The Following Data Are Available for Remas Designs for October

question 153

Multiple Choice

The following data are available for Remas Designs for October: $$\begin{array} { | l | r | } \hline \text { Book balance, October } 31 & \$ 5,600 \\\hline \text { Outstanding cheques } & 584 \\\hline \text { Deposits in transit } & 2,500 \\\hline \text { Service charges } & 75 \\\hline \text { Interest revenue } & 25 \\\hline\end{array}$$ What is the adjusted book balance on October 31 for Remas Designs based on the above data?

• A)$5,500
• B)$5,550
• C)$7,466
• D)$4,966

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Definitions:

Signed

Refers to the act of putting one's signature on a document, symbolizing agreement, acknowledgment, or consent.

Oral Contract

An agreement between parties spoken and agreed upon verbally, rather than in written form; although legally binding, it may be harder to prove.

Statute of Frauds

A legal concept that requires certain types of contracts to be executed in writing and signed by the parties involved to be enforceable.

Oral Contract

An agreement between parties that is spoken and not written, yet it is legally binding.