The Following Information Is Available for Matt's Unlimited Company for the Current

question 166

Multiple Choice

The following information is available for Matt's Unlimited Company for the current month. What is the adjusted book balance on the bank reconciliation? $$\begin{array} { | l | r | } \hline\text { Book balance end of the month } & \$ 5,575 \\\hline \text { Outstanding checks } & 584 \\\hline \text { Deposits in transit } & 2,500 \\\hline \text { Service charges } & 75 \\\hline \text { Interest revenue } & 25 \\\hline\end{array}$$

• A)$7,466
• B)$5,500
• C)$5,550
• D)$5,525

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Definitions:

Substantial Impairment

A legal concept referring to a significant decrease in the value or function of something, often related to contractual performance or property condition.

Commercial Impracticability

A doctrine under contract law that excuses a party from performance of the contract when unforeseen events make the fulfillment extremely difficult or expensive.

Florist

A professional or business that arranges and sells flowers and ornamental plants.

Right to Cure

A legal principle that allows a party who has breached a contract to rectify the breach within a specified period to avoid further legal action or penalties.