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Janitorial Supply accepted a $4,800, 90-day, 10% note from Cleaners R Us on October 17. If the note is dishonored, but Janitorial Supply intends to continue collection efforts, what entry should Janitorial Supply make on January 15 of the next year? (Assume no reversing entries are made.) (Use 360 days a year.)

Asset and liability balances are transferred from the adjusted trial balance to the income statement.

Revenues are:

Beck Co. had cash inflows from operations $60,500; cash outflows from investing activities of $47,000; and cash inflows from financing of $25,000. The net change in cash was:

Successful use of a just-in-time inventory system can narrow the gap between the acid-test and the current ratio.

Under the accrual basis of accounting, adjustments are often made for prepaid expenses and unearned revenues.

On December 31, Putnall, Inc received a $215 utility bill for December that it will not pay until January 15. The adjusting entry needed on December 31 to accrue this expense is:

If a company has current assets of $15,000 and current liabilities of $9,500, its current ratio is 1.6

A company pays each of its two office employees each Friday at the rate of $100 per day for a five-day week that begins on Monday. If the monthly accounting period ends on Tuesday and the employees worked on both Monday and Tuesday, the month-end adjusting entry to record the salaries earned but unpaid is:

Posting is the transfer of journal entry information to the ledger.