The bank statement and relevant portions of Quest Company's cash records forthe month ended July 31, 2015 are given below. 
Notes:Cheque #618 was recorded incorrectly by the bookkeeper for supplies purchase. Cheque #622 was recorded incorrectly by the bank.Prepare the bank reconciliation at July 31, 2015. 
Definitions:
Concentrated Industry
characterizes a market structure where a few firms dominate the industry, often leading to reduced competition.
Cournot
A model of duopoly in which two firms assume the output of the other, deciding their own levels of production to maximize profit, leading to a strategic equilibrium.
Contestable
Pertaining to a market condition where the entry and exit of firms are costless or have low barriers, enabling potential competition to limit the market power of existing firms.
Price Competition
A market situation where businesses compete primarily on the price of their products or services.
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