Jamison Company Gathered the Following Reconciling Information in Preparing Its

question 61

Multiple Choice

Jamison Company gathered the following reconciling information in preparing its June bank reconciliation: $$\begin{array} { | l | l | } \hline \text { Cash balance per bank, } 6 / 30 & \\\hline \text { Note receivable collected by bank } & \\\hline \text { Outstanding checks } & \\\hline \text { Deposits-in-transit } & \\\hline \text { Bank service charge } & \\\hline \text { NSF check } & \\\hline\end{array}$$ Using the above information, determine the cash balance per books before adjustments) for the Jamison Company.

• A) $8,065
• B) $10,565
• C) $15,065
• D) $6,435

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Definitions:

Beneficiary

An individual or entity entitled to receive benefits or profits from a will, trust, insurance policy, or other arrangements designed to distribute assets.

Economic Profit

The profit a company makes after deducting both its explicit (direct) and implicit (indirect) costs.

Allocation Of Resources

The process by which resources are distributed for the production of goods and services, usually determined by market forces in a free market, or by government decisions in a planned economy.

Resource Use

The consumption or exploitation of natural resources by humans for manufacturing, energy production, and other economic activities.