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accounts data bank




Question;Record the necessary journal entries;from the following bank reconciliation information for July 31, 2011;Bank balance, July 31, 2011-$36,739;checkbook balance, July 31, 2011-;$36,444;Bank collection of note receivable -;$1,200+165(interest);Bank service charge $35;Deposits in transit- $2,400;Outstanding checks $1,245;NSF check from customer $330;Correction of book error (check #456;written for $160, recorded at $610) - gas expense.;8.;Assume that in Year 1, the ending merchandise inventory is;overstated by $30,000. If this is the only error in Years 1;and 2, fill in the items below, indicating which items will be;understated, overstated, or correctly stated for Years 1 and;2.9. Below is a list of treatments of accounting;topics. Place GAAP?on the line if the treatment is GAAP-based and place IFRS;on?the line if the treatment is IFRS-based.?A. Interest and dividend income are reported in;the?investing section of the cash flow statement.____IFRS______?B. Interest expense is reported in the financing;section of?the cash flow statement. _____IFRS______?C. The use of LIFO is prohibited. _______IFRS;="msonormal">


Paper#44329 | Written in 18-Jul-2015

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