Higgins Company Gathered the Following Reconciling Information in Preparing Its

question 219

Multiple Choice

Higgins Company gathered the following reconciling information in preparing its October bank reconciliation: $\begin{array}{lr}\text { Cash balance per books, } 10 / 31 & \$ 12,600 \\\text { Deposits in transit } & 450 \\\text { Notes receivable and interest collected by bank } & 2,550 \\\text { Bank charge for check printing } & 60 \\\text { Outstanding checks } & 6,000 \\\text { NSF check } & 510\end{array}$ The adjusted cash balance per books on October 31 is

• A) $14,130.
• B) $12,030.
• C) $8,580.
• D) $14,580.

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Definitions:

Measure Of

A general term for a quantitative indicator used to assess or evaluate a specific attribute or property.

Geometric Mean

The central tendency of a set of numbers that is calculated by taking the nth root (where n is the count of numbers) of the product of the values.

Weighted Mean

The mean obtained by assigning each observation a weight that reflects its importance.

Arithmetic Mean

The sum of a set of numerical values divided by the number of values, commonly referred to as the average.