in transit at month-end $1,800 Outstanding checks at month-end $520 Bank service charges $25 EFT automatically paid monthly, not yet recorded by Haley $380 An NSF check returned on a customer account $265   The adjusted cash balance per the books on January 31 is:  

A company purchased a new truck at a cost of $57,000 on July…

A company purchased a new truck at a cost of $57,000 on July 1. The truck is estimated to have a useful life of 6 years and a salvage value of $4,500. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the truck during the first year ended December 31?

On December 1, Lewis Company borrowed $350,000, at 6% annual…

On December 1, Lewis Company borrowed $350,000, at 6% annual interest, from the National Bank of Indianapolis. Interest is paid when the loan matures one year from the issue date. What is the adjusting entry for accruing interest that Lewis would need to make on December 31, the calendar year-end?

In the process of reconciling its bank statement for January…

In the process of reconciling its bank statement for January, Haley’s Clothing’s accountant complies the following information: Cash balance per company books on January 30    $4,725 Deposits in transit at month-end $1,800 Outstanding checks at month-end $520 Bank service charges $25 EFT automatically paid monthly, not yet recorded by Haley $380 An NSF check returned on a customer account $265   The adjusted cash balance per the books on January 31 is: