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College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958 Exercise 32
Journalizing electronic transactions
After returning from a three-day business trip, the accountant for Hunter Sales, Johanna Estrada, checked bank activity in the company's checking account online. The activity for the last three days follows:
After matching these transactions to the company's Cash account in the general ledger, Johanna noted the following unrecorded transactions:
1. The ATM withdrawal on 9/22/2013 was for personal use by the owner, Ronnie Hunter.
2. The ACH credit on 9/22/2013 was an electronic funds payment received on account from Edwards UK, a credit customer located in Great Britain.
3. The bill payment made 9/23/2013 was to Orange Trash Services (utilities).
4. The loan payment on 9/24/2013 was a automatic debit by Central Motors for the company's monthly payment on a loan for its automobiles. The loan does not bear interest.
Prepare the journal entries in a general journal to record the four transactions above. Use 21 as the page number.
After returning from a three-day business trip, the accountant for Hunter Sales, Johanna Estrada, checked bank activity in the company's checking account online. The activity for the last three days follows:
After matching these transactions to the company's Cash account in the general ledger, Johanna noted the following unrecorded transactions:
1. The ATM withdrawal on 9/22/2013 was for personal use by the owner, Ronnie Hunter.
2. The ACH credit on 9/22/2013 was an electronic funds payment received on account from Edwards UK, a credit customer located in Great Britain.
3. The bill payment made 9/23/2013 was to Orange Trash Services (utilities).
4. The loan payment on 9/24/2013 was a automatic debit by Central Motors for the company's monthly payment on a loan for its automobiles. The loan does not bear interest.
Prepare the journal entries in a general journal to record the four transactions above. Use 21 as the page number.
Explanation
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Journal entries:
Th...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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