During a Normal Month, Jim's Gems Receives a Total of Nine

question 17

Multiple Choice

During a normal month, Jim's Gems receives a total of nine checks with a total value of $97,500.On average, it takes 1 day from the date of deposit for the funds from these checks to be available to the firm.Assume each month has 30 days.What is the average daily float?

• A)$3,250
• B)$13,000
• C)$26,000
• D)$65,000
• E)$52,000

Identify and interpret the normal balances of various types of accounts.

Comprehend the structure and functions of accounts in the accounting system.

Analyze transactions using the basic and expanded accounting equations.

Understand the process and purpose of posting transactions from journals to ledgers.

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Definitions:

Eighteenth-Century America

A historical period in the United States characterized by colonial expansion, political upheaval leading to the American Revolution, and the early years of nationhood.

Poverty

A condition where individuals or groups lack the financial resources to meet a standard of living that includes basic life necessities.

Anglo-American Culture

The shared cultural heritage and social norms derived primarily from the historical, linguistic, and political ties between Britain and the United States.