Nolan Company's cash account shows a $29,833 debit balance and its bank statement shows $30,002 on deposit at the close of business on June 30. Outstanding checks as of June 30 total $2,426. The June 30 bank statement lists $28 in bank service charges; the company has not yet recorded the cost of these services. In reviewing the bank statement, a $40 check written by the company was mistakenly recorded in the company's books as $49. June 30 cash receipts of $2,261 were placed in the bank's night depository after banking hours and were not recorded on the June 30 bank statement. The bank statement included a $23 credit for interest earned on the company's cash in the bank. The company has not yet recorded interest earned. Prepare a bank reconciliation using the above information.

Answers

Answer 1

Answer:

cash account balance= $29,833

- bank service charges = ($28)

error in recording check = $9

interests earned = $23

reconciled cash account = $29,837

bank account balance = $30,002

- outstanding checks = ($2,426)

deposits in transit = $2,261

reconciled bank account = $29,837

Both reconciled accounts match, so we did it correctly.


Related Questions

American Airlines paid the television producer to be a part of the show. This is known as ...

Answers

Sponsor/sponsorship and advertising.
sponsoring and stuff like taht

Drivers can incur fines for the following reasons:
A. Obstructing driveway issues on Complaint $60.50
B. Parking in a Handicap space/no plate or card $200.00
C. Parked on sidewalk $25.00
D. All the Above

Answers

Answer:

D. All of the above

Explanation:

Answer:

All of the above

Explanation:

You can deduct money on all these reasons

Please hurry!! Imagine that you have been approved to participate in a cooperative education program. In two or three sentences, indicate where you would like to work and describe what you hope to learn from your job placement there. Be sure to include three to five specific examples of what you would hope to learn.

Answers

Answer:

Answer:

A response might look similar to what is below.

Explanation:

I would like to work in an elementary school.  I would hope to learn what is to be taught and how it is to be taught.  I hope to learn about the expectations for student learning and also the expectations of a classroom teacher.  I also would like to learn the type of education I need to become an elementary school teacher.

A loss is when
A. Revenue is greater then expenses
B. Revenue is less than expenses
C. Revenue is equal to expenses
D. None of them

Answers

The answer is B revenue is less than expenses

The answer to this question would be B

Which statement best describes the lesson we can learn from Lupe's experience?

It’s too much work to open a checking account.
It’s only important to track large amounts in personal records.
It’s important to keep accurate records.
It’s best to use only one document to track spending.

Answers

Answer: it’s important to keep accurate records

Explanation:

Just did it

Considering the story of Lupe, the best statement that describes the lesson we can learn from Lupe's experience is "It’s important to keep accurate records."

The story of Lupe revealed that when people from authority tend to assess and crosscheck the accounting records when performing the auditing process.

This process is to check the actual proof of the transaction and look for any inaccuracies.

Any inaccuracies found could be used as a basis to indict people for financial fraud, regardless it is an honest mistake or not.

Hence, in this case, it is concluded that the correct answer is option C. "It’s important to keep accurate records.

Learn more about auditing here: https://brainly.com/question/25388600

Can someone please help me with this question!

Answers

Answer:

I think you got it right*

Explanation:

I think this is the same question I took.

Can someone help me with this. Will give brainly

Assignment 1R
(20 points)
Assignment 1R: Selling and Pricing
Instructions

Save this file in your course folder, and name it with Assignment, the assignment letter, the section number, and your first initial and last name. For example, Jessie Robinson's assignment 1R for Section 1 would be named Assignment1RJRobinson.

Type the answers to the assignment questions below. Use complete sentences unless the question says otherwise. You will have more than one day to complete an assignment. At the end of each day, be sure to save your progress.

Review Lesson 4 of the Course Overview for instructions about turning in your assignments.

Assignment Questions

In Section 1, you learned about selling and pricing. Now, you'll apply what you learned.

1. Choose a type of company that would have sales people, and then answer the following questions about it. TIP: Choose a type of company that you would be interested in working for or starting up yourself.

a. Describe the product the company sells. (1-3 sentences. 2.0 points)

b. Which needs in Maslow's hierarchy does this product appeal to? Why would customers want this product? (1-5 sentences. 3.0 points)

c. Describe the role a sales person would play in selling this type of product. How much help would customers be likely to need from the sales person? (1-3 sentences. 3.0 points)

d. What sales methods do you think would work best for selling this product? TIP: Would you sell the product online, over the phone, in a store, etc.? (1-5 sentences. 2.0 points)

e. Describe the methods you would use to pay and motivate sales people to sell this product. Would you use sales quotas or a particular type of commission structure? Why or why not? (1-5 sentences. 2.0 points)

f. What price do you think the company should charge for this product? Explain what factors you considered in deciding what price to charge. (1-6 sentences. 4.0 points)


g. What pricing strategies do you think would be most successful for this type of product? Describe at least one strategy that would work well for this product, and explain why you believe it would work. TIP: Pricing strategies include psychological pricing, unit pricing, product line pricing, promotional pricing, penetration pricing, and price skimming. (1-6 sentences. 4.0 points)

Answers

Answer:

1. Choose a type of company that would have sales people, and then answer the following questions about it. TIP: Choose a type of company that you would be interested in working for or starting up yourself.

a. Describe the product the company sells. (1-3 sentences. 2.0 point

This company sells items like Phones, Laptops, Headphones, Apple Car    Play, Chargers.

b. Which needs in Maslow's hierarchy does this product appeal to? Why would customers want this product? (1-5 sentences. 3.0 points)

Apple items, such as phones, tablets, and computers, are used to interact with others, so I believe it belongs in the social level.

c. Describe the role a sales person would play in selling this type of product. How much help would customers be likely to need from the sales person? (1-3 sentences. 3.0 points)

They will assist in the marketing of the product they are selling by offering examples that would aid in the sale of the product. The more the product does, the higher the fee paid to the salesperson. They will probably not need much assistance, as a salesperson's primary duty is to help the company market its product or service effectively.

d. What sales methods do you think would work best for selling this product? TIP: Would you sell the product online, over the phone, in a store, etc.? (1-5 sentences. 2.0 points)

Right now, I'd do it on a few different websites. as a result of the pandemic If the pandemic was over, the safest place to be would probably be in a Cellphone store. Since so many people watch television, I will often advertise on television advertisements. or I'd use social media to advertise because I know a lot of teenagers and young adults who love apple and use social media.

e. Describe the methods you would use to pay and motivate sales people to sell this product. Would you use sales quotas or a particular type of commission structure? Why or why not? (1-5 sentences. 2.0 points)

-I would use progressive commission sales, for example:

number of units sold                sales commission

0 - 250                                           2.75%

251 - 500                                       4.50%

501 - 750                                       6.25%

751 - 1,000                                    8.75%

1,001 - 1,250                                 10.50%

-Salespeople would be inspired to sell more units in this manner because they will see a substantial rise in their profits as their sales volume increases.

f. What price do you think the company should charge for this product? Explain what factors you considered in deciding what price to charge. (1-6 sentences. 4.0 points)

I think the company should charge 75$ for headphones, 350-400 for laptop, and 400$ phones. I believe that if prices were lowered the more product would be bought. Not saying their products aren't worth the price that they already are but i believe lower price higher product in demand.

g. What pricing strategies do you think would be most successful for this type of product? Describe at least one strategy that would work well for this product, and explain why you believe it would work. TIP: Pricing strategies include psychological pricing, unit pricing, product line pricing, promotional pricing, penetration pricing, and price skimming. (1-6 sentences. 4.0 points)

I would do promotional pricing because if I can get customers to get interested in the  product quicker, it would be better in the long run. Promotional pricing is when there is a short time of a lower price to increase the volume of sales. Which is why chips/salsa/etc go on sale around the biggest sporting events.

I will mark you as brainliest!!

What is stock turnover?

A. How long customers have own the products they've purchased
B. How quickly inventory sells
C. How much it costs to keep inventory
D. How the stock market affects inventory

Answers

Answer:

d.how the stock market affects inventory

Explanation:

a stock turnover is the rate at which a company's goods are sold and replaced. I hope that helped <3

stock movement Effects of the stock market on inventory Thus option (D) is correct.

What is the stock price?

A share price is the price of a single share of a company's salable equity shares. In layman's terms, the stock price is the largest amount of money someone is willing to pay for the stock or the lowest amount for which it can be purchased.

Stock market Analysts in economics and financial theory utilize random walk techniques to model the behavior of asset prices, particularly share prices on stock exchanges. This technique is founded on the assumption that investors operate rationally and without bias, and that they evaluate the value of an asset at any given time based on future expectations.

Therefore, Thus option (D) is correct.

Learn more about stock prices here:

https://brainly.com/question/15021152

#SPJ2

Need help with this question below? Question 1

Answers

Show the full pic plz

In the united states what is the significance of April 15

Answers

Answer:

Hope it helps

have a good day Ahead

April 15th of the United States is Tax day

find the square root of 31-4√21​

Answers

Explanation:

3x+4=-2 hope that helps.

3. Improving employee motivation is likely to:
A
B
С
D
- encourage staff to work harder
increase staff absence
lower productivity
reduce workforce punctuality

Answers

A. encourage staff to work harder. by motivating the employees they are more likely to work harder.
A. Motivation will increase their productivity and give enough hope for them to work harder.

5. The role of government in a market system
a. does not exist
b. is restricted to establishing property rights
C. includes improving situations that would otherwise result in a market failure
d. includes improving on situations that would otherwise result in a government failure

Answers

the answer is most likely c
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