The Following Data Were Gathered to Use in Reconciling the Bank

question 154

Essay

The following data were gathered to use in reconciling the bank statement of Build-A-Lot: $$\begin{array} { | l | r | } \hline \text { Balance per bank } & \$ 14,355 \\\hline \text { Balance per company records } & 14,010 \\\hline \text { Bank service charges } & 80 \\\hline \text { Deposits in transit } & 4,100 \\\hline \text { NSF checks } & 775 \\\hline \text { Outstanding checks } & 5,300 \\\hline\end{array}$$ ​
(1) What is the adjusted balance on the bank reconciliation?
(2) Journalize any necessary entries for Build-A-Lot based on the bank reconciliation.

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Definitions:

Reaction Function

A mathematical representation in economics that indicates how one player's action responds to the actions of another in a strategic setting.

Marginal Cost

The amount spent on the production of one more unit of a product or service.

Demand Function

A mathematical function showing the relationship between the quantity demanded of a good and its price, holding other factors constant.

Reaction Function

The strategic response of one player in a game to the actions of another, typically used in the context of oligopoly market structures.