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Andrews [41]
2 years ago
10

he following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance

according to the company's records at August 31, $28,800. Cash balance according to the bank statement at August 31, $30,270. Checks outstanding, $5,850. Deposit in transit, not recorded by bank, $4,690. A check for $480 in payment of an account was erroneously recorded in the check register as $840. Bank debit memo for service charges, $50. a. Prepare a bank reconciliation, using the format shown in Exhibit 13.
Business
1 answer:
vekshin12 years ago
6 0

Answer:

                                              Creative Design Co.

                                               Bank Reconciliation

                                                 August 31, 20Y6

Cash balance according to Bank Statement                                   $30,270

Add: Deposit in transit, not recorded by bank                            <u>    $4,690</u>

                                                                                                          $34,960

Less: Outstanding checks                                                           <u>     ($5,850)</u>

Adjusted Balance                                                                             $29,110

Cash balance according to Company's records                             $28,800

Add: Error in recording check (840 - 480)                              <u>          $360    </u>

                                                                                                           $29,160

Less: Bank service costs                                                                 <u>   ($50)     </u>

Adjusted balance                                                                              $29,110

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Which of the following will not cause the production possibility frontier to shift? Group of answer choices the introduction of
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an increase in the working population

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The PPC is concave to the origin. This means that as more quantities of a product is produced, the fewer resources it has available to produce another good. As a result, less of the other product would be produced. So, the opportunity cost of producing a good increase as more and more of that good is produced.  

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Pujols Lumber Yard has a current accounts receivable balance of $365,061. Credit sales for the year just ended were $6,842,109.
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19.48 days

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Calculation to determine How long did it take on average for credit customers to pay off their accounts during the past year

First step is to determine the receivables turnover for the company using this formula

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Now let determine l the day’s sales in receivables using this formula

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Let plug in the formula

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Therefore How long did it take on average for credit customers to pay off their accounts during the past year is 19.48 days

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