Schwinn Company Assembled the Following Information in Completing Its March

question 56

Multiple Choice

Schwinn Company assembled the following information in completing its March bank reconciliation: $$\begin{array} { l r } \text { Balance per bank } & \$ 15,280 \\\text { Outstanding checks } & \$ 3,100 \\\text { Deposits in transit } & \$ 5,000 \\\text { NSF check } & \$ 320 \\\text { Bank service charge } & \$ 100 \\\text { Cash balance per books } & \$ 17,600\end{array}$$ As a result of this reconciliation, Schwinn will

• A) reduce its cash account by $1,900.
• B) reduce its cash account by $100.
• C) increase its cash account by $220.
• D) reduce its cash account by $420.

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Definitions:

Minor

A person under the legal age of adulthood, which varies by country, often considered to be under 18 years old.

Disaffirmance

Refers to the legal right to renounce or void a contract or agreement, particularly used in cases involving minors or instances of fraud.

Twenty-First Birthday

A milestone marking a person's legal transition into full adulthood in many jurisdictions, often associated with gaining the legal right to consume alcohol.

In Pari Delicto

In equal fault.