Adjustments from the reconciliation

Question 1

EFT finds transfer from customer

Answer 1

+cash and -accounts receivable

Question 2

Check written as $1226 incorrectly recorded as $1262

Answer 2

+cash + accounts payable

Question 3

NSF check

Answer 3

+accounts receivable and - cash

Question 4

Fees for bank charges related to debit and credit card transactions and service charges

Answer 4

• cash +expenses

Question 5

Purchases of Inventory: Cash Purchases

Answer 5

+Inventory -Cash

Question 6

Purchases of Inventory: Purchases on Account

Answer 6

+Inventory +accounts payable

Question 7

Recording Sales of Inventory: Credit Sales (Sales on Account) 2 entries.

Answer 7

+Accounts Receivable +sales Revenue

+COGS -Inventory

Question 8

Recording Sales of Inventory: Sales Returns and Allowances. 2 entries

Answer 8

-Sales Revenue -Accounts Receivable

+Inventory -COGS(by the return price)

Question 9

Recording Sales of Inventory: Sales Discounts

Answer 9

-Accounts Receivable(for the undercounted amount owed by the customer) -Sales Revenue(by the amount of the discount.