Business College

While performing the monthly bank reconciliation, the bookkeeper for Avon Company made the journal entry for a bank service charge of $20. Which of the following correctly shows the effect of the entry on the financial statements?
Assets = Liab. + Equity Rev. - Expenses = Net Inc. Cash
A. NA NA NA NA NA NA (20) OA
B. (20) (20) NA NA NA NA (20) OA
C. (20) NA (20) (20) NA (20) (20) OA
D. (20) NA (20) NA 20 (20) (20) OA
Option A
Option B
Option C
Option D

Answers

Answer 1

Option (d) accurately depicts how the entry will affect the financial statements.

What variables could have an effect on the financial statement?

A financial statement is impacted differently by each of the five main accounting components: assets, liabilities, owner's equity, revenues, and costs. How each component, however, affects a financial statement depends on whether the accounting system uses accrual basis accounting or cash basis accounting.

A balance sheet's impact on a transaction, every transaction has two outcomes on a balance sheet: one results in an increased asset and one results in a decreased liability. The balance sheet is always in balance as a result of these two impacts cancelling each other out.

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