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Fletcher and Associates Had an Unadjusted Bank Account Ledger Balance

question 8

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Fletcher and Associates had an unadjusted bank account ledger balance at 31 May of $750 Dr. The bank statement at the same date showed a balance of $1090 Cr. Bank service charges for the month were $20 and outstanding cheques totalled $400. The bank statement revealed that the bank had collected dividends for the firm of $120 and a deposit of $150 is not yet recorded on the statement. What is the corrected bank account ledger balance at 31 May?

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Definitions:

Absolute Advantage

The ability of a country, individual, company, or region to produce a good or service at a lower cost per unit than any competitor.

Trade Deficit

A situation occurring when a country's imports of goods and services exceed its exports, indicating a net outflow of domestic currency to foreign markets.

Major Trading Partners

denotes the most significant countries with which a particular nation conducts a considerable portion of its imports and exports.

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Traditionally, artisans or companies involved in the production of candles for lighting and other purposes.

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