Using the Following Data, Compute the Book Balance for Marrow

question 183

Essay

Using the following data, compute the book balance for Marrow Company before the preparation of a bank reconciliation on January 31, 2019:
- The bank statement reveals a balance of $3,650.59.
- The bank statement indicates service charges of $40.50.
- Outstanding cheques on January 31, 2019, amount to $10,600.49.
- Deposits in transit on January 31, 2019, amount to $15,685.00.
- The bookkeeper mistakenly recorded a $525 cheque payment to a vendor as $52.50.
- The bank mistakenly recorded a deposit of $5,000 as $500.

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Definitions:

PERT Network

Project Evaluation and Review Technique Network; a project management tool used to schedule, organize, and coordinate tasks within a project.

Variance

A statistical measure that represents the spread of a data set, indicating how far each number in the set is from the mean and from each other.

Critical Path

The longest duration path through a project, determining the shortest time possible to complete the project, where any delay could extend the overall project duration.

Variance

A statistical measure that represents the dispersion or spread of a set of data points.