The Following Data Have Been Gathered for Reynolds Company to Assist

question 114

Essay

The following data have been gathered for Reynolds Company to assist you in preparing the July 31, 2019, bank reconciliation:
a)The July 31 bank balance was $4,000.
b)The bank statement included $30 of service charges.
c)There was an EFT deposit of $900 on the bank statement for the monthly rent due from a tenant.
d)Cheques #541 and #543 for $205 and $320, respectively, were not among the cancelled cheques returned with the statement.
e)The July 31 deposit of $4,435 did not appear on the bank statement.
f)The bookkeeper had erroneously recorded a $500 cheque as $5,000. The cheque was written to a vendor to pay off an accounts payable.
g)Included with the cancelled cheques was a cheque written by another company for $200, which was deducted from Reynolds Company's account.
h)The bank statement included an NSF cheque written by Maxie Company for a $460 payment on account.
i)The cash account showed a balance of $3,200 on July 31.
Prepare the July 31, 2019, bank reconciliation for Reynolds Company.

Identify the purpose and functions of regulatory bodies and committees such as the National Association of Securities Dealers (NASD) and the Federal Open Markets Committee (FOMC).

Understand the impact of the Federal Reserve’s actions on money supply and interest rates.

Grasp the investment strategies of different types of financial institutions like insurance companies and pension funds.

Know the requirements for joining a credit union.

---

Definitions:

Anarchy

A state of society without government or law, often associated with disorder due to the absence of political authority.

Monarchy

A form of government with a monarch at the head, where the position is often hereditary.

Democracy

Democracy is a form of government in which power is vested in the people, who rule either directly or through freely elected representatives, allowing for the protection of rights and participation in decision-making processes.

Autocracy

A system of government where absolute power is concentrated in the hands of a single person or a dominant authority.