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3 years ago

For which of the following errors would the appropriate amount be added to the balance per books on a bank reconciliation?

Business

2 answers:

Jet001 [13]3 years ago

7 0

Answer:

The correct option is D,check written for $59, but recorded by the company as $95.

Explanation:

Option A would require that the adjustment of $54($93-$39) be deducted from balance per books since a lower amount was recorded in the first place.

Options B and C relate to items that would be corrected when reconciling the balance per bank statement not the cash book.

Lastly,option D painted a case where the amount deducted from cash book initially was higher than expected and the way out is to add the difference back to the balance per cash book in order to have a correct cash book position.

Anni [7]3 years ago

5 0

Answer:

D. Check written for $ 59 but recorded by the Company as $ 95

Explanation:

The correct choice is D since a check written at a higher than the correct amount has to be adjusted by adding the differential amount to the balance per books.

The options B and C are errors by the bank and thus would need to be adjusted on the bank side of the bank reconciliation.

The option A refers to a check value erroneously understated in the balance per books and this would require a deduction on the balance per books.

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Chris can be paid in one of two ways. plan a is a salary of $360 per month, plus a commission of 9% of sales. plan b is a sal

vfiekz [6]

The correct answer is any amount higher than $5,400.

First, you need to solve the break even point of sales when Chris will earn the exact same amount by plan a or plan b. The following equation will solve this problem, with x being the amount of sales.

$360 + .09x = $630 + .04x

First, subtract .04x from both sides:

$360 +.05x = $630

Next, subtract $360 from both sides:

.05x = $270

Finally, divide both sides by .05:

X = $5,400

At $5,400 Chris will earn the same about of pay, regardless of which plan they are on. Since the commission percentage is higher on plan a, Chris is better off having plan a when sales are higher than $5,400. At this point Chris is earning 9% commission, rather than 4% in plan b.

6 0

3 years ago

Assume that you have been hired by a large international bank that is looking to develop a smartphone app to help college studen

wel

Answer:

Determining that smartphone apps and social media aps are important parts of a bank's future plans to reach young consumers. ⇒ New Product Strategy.

Tweeting out the availability of a new smartphone app that helps young professionals manage their financial lives better. ⇒ Product launch.

Inviting younger "fans" of the bank's social media sites to have a free trial of the new smartphone app. ⇒ Test marketing.

Having a Faceb-ook discussion with consumers on what they would ideally like to have from a bank smartphone app. ⇒ Idea generation.

Creating a prototype of the smartphone app. ⇒ Product development.

Using Tw-itter to ask followers what they are willing to pay for smartphone apps. ⇒ Business analysis.

Developing a social media site that allows college students to review and provide feedback on new product ideas. ⇒ Idea screening.

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3 years ago

On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $19.7 million cash to expand operations. The l

Elena-2011 [213]

Answer: Please see answers in explanation ncolumn

Explanation:

Journal entry for Trico Technologies

1) To record issuance of notes

Date General Journal Debit Credit

Aug 1st 2021 Cash $19,700,000

Notes Payable $19,700,000

Adjustment for Interest

= Principal x rate x time ( from August to December 31st)

$19,700,000 X 9% X 5/12=$738,750

To record accrual of interest at Year end.

Date General Journal Debit Credit

Dec 31st,2021 Interest expense $738,750

Interest payable $738,750

3. Record Payment of Note at maturity

Date General Journal Debit Credit

Jan 31st,2022 Notes payable $19,700,000

Interest Expense $147,750

Interest payable $738,750

Cash $20,586,500

Interest Expense =Principal x rate x time ( the remaining one month

$19,700,000 X 9% X 1/12=$147,750

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3 years ago

Which behaviors might lead someone to have a low credit score?

Gnesinka [82]

To return something and get money back

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3 years ago

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Before polling students in the Scion of Business, a researcher divides all the current students into groups based on their class

kari74 [83]

The answer is C. Stratified random sampling is a method of sampling that involves the division of a population into smaller sub-groups known as strata. In stratified random sampling or stratification, the strata are formed based on members' shared attributes or characteristics such as income or educational attainment. Since the students are divided into classes, this is a stratified random sample.

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3 years ago