By Jeffry R. Haber
For brand new scholars of accounting, entry-level accounting pros, and enterprise execs whose personal paintings relates on to the numbers at the ledger, a simple figuring out of middle accounting capabilities and records is necessary. Accounting Demystified offers an easy and simple description of common components of the accounting method, plus obtainable tutorials in developing, examining, and utilizing monetary statements. Haber's transparent language will enable readers: * comprehend accounting fundamentals * locate blunders speedy * arrange exact monetary statements * study monetary files * ascertain the monetary well-being of a company * arrange a monetary prospectus for strength traders and creditors From the school room to the again room to the board room, Accounting Demystified serves as a helpful primer at the fundamentals of accounting and the needs they serve."
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We have to add the $500 back to the customer’s receivable balance, and we also have to reduce the checking account balance. The entry is therefore: 12/07/02 Accounts receivable Cash 500 500 To record returned check An entry must also be made for the bank fee, which requires a reduction of the checking account balance (credit) and a debit to record the expense. The account in which the expense is recorded can be titled Bank service charges, Office expense, or something similar. 12/07/02 Bank service charges 25 Cash 25 To record service charge on returned check C H A P T E R 7 Accounts Receivable Accounts receivable are amounts owed to the company by its customers and clients for services or goods provided.
The journal entries for each example are: Example A XX/XX/XX Bad debt expense 160 Allowance 160 To adjust the balance in the Allowance account Example B XX/XX/XX Allowance 140 Bad debt expense 140 To adjust the balance in the Allowance account 50 Accounting Demystified Example C XX/XX/XX Bad debt expense 560 Allowance 560 To adjust the balance in the Allowance account The allowance is a total representing the amount that, based either on sales or on an accounts receivable aging, the company believes will not be collected.
00 was originally a payment on account. After going through the general ledger balance and the bank statement, the items that have not been crossed off (see Figure 6-3) are used for the reconciliation. 00 The reconciliation is complete when the adjusted cash balances are equal. 25 40 Accounting Demystified preparation of a journal entry. The starting balance for the book column was taken from the general ledger; the starting balance for the bank column was taken from the bank statement. There are two entries to be made.
Accounting Demystified by Jeffry R. Haber