A Company Received a Bank Statement with a Balance of $6,350

question 20

Multiple Choice

A company received a bank statement with a balance of $6,350. Reconciling items included a bookkeeper error of $300-a $300 check recorded as $600-two outstanding checks totaling $820, a service charge of $25, a deposit in transit of $280, and interest revenue of $21. What is the adjusted bank balance?

• A)$5,636
• B)$5,610
• C)$5,016
• D)$5,810

---

Definitions:

Division of Labor

The assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.

Mass Production

The manufacture of large quantities of standardized products, often using assembly line or automation technologies.

Production Possibilities

The different quantities of goods and services an economy can produce when all its resources are fully and efficiently utilized.

Opportunity Cost

The expense incurred by not choosing the second-best option available during decision-making.