The balance in Happ Inc.’s general ledger Cash account was $71,580 at September 30, before reconciliation. The September 30 bala
nce shown in the bank statement was $63,780. Reconciling items included deposits in transit, $6,200; bank service charges, $120; NSF check written by a customer and returned with the bank statement, $2,850; outstanding checks, $1,280; and interest credited to the account during September but not recorded on the company’s books, $90.
Prepare a Bank reconciliation as of September 30 for Happ Inc.
Prepare a Bank reconciliation as of September 30 for Happ Inc.
1 answer:
Answer:
Explanation:
Bank Reconciliation: The bank reconciliation deals with the bank statement balance and the cash statement balance. The motive is to compare these two statements so that the organization can run in the smoothly manner.
There are various transactions due to which the bank statement balance and the cash statement balance do not match. To match these statements, we adjust the transactions accordingly.
The preparation of the bank reconciliation statement on September 30 is presented in the spreadsheet. Kindly find the attachment below:
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Trade-off
A trade-off is a situational decision in which one quality, quantity, or feature of a set or design is reduced or lost in exchange for gains in other areas. A tradeoff occurs when one thing increases while another must decline.
What is consumer's real wage?
Real earnings are salaries that have been factoring in inflation, or wages in perspective of the amount of services and goods that may be purchased.
Main Content
$606
Given the answers to the question, the complete or implicit income of the consumer would be determined as follows:
When the customer works, she earns an hourly wage of $17.00, therefore when she works for 24 hours, she will earn:
=$1724
=$408
Also, when the customer sells all the 17 units of the composite good, she will earn:
=$1118
=$198
Therefore, the customer's full income would be:
=$408+$198
=$606
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