The Sum of a Number and Three Is Seven

question 5

Short Answer

The sum of a number and three is seven. Find the number.

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Definitions:

Outstanding Checks

Checks that have been written and recorded in a company's financial ledger but have not yet been cashed or cleared by the bank.

Deposits in Transit

Funds that have been deposited by a company but not yet recorded by the bank, often causing a discrepancy in the bank statement versus the company’s record.

Contra-Revenue Account

An account that is deducted from a company's gross revenue, which results in net revenue, examples include sales returns, allowances, and discounts.

Sales Discounts

Refers to the reduction in the amount payable by a customer if the customer pays their invoice within a specific period as defined by the seller.