Chicago Company Has Hired You to Reconcile Its Bank Statement

question 78

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Chicago Company has hired you to reconcile its bank statement and cash account.For June,the Cash account showed the following:
$$\begin{array} { l l r r r } & & { \text { Cash account } } & \\\text { Date } & \text { Explanation } & \text { Debits } & \text { Credits } & \text { Balance } \\\text { June 1 } & \text { Balance } & & & 5,600 \\\text { June 1-30 } & \text { Deposits } & \$ 32,000 & & 37,600 \\\text { June 1-30 } & \text { Checks } & & \$ 29,700 & 7,900 \\\text { June 30 } & \text { Balance } & & & 7,900\end{array}$$ The June bank statement,just received,showed the following: $$\begin{array} { l r } \text { June 1, balance } & \$ 5,600 \\\text { June deposits } & 29,000 \\\text { June-Interest paid by bank } & 120 \\\text { June checks } & ( 27,500 ) \\\text { Bank service charge } & ( 50 ) \\\text { NSF Charged (Brad Jolie, check returned for } & \\\text { nonsufficient funds) } &\underline{( ( 150 ) )}\\\text { June } 30 \text {, balance } & \underline{(\$ 7,020)} \\\end{array}$$ There were neither outstanding checks nor deposits in transit at May 31.
A.Prepare the bank reconciliation.
B.Prepare the adjusting journal entries needed due to the bank reconciliation.
C.What is the June 30 ending cash balance?

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Misleading Advertising

Promotional activities that intentionally or unintentionally deceive consumers about the virtues of a product or service.

Oligopolistic Market

A market structure characterized by a few firms dominating the market, where each firm is aware of the other's actions, often leading to competitive strategies.

Standardized

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