The Following Information Is Needed to Reconcile the Cash Balance

question 85

Multiple Choice

The following information is needed to reconcile the cash balance for Fire Steel Inc. • A deposit of $5,800 is in transit.
• Outstanding checks total $1,500.
• The book balance is $6,800 at February 28, 2013.
• The bookkeeper recorded a $1,740 check as $17,400 in payment of the current month's rent.
• The bank balance at February 28, 2013 was $18,000.
• A deposit of $400 was credited by the bank for $4,000.
• A customer's check for $3,700 was returned for nonsufficient funds.
• The bank service charge is $60.
What was the adjusted bank balance?

• A)$18,720
• B)$18,700
• C)$18,820
• D)$18,060

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Definitions:

Productivity Issues

Challenges related to the efficiency and effectiveness with which resources are used to produce goods and services.

Lack-of-participation Error

A mistake in decision-making processes caused by not involving enough people or the right individuals, leading to less buy-in or missed insights.

Focusing on Symptoms

A mistake in problem-solving where attention is given to the immediate issues rather than addressing the underlying root causes.

Selective Perception

The process by which individuals perceive what they want to in media messages while ignoring opposing viewpoints.