The Following Information Is Available for Jack's Unlimited Company for the Current

question 76

Multiple Choice

The following information is available for Jack's Unlimited Company for the current month. $$\begin{array} { | l | l | } \hline \text { Book balance end of the month } & \$ 7100 \\\hline \text { Outstanding cheques } & 700 \\\hline \text { Deposits in transit } & 4000 \\\hline \text { Service charges } & 95 \\\hline \text { Interest revenue } & 35 \\\hline\end{array}$$ What is the adjusted book balance on the bank reconciliation?

• A)$10,270
• B)$7040
• C)$7740
• D)$6970

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Definitions:

Balance of Payments

is a record of all financial transactions made between consumers, businesses, and the government in one country with those in other countries over a specific period.

Government Securities

Government securities are investment products issued by the government to finance its expenditures, offering a return to the investors.

Devaluation

The reduction of the value of a country's currency relative to other currencies, often by the government's decision, affecting international trade and economic balance.

Currency's Value

The worth of a country's currency in terms of the amount of goods or services that one unit of the currency can buy.