During the month of July, Clanton Industries issued a check in the amount of $756 to a supplier on account. The check did not clear the bank during July. In preparing the July 31 bank reconciliation, the company should:

If a check correctly written and paid by the bank for $432 is incorrectly recorded in the company's books for $371, how should this error be treated on the bank reconciliation?

Franklin Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on August 31, its Cash account shows a debit balance of $17,662. Franklin's August bank statement shows a $17,837 balance in the bank. Determine the adjusted cash balance using the following information:

The adjusted cash balance should be:

A company's inventory records report the following:

Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale?

A company purchased $3,100 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $850 worth of merchandise. On July 12, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, the correct journal entry to record the payment on July 12 is:

Edison Consulting received a $410 utilities bill and immediately paid it. Edison's general journal entry to record this transaction will include a:

On December 31 of the current year, the unadjusted trial balance of a company using the percent of receivables method to estimate bad debt included the following: Accounts Receivable, debit balance of $98,300; Allowance for Doubtful Accounts, credit balance of $1,071. What amount should be debited to Bad Debts Expense, assuming 6% of outstanding accounts receivable at the end of the current year are estimated to be uncollectible?

Holman Company owns equipment with an original cost of $97,880 and an estimated salvage value of $6,440 that is being depreciated at $15,240 per year using the straight-line depreciation method, and only prepares adjustments at year-end. The adjusting entry needed to record annual depreciation is:

A company's balance sheet shows: cash $35,000, accounts receivable $41,000, equipment $72,000, and equity $83,000. What is the amount of liabilities?

If equity is $368,000 and liabilities are $186,000, then assets equal: