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Buster’s Meat Market bought $4,000 worth of merchandise from Chainey Brothers Suppliers and signed a 90-day, 6% promissory note for the $4,000. Chainey Brothers Supplier’s journal entry to record the sales transaction is:

Accounting standards:

Investing activities include receiving cash dividends from investments in other companies’ stocks.

Fernando Company’s Merchandise Inventory account at year-end has a balance of $62,115, but a physical count reveals that only $61,900 of inventory exists. The adjusting entry to record this $215 of inventory shrinkage is:

An example of an operating activity is:

An unadjusted trial balance is a list of accounts and balances prepared before adjustments are recorded.

Ling Ling Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan’s June bank statement shows $18,361 on deposit in the bank. Ling LIng’s comparison of the bank statement to its cash account revealed the following:      Deposit in transit 1,450 Outstanding checks 837 Additionally, a $29 check written and recorded by the company correctly was recorded by the bank as a $92 deduction.The adjusted cash balance per the bank records should be:

A company provided $12,000 of consulting services on account. The customer promises payment in 30 days. Identify the journal entry below that properly records this transaction.

Accrued expenses at the end of one accounting period are expected to result in cash payments in a future period.

The right side of an account is called the debit side.