All categories

3 years ago

Why is it important to reconcile your bank account

Business

1 answer:

svp [43]3 years ago

8 0

Answer:

It is important to reconcile your banking account because you want to make sure that your amount in your account is correct. By reconciling, you are verifying that your statements are correct.

I hope this helped!

You might be interested in

Concrete Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Account

Shalnov [3]

Answer:

Oct. 1

Rent Expense $2,800 (debit)

Cash $2,800 (credit)

Oct 3.

Advertising Expense $525 (debit)

Cash $525 (credit)

Oct 5.

Supplies $1,250 (debit)

Cash $1,250 (credit)

Oct 6.

Office Equipment $9,300 (debit)

Accounts Payable $9,300 (credit)

Oct 10.

Cash $16,600 (debit)

Accounts Receivable $16,600 (credit)

Oct 15.

Accounts Payable $3,720 (debit)

Cash $3,720 (credit)

Oct 27.

Miscellaneous Expense $590 (debit)

Cash $590 (credit)

Oct 30.

Utilities Expense $275 (debit)

Cash $275 (credit)

Oct 31.

Accounts Receivable $50,160 (debit)

Fees Earned $50,160 (credit)

Oct 31.

Utilities Expense $830 (debit)

Cash $830 (credit)

Oct 31.

Capital; Jason Payne $1,700 (debit)

Cash $1,700 (credit)

Explanation:

Transactions are recorded when they occur or incur according to Matching Principle.

Note ; Cash withdrawals reduce the owners capital account and decreases the assets of cash.

6 0

4 years ago

Discuss the advantages and disadvantages to using computer technology for managerial decision-making. Identify and discuss one d

Sunny_sXe [5.5K]

Advantages and Disadvantages may arise when we use computer technology for managerial level of decision-making. Some of these are the following:

Advantages: 

Process can be done easier and faster with the use of automatic conditions to suggest decisions
Minimal errors are presented in terms of computations - Computers cannot make a mistake on computation. Only if the formula is wrong, but this thing is depends of the software developer.

Disadvantages: 

Some rules cannot be bend. No exceptions can be made if systems are the ones to decide. - because of the system, some rules must remain implemented even the employees reason are valid. For example if the employees was absent for two weeks, the system can tagged him as AWOL. But in reality, there was an emergency case happened to him.
One step cannot be skipped. - each process in the system should be finished before the next process can execute. No shortcuts.

As for the second question, there was a time that I have to decide if a certain client can reloan to our company. But since he has no questionable record in our system, the system recommends him for a higher amount. In reality, this client has a bad behavior towards us. We don't want to renew his loan. But the system permits him to do a transaction with us.

5 0

4 years ago

Name one organizations that can help a new entrepreneur with funding and skill development

jenyasd209 [6]

I answered this question before. Here's my answer.

NYDA - National Youth Development Agency is an organization that aims to help the youth develop skills and be eligible for employment.

NYDA has a grant program that aims to assist young entrepreneurs in starting up their businesses and making these businesses grow.

NYDA has grants available for youths seeking funding for their business like (but not limited to) cleaning companies, recycling companies, car washes, vendors, and many small scale businesses.

8 0

3 years ago

How are they further differentiating themselves in the market in hopes of continued success?

OLga [1]

You can differentiate your product by imparting a bonus. If you'd like to make your product stand out among your competitors, you might strive to add to your provide.

It would not consume up your profit margin, but your bonus product definitely adds a bit more value to your primary product.

A company can set itself other than the opposition in two approaches: through cost leadership or via product differentiation. value leadership emphasizes saving money and appeals to those who are on a budget. Product differentiation specializes in offering great.

Learn more about bonus here: brainly.com/question/24803971

#SPJ4

5 0

2 years ago

Charlotte's Crochet Shoppe has 12,200 shares of common stock outstanding at a price per share of $68 and a rate of return of 11.

DENIUS [597]

Answer:

9.04%

Explanation:

The computation of firm's WACC is shown below:-

MV of equity = Price of equity × Number of shares outstanding

= $68 × 12,200

= $829,600

MV of Bond = Par value × bonds outstanding × Percentage of par

= $1,000 × 370 × 0.951

= $351,870

MV of firm = MV of Equity + MV of Bond

= $829,600 + $351,870

= $1,181,470

After tax cost of debt = Cost of debt × (1 - Tax rate)

After tax cost of debt = 5.99 × (1 - 0.39)

= 3.6539

Weight of equity = MV of Equity ÷ MV of firm

= $829,600 ÷ $1,181,470

=0.7022

Weight of debt = MV of Bond ÷ MV of firm

= $351,870 ÷ $1,181,470

= 0.2978

WACC = After tax cost of debt × Weight of debt + Cost of equity × Weight of equity

= 3.65 × 0.2978 + 11.33% × 0.7022

= 9.04%

8 0

4 years ago