Use the following to answer questions 1?9:Indicate how each event affects the elements of the financial statements. Use the following letters to record your answer in the box shown below each element. You do not need to enter amounts.Increase = I Decrease = D No Effect = NA(Note that "No Effect" means that the event does not effect that element of the financial statements or that the event causes an increase in that element is offset by a decrease in that same element.) At June 30, when Heath Company was preparing the bank reconciliation, the employee preparing the reconciliation found that the company had outstanding checks in the amount of $2,650.AssetsLiabilitiesStk. EquityRevenuesExpensesNet IncomeStmt of Cash Flows???????
What will be an ideal response?
(NA) (NA) (NA) (NA) (NA) (NA) (NA)
Outstanding checks are subtracted from the bank balance on the bank reconciliation. Adjustments to the bank balance have no effect on the elements of the company's financial statements.
You might also like to view...
_____ causes people to view events as being more predictable than they really are.
A. Framing bias B. Hindsight bias C. Sunk-cost bias D. Narrow focus bias E. The fog effect
The bank reconciliation is prepared by the bank once a month
Indicate whether the statement is true or false
In-group members ______.
A. get more information from leaders B. are focused on themselves rather than the team C. have low-quality leader-member exchanges D. do their jobs and nothing more
Which principle urges marketers to serve the common good and seek social duties?
A. principle of stewardship B. principle of nonmalfeasance C. principle of protecting vulnerable market segments D. principle of distributive justice