The Following Data Are Available for Dragon Boat Company for March

question 138

Multiple Choice

The following data are available for Dragon Boat Company for March: $$\begin{array} { | l | r | } \hline \text { Book balance, March } 31 & \$ 3,620 \\\hline \text { Service charges } & 50 \\\hline \text { Interest revenue } & 35 \\\hline \text { Note collected by bank } & 1,500 \\\hline \text { Cheque returned marked NSF } & 700 \\\hline\end{array}$$ What is Dragon's adjusted book balance on March 31 from the above data?

• A)$4,405
• B)$4,200
• C)$3,150
• D)$3,270

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Definitions:

Shortage

A condition where the demand for a product exceeds its supply in the market.

Ceiling Price

Ceiling price is a legally imposed maximum price on goods or services, above which transactions cannot legally occur, often implemented to prevent price gouging during shortages.

Maintenance

The upkeep and repair of machinery, equipment, and buildings to ensure their optimum working condition.

Shortage

A market condition occurring when the demand for a product or service exceeds the supply available at a specific price.