Grier Food Store Used the Following Information in Recording Its $30 \quad \$ 905$

question 25

Essay

Grier Food Store used the following information in recording its bank reconciliation for the month of April. Balance per books April $30 \quad \$ 905$
Balance per bank statement April 30 $\quad \$ 11,300$ (1) Checks written in April but still outstanding $6,300.
(2) Checks written in March but still outstanding $2,800.
(3) Deposits of April 30 not yet recorded by bank $4,900.
(4) NSF check of customer returned by bank $500.
(5) Check No. 210 for $594 was correctly issued and paid by bank but incorrectly entered in the cash payments journal as payment on account for $549.
(6) Bank service charge for April was $40.
(7) A payment on account was incorrectly entered in the cash payments journal and posted to the accounts payable subsidiary ledger for $824 when Check No. 318 was correctly prepared for $284. The check cleared the bank in April.
(8) The bank collected a note receivable for the company of $6,000 plus $240 interest revenue.
Instructions
Prepare a bank reconciliation at April 30.

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Definitions:

AFC

Stands for Average Fixed Cost, which is the fixed costs of production divided by the quantity of output produced.

MC Curve

Marginal cost curve represents how the cost of producing one more unit of a good changes as production scales.

Market Quantity

The total amount of a good or service supplied and purchased in a market at a given price.

Fixed Costs

Costs that do not vary with the quantity of output produced, such as rent or salaries.