The Following Information Is Needed to Reconcile the Cash Balance

question 119

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 checks total $1,533.25.
• The book balance is $5,695.62.
• The bookkeeper recorded a $1,524.00 check as $15,240 in payment of the current month's rent.
• The bank balance at February 28,2008 was $16,500.25.
• A deposit of $300 was credited by the bank for $3,000.
• A customer's check for $1,280 was returned for nonsufficient funds.
• The bank service charge is $70.
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What was the adjusted book balance?

• A) $6,670.38
• B) $18,061.62
• C) $20,761.62
• D) $10,140.24

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Definitions:

In-kind Transfers

Non-cash assistance provided by governments or organizations, including goods and services, to individuals or other entities.

Food Stamps

A government-provided assistance program designed to help individuals and families with low income purchase food.

Housing Vouchers

A form of government housing assistance that provides financial aid to help low-income families pay for rent in the private market.

Consumption

The use of goods and services by households, one of the primary components of economic activity and growth.