Using the Following Data, Compute the Book Balance for Stronaway

question 80

Essay

Using the following data, compute the book balance for Stronaway Services before the preparation of a bank reconciliation on May 31, 2019:
- The bank statement reveals a balance of $4,463.
- The bank statement indicates service charges of $36.
- Outstanding cheques on May 31, 2019, amount to $11,412.
- Deposits in transit on May 31, 2019, amount to $9,650.
- The bookkeeper mistakenly recorded a $21 cheque payment to a vendor as $210.
- The bank mistakenly recorded a deposit of $5,000 as $50.

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Definitions:

Optimism

The inclination to maintain a hopeful and positive outlook on the future or the outcome of specific situations.

Branding

The process of creating a unique image, identity, and position for a product, service, or organization in the consumer's mind through marketing strategies.

Profits

The financial gain obtained when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.

Cultural Expression

The representation of a community's beliefs, customs, and way of life through various forms such as art, music, or literature.