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qaws [65]
3 years ago
13

Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of b

usiness on May 31, its Cash account shows a debit balance of $27,525. Clayborn's May bank statement shows $24,200 on deposit in the bank. Determine the adjusted cash balance using the following information:
Deposit in transit $8,350
Outstanding checks $6,700
Bank service fees, not yet recorded by company $130
A NSF check from a customer, not yet recorded by the company $1,545


The adjusted cash balance should be:__________

Business
1 answer:
Kazeer [188]3 years ago
6 0

Answer:

Adjusted cash balance : $25850

Explanation:

The goal of a reconciliation statement is to ascertain the differences between the banks records and the depositor’s records and make accounting changes as deemed appropriate. There is a general flow that is used to make the correcting entries:

1. The process flow starts with the bank’s ending cash balance

2. Add any deposits made by the company to the bank that are in transit

3. Deduct any cheques that are uncleared by the bank

4. Add or deduct any other differences available as necessary

5. In the company bank records, once again start with the ending balance

6. Add interests earned

7. Deduct any bank service fees, penalties and NSF (Non-Sufficient Funds) cheques.

8. Add or deduct any other differences available as necessary

At the end of this process, it is likely that both accounts would be equal and tally.

Please refer attached table for details on the calculation.

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The Carolina Christmas Tree Corporation grows and sells 500 Christmas trees. The average cost of production per tree is $50. Eac
vladimir2022 [97]

Answer:

The Carolina Christmas Tree Corporation’s total revenue is $32,500.

Explanation:

The total supply of Carolina Christmas Tree Corporation (Q) = 500

The selling price of a tree (P) = $65

The total revenue (TR)of Carolina Christmas Tree Corporation = Total supply (Q) * Selling price of a tree (P)

TR = 500 * $65 = $ 32500

Therefore, the answer to the given question is option C = $ 32,500

3 0
3 years ago
The federal funds rate is the interest rate that banks charge one another for short-term (typically overnight) loans. When the F
WARRIOR [948]

Answer: decreases

                                                                         

Explanation: The following practice is done by the central bank in the situation of inflation when there is an excess supply of money in the economy.

The central bank tries to decrease the funds by selling the govt bonds to the banks. This results in decrease in funds from banks as they have to buy such bonds from their respective funds.

6 0
2 years ago
What device is required to connect to the internet
ollegr [7]

Usually the router whether internal or external is the device you are asking about

3 0
3 years ago
Read 2 more answers
You are a junior in college. You sent your resume to a half-dozen companies hoping to get a summer internship. Two weeks ago XYZ
zlopas [31]

Answer:

I would politely reach out to XYZ organization and let them know I won't be taking them on their offer

Explanation:

In this particular situation, there is no legal binding in this agreement to start work. There is no responsibility from me to XYZ corporation.

If this new offer excited me more than what XYZ corporation has offered, then I have to decide which company i would decide to do my internship with. So I would have to politely decline the offer from XYZ.

3 0
2 years ago
The activities buyers and sellers perform to facilitate mutually satisfying exchanges is:
timofeeve [1]

The activities buyers and sellers perform to facilitate mutually satisfying exchanges is marketing

<h3>Buyers and Sellers</h3>

Buyers are those that request for goods and services for consumption purpose while the sellers make goods and services available to the buyers,

Both buyers and sellers carry out activities for mutual benefit of both parties. These activity that is being performed between the parties is known as marketing.

Learn more on marketing here: brainly.com/question/25369230

#SPJ12

3 0
1 year ago
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