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saul85 [17]
3 years ago
7

The following information pertains to Crane Video Company.

Business
1 answer:
AlekseyPX3 years ago
8 0

Answer:

A. Cash balance per bank $ 9,066

Cash balance per books $9,066

B.Jul'31

Dr Cash $1,216

Dr Expenses for collection $ 26

Cr Note receivables $ 1,200

Cr Interest revenue $ 42

Jul'31

Dr Miscellaneous Expenses $ 34

Cr Cash $ 34

Explanation:

A. Preparation of Bank Reconciliation at July 31

BANK RECONCILIATION

Cash balance per bank, July 31, $7,863

Add Deposit in transit $ 1,800

Less Outstanding checks ($597)

Adjusted cash balance $ 9,066

Cash balance per books, July 31 $7,884

Collection of note receivable $1,216

($1200+$42-$26)

Less Bank service charge ($34)

Adjusted cash balance $ 9,066

B. Preparation of the adjusting journal entries at July 31 on the books of Crane Video Company

JOURNAL ENTRIES

Jul'31

Dr Cash $1,216

Dr Expenses for collection $ 26

Cr Note receivables $ 1,200

Cr Interest revenue $ 42

(To record note collection by bank)

Jul'31

Dr Miscellaneous Expenses $ 34

Cr Cash $ 34

(To record bank service charges)

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The reserve requirement is​ 10%. Suppose that the Fed ​$ worth of U.S. government securities a bond​ dealer, electronically the​
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Answer:

D. The money supply decreases by ​$150,000.

Explanation:

Note: This question is not complete as some figures are omitted. The full question is therefore presented first before answering the question as follows:

The reserve requirement is​ 10%.

Suppose that the Fed sells ​$150,000 worth of U.S. government securities from a bond​ dealer, electronically debiting the​ dealer's deposit account at Reliable Bank.

Which of the following correctly describes the immediate effect of this transaction on the money​ supply?

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E. None of the above.

The explanation to the answer is now provided as follows:

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On the other hand, when the central bank purchases government securities on the open market, it aims to increase the money supply by the worh of the government securities. This is called an expansionary monetary policy.

From the question, the sale of ​$150,000 worth of U.S. government securities from a bond​ dealer is a contractionary monetary policy and it will reduce the money supply by exactly $150,000.

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Answer:

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