The Following Information Is Needed to Reconcile the Cash Balance $\$ 5,600$

question 235

Multiple Choice

The following information is needed to reconcile the cash balance for Discount Dry Cleaning Company. *A deposit of $\$ 5,600$ is in transit.
*Outstanding checks total $\$ 1,400$ .
*The book balance is $\$ 6,000$ at February 28,2019 .
*The bookkeeper recorded a $\$ 1,600$ check as $\$ 17,400$ in payment of the current month's rent
*The bank balance at February 28,2019 was $\$ 17,130$ .
*A deposit of $\$ 300$ was credited by the bank for $\$ 3,000$ .
*A customer's check for $\$ 3,100$ was returned for nonsufficient funds.
*The bank service charge is $\$ 70$ .
What was the adjusted book balance?

• A) $18,700
• B) $17,200
• C) $18,630
• D) $18,770

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Definitions:

Income Inequality

The uneven distribution of income within a population, leading to a gap between the wealthiest and the poorest individuals or households.

Economic Inequality

The unequal distribution of income and opportunity between different groups in society.

Poverty Threshold

The minimum level of income deemed necessary to achieve an adequate standard of living in a given country or area.

Minimum Annual Income

The lowest yearly income deemed necessary for a person or family to meet their basic living expenses.