The Following Information Is Needed to Reconcile the Cash Balance

question 125

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.
What was the adjusted bank balance?

• A)$18 061.62
• B)$6 472.38
• C)$9 355.63
• D)$14 938.88

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Definitions:

Necessity

An essential good or service required for basic survival or societal functioning.

Elastic Demand

describes a market situation where the demand for a product significantly changes in response to changes in its price.

Inelastic Demand

A situation where the quantity demanded of a good or service changes little when its price changes.

Movie Theaters

Venues specifically designed for the exhibition of films to the public, where viewers watch movies on large screens.