A firm with market power Select one: a. can increase price without losing all sales. b. faces a downward-sloping demand curve. c
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Answer:
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A bank Reconciliation statement is required to agree the Cash Ledger of the Business. Differences are highlighted and subjected to test to understand and justify their existence. It is with a Bank reconciliation statement we can be sure the transactions posted in our Cash Book and Bank records are accurate.
An adjusted Cash Book may need to be drawn up to capture activities in the Bank that was not known to the Treasury Analyst.
Having done this, both the Bank reconciliation should agree with the adjusted Cash Book.
Explanation:
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<u>Red Carpet Store</u>
<u>Bank reconciliation Statement</u>
<u>For the Month ending February 28, 2018</u>
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Balance per Bank statement $13,325
Add Cash Receipts 26-28 Feb not recorded $1,600
Deduct Undebited Cheques
- 325 = $200
- 327 = $1,900
- Total undebited Cheque = -$2100
Balance as per adjusted Cash Book $12,825
<u>Adjusted Cash Book</u>
<u>As at February 28 2018</u>
Opening Balance $8,100
Deduct uncleared cheque -$200
Deduct Under-recording of Chq 323 -$300
Deduct Feb rent automatic withdrawal -$1,100
Add Interest earned on daily balance $200
Add Repayment of Titanic Loan & interest &6,250
Deduct charges (NSF, Titanic repayment & Automatic rent payment) -$125
Adjusted cash balance = $12,825
