Gunnar Company Gathered the Following Reconciling Information in Preparing Its

question 30

Multiple Choice

Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation. Calculate the adjusted cash balance per books on September 30. $$\begin{array} { | l | r | } \hline \text { Cash balance per books, } 9 / 30 & \$ 2,750 \\\hline \text { Deposits in transit } & 200 \\\hline \text { Notes receivable and interest collected by bank } & 630 \\\hline \text { Bank charge for check printing } & 50 \\\hline \text { Outstanding checks } & 1,250 \\\hline \text { NSF check } & 290 \\\hline\end{array}$$

• A) $5,130
• B) $3,690
• C) $3,040
• D) $1,590

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Definitions:

Short-run Phillips Curve

A graphical representation showing the inverse relationship between unemployment and inflation rates in the short term.

Inflation Expectations

Inflation expectations are the rate at which people—consumers and investors—expect the general level of prices to change in the future.

Unemployment Rate

The portion of the labor market that consists of people who are jobless and actively on the lookout for work.

Favorable Supply Shock

An unexpected event that increases the supply of a good or service, leading to a lower equilibrium price.