The Following Information Is Needed to Reconcile the Cash Balance

question 96

Multiple Choice

The following information is needed to reconcile the cash balance for Woods Paper Products. • A deposit of $5 794.62 is in transit.
• Outstanding cheques total $1 533.25.
• The book balance is $5 695.62.
• The bookkeeper recorded a $1 524.00 cheque as $15 240 in payment of the current month's rent.
• The bank balance at 28 February 2014 was $16 500.25.
• A deposit of $300 was credited by the bank for $3 000.
• A customer's cheque for $1 280 was returned for nonsufficient funds.
• The bank service charge is $70.
Which of the following journal entries is needed to adjust for the dishonoured cheque?

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Definitions:

Employee Involvement

Employee involvement refers to practices that allow employees to contribute ideas, suggestions, and feedback that can help in improving organizational processes, products, or services.

Novelty

The quality of being new, original, or unusual, often sparking interest or attention.

Complexity

This concept refers to the state or quality of being intricate or complicated, often used in describing systems, problems, or organizations that possess multiple components which interact in varied ways.

Employee Involvement

A workplace strategy designed to improve commitment and productivity by enabling employees to contribute ideas and participate in decision-making.