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Student3220
05.05.2020 •
Business
Bank Reconciliation and Entries
The cash account for Brentwood Bike Co. at May 1 indicated a balance of $14,410. During May, the total cash deposited was $72,900 and checks written totaled $67,690. The bank statement indicated a balance of $24,710 on May 31. Comparing the bank statement, the canceled checks, and the accompanying memos with the records revealed the following reconciling items:
1. Checks outstanding totaled $11,010.
2. A deposit of $8,970, representing receipts of May 31, had been made too late to appear on the bank statement.
3. The bank had collected for Brentwood Bike Co. $4,740 on a note left for collection. The face of the note was $4,370.
4. A check for $360 returned with the statement had been incorrectly charged by the bank as $630.
5. A check for $410 returned with the statement had been recorded by Brentwood Bike Co. as $140. The check was for the payment of an obligation to Adkins Co. on account.
6. Bank service charges for May amounted to $60.
7. A check for $1,090 from Jennings Co. was returned by the bank because of insufficient funds.
Instructions:
1. Prepare a bank reconciliation as of May 31.
Brentwood Bike Co.
Bank Reconciliation
May 31
Cash balance according to bank statement $
$
$
Adjusted balance $
Cash balance according to company's records $
$
$
Adjusted balance $
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Ответ:
Answer and Explanation:
The preparation of the bank reconciliation statement is presented below:
Brentwood Bike Co.
Bank reconciliation statement
May 31
Particulars Amount Particulars Amount
Bank cash balance $24,710 Company cash balance $19,620
Add: Deposits in transit $8,970 Add: Proceeds of note collected by bank $4,740
Add: Bank error $270 Less: Bank error -$270
Less: Outstanding Less: service fee -$60
Check - $11,010 Less: check returned -$1,090
Bank balance Company balance
After reconciliation $22,940 After reconciliation $22,940
The computation is shown below:
For company cash balance
= $14,410 + $72,900 - $67,690
= $19,620
Bank error
= $630 - $360
= $270
Bank error
= $410 - $140
= $270
It helps to equate the bank balances and the cash balances by considering these adjustments.
Ответ:
A) marginal costs of exported goods to exceed the marginal costs of goods sold domestically.
Explanation:
In the case when there is the monopolistic competition so the trade cost that lies between the countries could result in the marginal cost with respect to the goods that are exported should be more than the marginal cost of the goods that sold domestically
So as per the given situation, the option a is correct