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irakobra [83]
4 years ago
7

On August 31, Year 1, the general ledger of a company shows a balance for cash of $7,844. Cash receipts yet to be deposited into

the checking account total $3,238, and checks written by the academy but not yet processed by the bank total $1,325. The company's balance of cash does not reflect a bank service fee of $25 and interest earned on the checking account of $36. These amounts are included in the balance of cash of $5,942 reported by the bank as of the end of August. Required: 1. Prepare a bank reconciliation to calculate the correct ending balance of cash on August 31, Year 1. (Amounts to be deducted should be indicated with a minus sign.)
Business
1 answer:
goldfiish [28.3K]4 years ago
3 0

Answer:

Correct ending balance          7855

Explanation:

Cash                                           7844

 

Books  

Cash receipts pending on bank  -3238

Checks written                            1325

 

Banks  

Bank service fee                             -25

Interest earned                              36

 

Bank conciliation                           5942

Bank account                                  5942

 

                                         7844

Correct ending balance  7855

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indemnity

Explanation:

The principle of indemnity asserts that on the happening of a loss the insured shall be put back into the same financial position as he used to occupy immediately before the loss. In other words, the insured shall get neither more nor less than the actual amount of loss sustained.

i hope this helps!

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8 0
3 years ago
You can identify the for distribution by selecting the appropriate level of application
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4 0
3 years ago
A company offering local telecommunications service combines resources with an international company that manufactures digital s
neonofarm [45]

Answer:

A. joint diversification.

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4 0
3 years ago
Read 2 more answers
Plssss help
Stolb23 [73]

India's comparative advantage in the global competition will be "Low-cost labor".

  • Over the past couple of years, India however has preserved significant competitive advantages throughout the production of medicines as well as a variety of tradeable commodity manufactured goods.
  • Despite the reality that the requirements for becoming a distribution center continuously improving, certain manufacturing investments are expected to somehow be untouched by technology.

Thus the above answer i.e., "option a" is the right answer.

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3 0
2 years ago
First City Bank pays 9 percent simple interest on its savings account balances, whereas Second City Bank pays 9 percent interest
4vir4ik [10]

Answer:

Future value is $14,944.22

Interest earned is $7444.22

Explanation:

The amount to earn from Second City Bank is the interest that would have been received at the end of the eight years,

In order to determine the amount of interest,it would be nice to first of all compute the future value-the worth of the savings at the end of eight year using the below formula:

FV=PV*(1+r)^N

PV is the $7,500 invested

r is the compound rate of return is 9%

N is the number of years the amount was invested which is eight years

FV=$7,500*(1+9%)^8

FV=$ 14,944.22  

Hence Interest =FV-PV

                         =$ 14,944.22 -$7,500

                         =$7444.22

7 0
3 years ago
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