The Fitzgerald Company Maintains a Checking Account at the Bank

question 18

Essay

The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides a bank statement along with canceled checks on the last day of each month. The October 31, 2007 bank statement included the following information:
The company's general ledger cash (checking) account had a balance of $42,544 at the end of October. Deposits outstanding totaled $4,224 and all checks written by the company were processed by the bank except for those totaling $5,620. In addition, a check for $500 for the purchase of office furniture was incorrectly recorded by the company as a $50 disbursement. The bank correctly processed the check during October.
Required:
1. Prepare a bank reconciliation for the month of October.
2. Prepare the necessary journal entries at the end of October to adjust the general ledger cash account.

Comprehend the principles of Agile development and Rapid Application Development (RAD).

Identify key stakeholders in Agile project management.

Learn the advantages of various system development methodologies and tools, including JAD and prototyping.

Grasp the concept of sprints in Agile development.

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Definitions:

Loanable Funds Market

A market where borrowers and lenders interact, with the interest rate determined by the supply of and demand for loanable funds.

Curve Shift

A movement of a demand or supply curve to the left or right, indicating a change in some economic factor other than price.

Exchange Rate

The price of one currency in terms of another, determining how much of one currency can be exchanged for another.

Net Exports

The value of a country's total exports minus its total imports; it represents the net amount of goods and services exported to other countries.