BUSINESS HIGH SCHOOL

Wright Company's cash account shows a $27,700 debit balance and its bank statement shows $26,000 on deposit at the close of business on May 31. The May 31 bank statement lists $110 in bank service charges; the company has not yet recorded the cost of these services. Outstanding checks as of May 31 total $5,700. May 31 cash receipts of $6,300 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement. In reviewing the bank statement, a $410 check written by Smith Company was mistakenly drawn against Wright’s account. The bank statement shows a $580 NSF check from a customer; the company has not yet recorded this NSF check. Prepare its bank reconciliation using the above information.

Answers

Answer 1

Answer:

Answer:

Cash account reconciliation:

Cash account balance $27,700

subtract bank fees ($110)

subtract NSF check ($580)

Reconciled balance $27,010

Bank account reconciliation:

Bank account balance $26,000

subtract outstanding checks ($5,700)

add deposits in transit $6,300

add error with Smith Company check $410

Reconciled balance $27,010

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Which is NOT considered an additional cost beyond tuition for higher education?Textbooks and suppliesAcademic counselingRoom and boardTransportation

Answers

The option that is NOT considered an additional cost beyond tuition for higher education is Academic counseling.

The other options, such as textbooks and supplies, room and board, and transportation, are all additional costs typically associated with higher education.

In contrast, academic counseling is considered a core service that is provided by colleges and universities to support student success. This service is typically included in the cost of tuition and is not viewed as an additional expense beyond tuition.

Academic counseling services may include academic advising, career counseling, and other types of support to help students succeed in their academic pursuits.

While academic counseling may not be considered an additional cost beyond tuition, it is a valuable service that can help students succeed in college and beyond.

By providing students with the support they need to achieve their academic and career goals, academic counseling can help students make the most of their college experience and prepare for success in their future careers.

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Which of the following statements about minimum payments is INCORRECT?A. Minimum payments are typically only 2-4% of your total debt
B If you send in the minimum payment, you will be charged a late fee.
C You will still pay interest on your balance if you submit the minimum payment.
D Paying the minimum means you are only paying off a portion of your total debt.

Answers

The incorrect statement about the minimum payment is "if you send the minimum payment, you will be charged a late fee." The minimum payment is all that is needed on a credit card or other loan. There will never be a late fee added if the minimum payment is sent in unless it is late. However, by paying the minimum amount, the balance will not go up. If you pay extra, you will have that put on the balance of the account.

If you send in the minimum payment, you will be charged a late fee.

Further Explanation:

minimum payment:

The base installment is the minimum payment of cash that you are required to pay on your financial record every month. See your Mastercard "terms and conditions" archive to perceive how your Mastercard's base installment is determined.

Explanations about minimum payment is erroneous:

The off base proclamation about the base installment is "on the off chance that you send the base installment, you will be charged a late expense." The base installment is all that is required on a Visa or other credit.

Making the minimum payment hurt credit:

For whatever length of time that you're making in any event the minimum payment on time every month, you're really helping your FICO rating by structure a positive installment history. ... Be that as it may, when you pay just the base, your parity just diminishes by a little and a high credit usage will keep on harming your FICO assessment.

The advantage of minimum payment sum due:

Paying something other than the base sum due will spare one from paying high-loan costs. It encourages one in satisfying the obligation sooner: When one pays only the base sum due, they pay a small sum towards the central exceptional consistently. This keeps the cardholder paying off debtors for a more extended time.

Subject: business

Level: High School

Keywords: minimum payment, Explanations about minimum payment is erroneous, Making the minimum payment hurt credit, The advantage of minimum payment sum due.

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What part of a check is the LEAST important?

Answers

The Memo Line

Memo line is usually filled unofficial personal note from the check's issuer

like :

- "give $ 100 of this check as my reward to your Son, Marty"
or
- "Tell me if you've already cash this out"

The memo line on a check is typically considered the least important part.

What is the memo line?

It is a brief space where the payer can write a short description or note about the purpose of the payment, but it does not affect the transaction's validity or processing.

The critical elements of a check are the date, payee, amount, and signature. These details ensure the payment is authorized and directed to the correct recipient. While the memo line can be useful for record-keeping, financial institutions primarily rely on the essential information to process the payment accurately.

Answers

Answer:

False

Explanation:

A partnership is when 2 parties come together to invest in a business.

Profit sharing from the business is usually based on the percentage invested by the partners.

For example if A invested 20% and B invested 80%, B will receive a higher share.

So in this case the amount they will be entitled to is a function of their investment unless otherwise stated in the agreement.

Since the agreement is silent on this their contribution will be used as the basis for sharing and not responsiblity in the business.

What happens to the individual demand curve as the price of an item increases?

Answers

the individual demand for an item will decrease, causing a downward slope

Since the price of an item increases, there will be less and less people who can afford and prefer to buy it, therefore, the consumers' demand for that item will decrease

If you use credit what are you creatingA line of credit
B debt
C Collateral
D a default

Answers

B is the correct answer. When you spend money on a credit card you are creating a debt because you are spending money you don't actually have at that point in time.

Answer:

Explanation:

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