Jamison Company Gathered the Following Reconciling Information in Preparing Its

question 9

Multiple Choice

Jamison Company gathered the following reconciling information in preparing its June bank reconciliation:?? $$\begin{array} { | l | r | } \hline \text { Cash balance per bank, June } 30 & \$ 13,000 \\\hline \text { Note receivable collected by bank } & 4,000 \\\hline \text { Outstanding checks } & 7,000 \\\hline \text { Deposits in transit } & 2,500 \\\hline \text { Bank service charge } & 35 \\\hline \text { NSF check } & 1,900 \\\hline\end{array}$$ Using the above information, determine the cash balance per books (before adjustments) for Jamison Company.

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

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Definitions:

Market Price

Market price is the current price at which an asset or service can be bought or sold in the open market.

Net Profit Margin

A financial metric that measures the percentage of profit a company earns from its total revenue, indicating efficiency and profitability.

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial position.

Income Statement

A financial statement that shows a company's revenues, expenses, and net income over a specified period.