The Following Information Is Available for Juno Company for the Month

question 61

Multiple Choice

The following information is available for Juno Company for the month ending June 30, 2019.
• Balance as per the bank statement is $12,000.
• Balance as per books is $10,400.
• Check #506 for $1,400 and check #510 for $800 were not shown on the June 30, bank statement.
• A deposit in transit of $2,541 had not been received by the bank when the bank statement
$$\text { was generated. }$$ • A bank debit memo indicated an NSF check for $90 written by Jane Smith to Juno Company
$$\text { on June } 13$$ • A bank credit memo indicated a note collected by the bank of $2,000 and interest revenue
$$\text { of } \$ 51 \text { on June } 20$$ • The bank statement indicated service charges of $20.
What is the adjusted book balance?

• A) $12,361
• B) $12,341
• C) $8,251
• D) $8,200

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Definitions:

Tax Revenues

The income that is gained by governments through taxation—funding various public expenses.

Transfer Payments

Monetary payments made by governments that do not correspond to the provision of a good or service, such as social security payments or welfare benefits.

Federal Budget

The government's estimate of revenue and expenditure for a specific fiscal year, detailing how public funds will be allocated.

Contractionary Influence

Economic policies or conditions intended to reduce the size of the economy by decreasing the money supply or government expenditures, typically to combat inflation.