Answer:
The answer is C) $7,970.
Explanation:
We have 04 reconciling items as below:
- Outstanding checks $800: this amount was already recorded in the Cash account of the company once the check was written; thus, the Cash ending balance has already reflected this amount.
- Deposits in transit $700: this amount was already recorded in the Cash or Cash-equivalent account of the company once the deposit was made; thus, the Cash ending balance has already reflected this amount.
- Bank service charge $30: fees paid to banking activities and are deducted without informing to the company. Thus, this deduction in cash is not reflected in the Cash account.
- NSF check $500: this was recorded as the increase in Cash account by the company once the check was written by the person/entity to the company. However, the writer's account balance was not sufficient to honor this check amount to the company; thus Cash Account at the end of the period should reduced by $500. Instead, this $500 may be recorded in Account Receivable account.
Thus, the adjusted cash balance = 8,500 - 30 - 500 = $7,970.
Answer:
$101,900
Rationale:
($140,000 - $30,000 - $8,100) Two exemptions at $4,050 each.
Explanation:
Answer:
B so it said 20 characters tooblong and dont copy th rokffkmf
Answer:
False
Explanation:
In internal service fund are funds used in governmental accounting to track goods or services shifted between departments on a cost reimbursement basis are not operated on taxes or on financial sources. An example of an internal service fund the maintenance of department that provides equipment maintenance services to other departments and
Governmental funds on the other hand are those funds through which most governmental functions are accounted for. The acquisition, use, and balances of the government's expendable financial resources and the related current liabilities-except those accounted for in proprietary funds-are accounted for through governmental funds (general, special revenue, capital projects, debt service, and permanent funds).
