In Preparing Its Bank Reconciliation for the Month of April

question 82

Multiple Choice

In preparing its bank reconciliation for the month of April 2021, Haskins, Inc.has available the following information. What should be the adjusted cash balance at April 30, 2021?

• A)$34,410.
• B)$34,470.
• C)$35,760.
• D)$35,820.

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Definitions:

Perpetual

An inventory system where updates are made continuously to the inventory records, reflecting each sale or purchase.

Periodic Inventory System

An inventory system in which the inventory count and the cost of goods sold calculation are performed at set intervals, typically at the end of an accounting period.

Periodic Inventory System

An inventory accounting system where updates are made on a periodic basis, rather than continuously, often used for calculating cost of goods sold at the end of an accounting period.

Sales Returns & Allowances

Reductions in sales revenue for products returned by customers or allowances given for damaged goods.