The Following Data Were Gathered to Use in Reconciling the Bank

question 146

Essay

The following data were gathered to use in reconciling the bank account of Savannah Company: $$\begin{array} { | l | r | } \hline \text { Balance per bank } & \$ 16,750 \\\hline \text { Balance per company records } & 16,125 \\\hline \text { Bank service charges } & 80 \\\hline \text { Deposit in transit } & 2,195 \\\hline \text { NSF check } & 950 \\\hline \text { Outstanding checks } & 3,850 \\\hline\end{array}$$ ​
What is the adjusted balance on the bank reconciliation?

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Definitions:

Variable Cost

Costs that vary directly with the level of production or output, such as materials and labor directly used in the manufacturing process.

Average Cost

Generally refers to the average total cost, representing the per unit total cost of production, including both fixed and variable costs.

Average Total Cost Curve

A graphical representation showing how the average cost of production changes as the quantity of output is altered.

Total Cost

The total amount of money spent on creating goods or services, encompassing both constant and fluctuating expenses.