The following information is for Benson Inc.:

Balance per the bank statement dated June 30, 2014 is $34,400.
Balance of the Cash account on the company books as of June 30, 2014 is $31,480.
Bank service charges for the month amount to $20.
Cheques written that had not cleared the bank by June 30, 2014 were:
#169 : $1,350
#157 : $750
#162 : $1,350
#156 : $900
Cheque #146, for office supplies in the amount of $197, was recorded in the Cash Disbursements Journal incorrectly as $167.
Included with the bank statement was a $20 credit memorandum for interest earned on the bank account during the month.
Bank deposit on June 30, 2014 for $1,400 does not appear on the bank statement.
Prepare a bank reconciliation statement as of June 30, 2014, as well as the necessary adjusting journal entries.

Answers

Answer 1

Adjustments are made for outstanding cheques, incorrectly recorded cheques, bank service charges, and a missing bank deposit to reconcile the cash balance accurately.

The bank reconciliation statement begins by comparing the balance per the bank statement ($34,400) to the balance per the company books ($31,480). The goal is to identify and account for any differences.

Outstanding cheques are cheques that have been written but have not yet cleared the bank. In this case, the outstanding cheques are #169 ($1,350), #157 ($750), #162 ($1,350), and #156 ($900). These amounts need to be subtracted from the bank balance as they have not been deducted by the bank yet.

The incorrectly recorded cheque (#146) is adjusted by subtracting the difference between the recorded amount ($167) and the correct amount ($197) from the company's book balance.

Bank service charges of $20 need to be subtracted from the bank balance.

The $20 credit memorandum for interest earned is added to the bank balance.

The missing bank deposit of $1,400 needs to be added to the bank balance.

After making these adjustments, the adjusted bank balance should match the adjusted book balance. Any remaining differences would require further investigation.

The necessary adjusting journal entries will depend on the specific adjustments made. In this case, the adjustments would include recording the outstanding cheques, correcting the recorded cheque amount, and adjusting for the bank service charges and interest earned. These journal entries ensure that the company's books reflect the accurate cash balance based on the bank reconciliation.

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Related Questions

in a competitive industry: profits are only attainable in the long run to those firms able to innovate at the lowest cost. the opportunity cost of production is zero. all firms will earn above-normal profits if demand is high. resources move across firms in such a way that the total value of production is maximized.

Answers

In a competitive industry, entry and exit decisions: ensure that labor and capital move across industries to optimally balance production.

A competitive industry allows firms to freely enter and exit the market and has few barriers to entry. For example, the market for pizza restaurants in a certain large city might be highly competitive, since anyone can choose to open a new pizza shop, and existing owners can close their doors whenever they please.

Running a business of any size, from a start-up to a major multinational, involves competition with other companies on a regular basis. Companies must compete for the patronage of potential customers in markets that are competitive. Perfect competition in economics refers to a perfect competitive environment that demonstrates specific crucial structural traits advantageous to consumers.

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Supply-side policies have proven that smaller government makes the economy more efficient. ​ Select one: True False

Answers

Answer:

The given statement is "False".

Explanation:

Supply-side policies include those strategies that increase the economic ability of an enterprise as well as the ability to manufacture. To increase supply-side efficiency, there are also many specific steps that somehow an authority may undertake. Any strategy that increases the economic capacity of a nation's infrastructure and therefore its ability to transfer should be under the supply-side legal framework.

if stone sour co. has an roa of 8 percent and a payout ratio of 30 percent, what is its internal growth rate?

Answers

If the Stone Sour Co. earns an ROA of 8 percent and a payout ratio of 30 percent, then in this internal growth rate is 2.46 %.

What is internal growth rate?

The internal growth rate (IGR) is the maximum rate at which a company can grow using only its own resources without resorting to external financing, such as borrowing or issuing new stock.

The internal growth rate provides a useful benchmark for companies to measure their ability to grow using only their own resources.

The internal growth rate is 2.46 % in the stone sour co., if  it  has an ROA of 8 percent and a payout ratio of 30 percent.

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The following is the trial balance of kencho sales located in Tabs, Thimphu as on 31st December 2019.You are required to prepare financial statements as at 31st December 2019.​

The following is the trial balance of kencho sales located in Tabs, Thimphu as on 31st December 2019.You

Answers

Not sure but good luck

which is the most accurate summary of the differentiation some writers have given between leadership and management?

Answers

The most accurate summary of the difference between leadership and management given by some authors is that leadership focuses on vision and motivation, while management focuses on planning and execution. Here option A is the correct answer.

Leadership and management are related concepts but have different emphases. Leadership involves inspiring and guiding people to achieve a shared vision or goal, usually through effective communication and personal influence. In contrast, management involves planning, organizing, and controlling resources to achieve specific objectives or outcomes.

Leadership tends to be more concerned with the bigger picture, setting direction, and inspiring followers to embrace a vision, whereas management focuses on the details of executing plans and achieving specific goals. Leadership may involve more innovation and creativity, while management emphasizes efficiency and effectiveness.

Overall, while leadership and management are both important for achieving organizational success, they require different skills and approaches. Effective leaders and managers need to be able to understand and balance these different perspectives to achieve the best outcomes for their organization.

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Complete question:

Which is the most accurate summary of the differentiation some writers have given between leadership and management?

A) Leadership is focused on vision and motivation, while management is focused on planning and execution.

B) Leadership is focused on short-term goals, while management is focused on long-term goals.

C) Leadership is focused on maintaining the status quo, while management is focused on driving change.

D) Leadership and management are interchangeable terms with no significant difference.

The act that prohibits hacking, the use of cookies, creating viruses, or using click-stream data to obtain personal
information about individual computers that surf the Web:

Answers

Answer:

ECPA

Explanation:

The Electronic Communications Privacy Act prohibits all of those things specifically, according to the Business Law Edge lesson.

You are carrying a load of hazmat. what must be included with the shipping papers?

Answers

If required, put together a shipping paper that contains a description of the hazmat, including the UN identification number, suited transport name, hazard class, and packing group, quantity, variety and kind of packages, emergency contact information, and a shipper's certification.

What must be blanketed with the transport papers?

The description of hazardous substances on a shipping paper is contained in area 172.202. The primary description now includes suited shipping name, hazard class, identification number, and packaging group.

When you load a hazmat package, what do you do with the delivery papers? Pull the pinnacle reproduction and vicinity in the pouch.

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Chloe received this email in her spam folder recommending a stock. What aspects of the letter should concern her? Choose four correct answers.

Answers

Answer: Edg 2021: A, B, D, E

Explanation:

can anyone please help me please.

At the zoo, Brooke learn that one of the rhinos weighs 4,897 pounds, one of the giraffes weighs 2,667 pounds, one of the African elephants 12,456 pound and one of the Komodo dragons weighs 123 pounds.

A. What is the combined weight of the zoo's African elephant and the giraffe?


B.What is the combined weight of the zoo's African elephant and the rhino?


C. What is the combined weight of the zoo's African elephant, the rhino and the giraffe


D. what is the combined weight of the zoo's Komodo dragon and the rhino?


E. How do you found the answer.

Answers

Answer:

A=15,123

B=17353

Explanation:

A  =   12456+4897=15,123

B=     4897+12456=17,353

Which of these terms means "paying to communicate with potential clients about your company"? A. Customer support. B. Marketing. C. Advertising. D. Community outreach.

Answers

Marketing means "paying to communicate with potential clients about your company." The correct answer is option B.

Marketing is the action of selling a product or service. Marketing refers to all of the activities that a company does to increase customer demand for a product or service. This includes advertising, selling, and promoting. Businesses must constantly advertise their products to increase sales, attract new customers, and increase brand awareness. In a nutshell, marketing entails promoting a product or service to consumers.

Marketing is a significant aspect of any business because it helps in expanding the customer base and increasing profits. A company's success depends on how well they can market their products or services. To be effective, marketing must be well-targeted, relevant, and appealing to the target market. A company that markets its goods and services well has a better chance of gaining loyal customers and expanding its reach.

Marketing can take many forms, including advertising, direct marketing, public relations, and online marketing. Marketing activities must be aligned with a company's overall marketing strategy. A well-planned and executed marketing strategy can help businesses achieve their goals.

A strategy will assist you in identifying your target market and how best to communicate with them. In short, marketing is a set of strategies aimed at promoting products or services to consumers through various channels such as advertising, sales promotion, public relations, and direct marketing. Marketing is an essential part of any business, and it helps businesses reach new heights.

Hence, option B is the right choice.

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Betty lives in a state where the minimum legal price for a gallon of milk is $2.50. She convinces a local dairy farmer to sell her milk for $2.00 per gallon instead. Betty and the farmer are participating in a
a. quota. b. price floor c. license. d. black market. e. price ceiling.

Answers

Based on the given scenario, Betty and the local dairy farmer are participating in a black market.

A black market refers to an illegal market where goods or services are traded at prices that are lower than the legal market price, often to avoid government regulations, taxes, or restrictions.

In this case, the state has set a minimum legal price for a gallon of milk at $2.50, which means that any sales below that price would be considered illegal. By convincing the dairy farmer to sell her milk for $2.00 per gallon, Betty is participating in a black market transaction where she is buying milk at a price that is lower than the legal market price.

This type of transaction can be problematic as it can lead to a loss of revenue for the state and legitimate businesses, create unfair market price competition, and potentially compromise the safety and quality of the product being sold. Therefore, it is important to abide by government regulations and participate in legal markets to ensure fair competition and protect the safety and well-being of consumers.

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10. Which type of utility do you believe has the greatest impact on price? Explain

Answers

Answer: Place utility

Explanation:

The type of utility that is believed to have the greatest impact on price is the place utility. Place utility simomy means making of goods available to the customers when they're needed.

The place or location where customers but their products is vital to customers as they put values on products based on the place utility. This can be seen as companies make sure that their products are easily accessible to their customers.

Identify the lessons in the case below, if any, that may be
learned by IT Professionals?
A woman was surprised when a home improvement company
cold-called her mobile phone. She rejected the sales offe

Answers

IT professionals should respect privacy and avoid unsolicited communication, as shown by the home improvement company's cold-calling incident.

Privacy concerns: The case highlights the importance of respecting individuals' privacy. IT professionals should be mindful of obtaining explicit consent before reaching out to customers or potential clients, especially through unsolicited communication methods.

Consent-based communication: Cold-calling without prior permission can be intrusive and annoying for customers. IT professionals should prioritize building trust and establishing a relationship with customers based on consent-driven communication channels.

Opt-in/opt-out mechanisms: Implementing opt-in/opt-out mechanisms is crucial. IT professionals should provide customers with the option to subscribe or unsubscribe from marketing or communication activities. This allows customers to have control over their preferences and helps avoid unwelcome communication.

Data protection and regulations: IT professionals should adhere to relevant data protection laws and regulations, such as the General Data Protection Regulation (GDPR) or other local privacy laws. These regulations govern how personal information is collected, stored, and used, emphasizing the importance of privacy and customer consent.

Ethical considerations: The case prompts IT professionals to consider the ethical implications of their actions. They should evaluate whether their practices align with ethical standards and whether they are treating customers with respect and consideration.

Building trust and relationships: IT professionals should focus on building trust and maintaining positive relationships with customers. This can be achieved through transparent communication, respect for privacy, and understanding customer preferences.

By learning from this case, IT professionals can ensure that they prioritize customer privacy, maintain ethical practices, and establish strong relationships based on trust and consent-driven communication.

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____________ and _____________ are both data reporting outputs that contain data visualization.

Answers

Dashboards and reports are both data reporting outputs that contain data visualization.

What are these types of reporting outputs?

A dashboard is a graphical user interface that displays data in a visual format, often using charts, graphs, and other data visualization tools. It allows users to quickly and easily monitor key performance indicators (KPIs) and metrics in real-time.

A report, on the other hand, is a document that presents information in an organized and structured manner, often including tables, charts, and other visual aids to help readers understand the data. Reports are typically more static and provide a more detailed analysis of data over a specific period of time.

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Which one of the following could not be called income?

Answers

Answer: where is the question

Explanation:

Helppp please
The fact that a country has less strict labor laws and relaxed environmental regulations are strong reasons for a
company to move production facilities to that country.
True
False

Answers

The answer has to be true

Answer:true

Explanation: I just took the test

Help ASAP!!!! What is the most-possible answer?

Help ASAP!!!! What is the most-possible answer?

Answers

Answer:

Community and junior colleges.

Explanation:

I don't know if im too correct but if i am, mark me brainliest?:)

Answer:

D - Collages

Explanation:

That is the only thing I know that gives degrees

describe one way in which the roles of women in the paid labor force of developed countries changed as a result of the transition to a postindustrial economy.

Answers

One significant way in which the roles of women in the paid labor force of developed countries changed during the transition to a postindustrial economy is the increased participation of women in professional and service-oriented industries.

Traditionally, women were often limited to certain types of jobs, such as clerical or low-skilled positions, and faced barriers in accessing higher-level careers. However, as economies shifted from manufacturing and heavy industries to knowledge-based and service-oriented sectors, new employment opportunities emerged that demanded different skill sets.

With the growth of sectors such as finance, technology, healthcare, education, and professional services, women began to enter and excel in these fields. They pursued higher education, gained specialized skills, and broke through barriers to assume positions of leadership and influence. This transition allowed women to access previously unavailable career paths and contributed to their increased representation in professional occupations.

Moreover, the changing nature of work in a postindustrial economy, with a greater emphasis on flexibility, creativity, and knowledge-based tasks, created an environment that valued the diverse perspectives and talents that women bring to the workforce. As a result, women have been able to leverage their skills and expertise to contribute significantly to the economy and reshape traditional gender roles in the labor force.

Overall, the transition to a postindustrial economy opened up new opportunities for women, enabling them to break away from traditional job roles and make significant strides in pursuing fulfilling and influential careers in various industries.

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Creating an anonymous complaint or grievance process is something
employers can implement to prevent which of the following?
O A. Layoffs
B. Harassment
C. Taxed income
D. Arguments

Answers

Answer is B.) Harassment

hope I could help goodluck

Suppose that Boeing and Rolls-Royce Holdings are the sole producers of a particular jet engine. The two firms currently charge the same price for their products. If neither firm reduces the price of its engine, each firm earns $36 million in profit. If both firms reduce their prices, then each firm will earn $10 million in profit. If one firm reduces its price and the other does not, then the firm that reduces its price will earn a profit of $50 million while the other firm will earn a profit of $5 million. If the firms can operate as a cartel, then

Answers

Answer:

each firm reduces its price.

In ge matrix, how do companies evaluate the overall attractiveness of the portfolio?

Answers

Consider two main factors: industry attractiveness and business strength. Industry Attractiveness: Companies assess the industry's potential by looking at factors such as market growth, profitability, competitive intensity, and market size.

A higher score indicates a more attractive industry. Business Strength: Companies evaluate their own position within the industry by considering factors like market share, brand reputation, financial performance, technological capabilities, and innovation.

A higher score indicates a stronger position. By evaluating the portfolio in this way, companies can prioritize investments, divestments, and resource allocations to maximize overall performance.

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Forty-nine items are randomly selected from a population of 500 items. The sample mean is 40 and the sample standard deviation 9. (Use t Distribution Table & z Distribution Table. )

Answers

The confidence interval for the population mean is between 36.551 and 43.449 with a 99% confidence level. This means that if we repeated this sampling process many times, we can expect the true population means to be within this range in 99% of cases.

To develop a 99% confidence interval for the population mean, we can use the t-distribution since the sample size is less than 30 and the population standard deviation is unknown. The formula for the confidence interval is:

Confidence interval = sample mean ± (t-value x standard error)

where the standard error is equal to the sample standard deviation divided by the square root of the sample size:

Standard error = sample standard deviation / sqrt(sample size)

First, we can calculate the t-value using the t-distribution table with a degree of freedom of 48 (sample size minus 1) and a 99% confidence level. The t-value is approximately 2.682.

Next, we can calculate the standard error:

Standard error = 9 / sqrt(49) = 1.286

Then, we can calculate the confidence interval:

Confidence interval = 40 ± (2.682 x 1.286) = (36.551, 43.449)

The answer provided in the question is correct but it should be rounded to 3 decimal places as 36.552 and 43.448.

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Complete question:

Forty-nine items are randomly selected from a population of 500 items. The sample mean is 40 and the sample standard deviation is 9. (Use t Distribution Table & z Distribution Table.) Develop a 99% confidence interval for the population means. (Round your final answers to 3 decimal places.) The answer is complete but not entirely correct. The confidence interval is between 36.552 and 43.448

A surface, such as a prep table, that touches food or from which food could drip or drain onto surfaces that touch food is
called a "food-splash surface."
True
False

Answers

Answer:

False

Explanation:

Food contact surface is what it is called

Please explain to me what interest rate is please im super confused :)

Answers

Answer: An interest rate is the percentage of principal charged by the lender for the use of its money. The principal is the amount of money loaned. Interest rates affect the cost of loans. ... The Federal Reserve manages interest rates to achieve ideal economic growth.

Explanation:

gdp is composed of four main categories. which of those categories are the primary target of fiscal policy?

Answers

Answer: government spending, consumption spending.

Explanation: gdp is composed of consumption spending

The category that is the primary target of fiscal policy is the spending of the government.

What is GDP?

The full form of GDP is the Gross Domestic Product. It is a monetary measurement of all the final goods and services produced in a specific time period by countries, and it is the market value of all the final goods and services.

Personal consumption, business investment, government spending, and net exports are the four main categories of the GDP.

The aggregate of the government spending is the primary target of fiscal policy, as fiscal policy increases in the real GDP.

Therefore, the category that targets the fiscal policy is the government spending.

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Helpmeeeeeeeeeeeeeee

Helpmeeeeeeeeeeeeeee

Answers

Answer:

18. b : most economic decisions are made by buyer and sellers

19. b : federal income tax

Explanation:

The Porter family used an online family budget estimator to compare the costs of living in Baltimore and San Francisco for a family with two parents and two children. Where is the cost of living higher?
Baltimore
San Francisco
The cost of living is the same for both cities.
There is not enough information to determine which city has a higher cost of living.

Answers

Option (b), The Porter family compared the cost of living in Baltimore and San Francisco for a family of two adults and two kids using an online family budget estimator. In San Francisco, living expenses are higher.

What are the seven necessities for a family budget?

Make a list of your household's monthly expenses, including your needs and wants while keeping in mind that every family has unique requirements and preferences. You're likely to include your requests like housing costs, child care costs, food costs, health insurance, travel costs or car payments, utilities, and phone/internet bills.

In other words, because the cost of living index for the majority of requirements is higher in California than it is in Baltimore, it will be more expensive to live there than it will in Baltimore. An apartment in Baltimore, for example, is more expensive to rent than one in California. California's income distribution, restaurant costs, the purchasing power parity rate, and other factors should also be considered. To augment their prior monthly budget and maintain their lifestyle in California, the family may need an extra $1000 each month.

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Is cereal soup or no?

Answers

Answer:

no its a candy acid

Explanation:

Vaughn-Williams Co. has total assets of $600,000 and stockholders' equity of $320,000. It purchased $80,000 of supplies on account and collected $50,000 on account from its customers. As a result, the company's total assets would now be __
a. $680,000
b. $360,000
c. $550,000
d. $80,000

Answers

Vaughn-Williams Co. purchased $80,000 of supplies on the account and collected $50,000 on the account from its customers. As a result, the company's total assets would now be $550,000. (Option C)

To calculate the updated total assets, we need to consider the effects of the transactions mentioned.

The purchase of $80,000 in supplies on account increases both the total assets and liabilities of the company. However, since the transaction does not involve any changes in stockholders' equity, it does not impact the equity value.

The collection of $50,000 on account from customers also affects both assets and liabilities. The increase in cash (an asset) is offset by a decrease in accounts receivable (also an asset) since the amount owed by customers is collected.

Considering these transactions, the calculation for the updated total assets would be as follows:

Total assets = Previous total assets + Purchase of supplies - Collection from customers

Total assets = $600,000 + $80,000 - $50,000

Total assets = $630,000 - $50,000

Total assets = $580,000

Therefore, the correct answer is c. $550,000.

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Define operations management and explain the role that it plays in the value chain

Research and explain the functions of the value chain, supply chain, logistics, forecasting, technology, customer relationships, capacity, and resource utilization as they relate to operations management. Based on your research, discuss how resources like just-in-time philosophy, amazons supply chain expertise, and forecasting, would assist in effective operations management and optimal business operations.

Discuss your research findings and how an operations manager can use the resources you listed to carry out daily tasks and help ensure success.

Answers

Operations management is a discipline that focuses on managing the processes, activities, and resources involved in producing goods or delivering services.

It plays a crucial role in the value chain by optimizing primary activities such as logistics, operations, and marketing to create value for customers.

Supply chain management and logistics ensure the efficient flow of materials and goods. Forecasting helps in planning and meeting customer demand. Technology enables automation and optimization.

Customer relationships and resource utilization are essential for customer satisfaction and efficient resource allocation. Resources like JIT philosophy, Amazon's supply chain expertise, and forecasting techniques assist in effective operations management, leading to optimal business operations and success.

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