Designs on You
the Following Information Relates to the Company's

question 10

Multiple Choice

Designs on You
The following information relates to the company's May bank reconciliation:
$\begin{array}{llr} \text { Bank statement balance} &\$5,000\\ \text { Unadjusted cash balance according to company records } &?\\ \text { Deposit in transit } &1,000\\ \text { Outstanding cheques} &500\\ \text { Bank service charges } &50\\ \text { Interest earned on the bank account } &10\\ \text { Customer's NSF cheque returned by the bank } &25\\\end{array}$
In addition, a cheque was recorded in the accounting records as $1,200 but the correct amount as recorded by the bank was only $1,000.
-Refer to the figure Designs on You.What is the company's adjusted cash balance at May 31?

• A) $4,865
• B) $5,000
• C) $5,365
• D) $5,500

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Definitions:

General Warranty Deed

A type of deed that provides the highest level of protection for the buyer, guaranteeing the property is free from all claims and liens.

Broadest Protection

The most comprehensive level of safeguarding provided by a law, policy, or measure against infringements, dangers, or illegal activities.

Bargain and Sale Deed

A legal document transferring property ownership without making any warranties about the title.

Quitclaim Deed

A deed conveying only the right, title, and interest of the grantor in the property described, as distinguished from a deed conveying the property itself.