Answer:
Explanation:
(A) The preparation of the bank reconciliation statement on July 31, 2017 is presented in the spreadsheet. Kindly find the attachment below:
(B) The journal entries are shown below:
Cash A/c Dr $2,576
To Accounts receivable $,2576
(Being cash is collected)
Bank service charges expense A/c Dr $51
To Cash A/c $51
(Being bank service charges paid)
Explanation: When the price of gold an input used in the production of processors increases, it leads to a rise in the cost of producing processors. As a result of this, producers will cut down their production and decrease supply. The supply curve for processors will shift upward to the left from S1 to S2 leading to a rise in the price of processors from P1 to P2 and a fall in the quantity of processors being sold in the market from Q1 to Q2.
