Construct the Bank Reconciliation for Zone Training, as of October

question 9

Essay

Construct the bank reconciliation for Zone Training, as of October 31, from the following information:
Ending General Ledger balance    $840
Ending bank statement balance       640
Deposits in transit                            440
Outstanding cheques                         280
Bank service charge (debit memo)    40

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Definitions:

Inventory

The total value of a company's goods that are ready for sale, in the process of being produced, or used as raw materials.

Use of Cash

Refers to how a business or individual utilizes available cash resources, including operations, investments, and financing activities.

Inventory Holdings

Refers to the quantity and value of a company's stock of goods that are held awaiting sale.

Cash Manager

A professional responsible for managing a company's cash inflows and outflows, ensuring sufficient liquidity for operations.