The Following Information Is Needed to Reconcile the Cash Balance $$\begin{array} { l | l } \text { BANK } & \text { BOOK } \\\hline & \\& \\&\end{array}$$

question 63

Essay

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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Based on this information,complete a bank reconciliation,in the format below,for Woods Paper Products as of February 28,2013. $$\begin{array} { l | l } \text { BANK } & \text { BOOK } \\\hline & \\& \\&\end{array}$$

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Definitions:

Personal Income

The total earnings of an individual from all sources before taxes, including wages, dividends, interest, and rents.

Federal Government

the national government of a federal state, which shares power with regional or state governments under a system of federalism.

Individual Income

The total amount of money earned by a person from all sources before taxes.

Tax Competition

It refers to the phenomenon where countries or jurisdictions compete against each other to attract business through lower tax rates or more favorable tax regimes.