1. Based on the bank reconciliation of March 2020, you figured out that a cheque that you received from a customer in payment of a $13,250 (correct amount) account receivable was recorded by the bank as $15,320 (incorrect amount). When reconciling the balance per bank statement to the cash balance in your books you should:

1. Add $2,070 to the balance per bank statement
2. Subtract $2,070 from the balance per bank statement
3. Add $2,070 to the balance per companys books
4. Subtract $2,070 from the balance per companys books

2. On January 1, 2019, The Excellent Company acquires an asset for $45,000,000 and estimates that its retirement obligation will be $15,000,000 at the end of its useful life of 20 years. The discount rate is 5%. The asset does not have a residual value and is depreciated using the straight-line method. The interest expense to be recorded on the asset retirement obligation on December 31, 2019 is

1. $5,653,342
2. $2,532,667
3. $750,000
4. $450,000
5. $282,667

3) On January 1, 2019, The Excellent Company acquires an asset for $45,000,000 and estimates that its retirement obligation will be $15,000,000 at the end of its useful life of 20 years. The discount rate is 5%. The asset does not have a residual value and is depreciated using the straight-line method. The depreciation expense to be recorded on the asset on December 31, 2019 is

1. $3,000,000
2. $2,532,667
3. $2,250,000
4. $282,667

4)When performing the bank reconciliation at the end of February 2021, you figure out that a $12,600 (correct amount) cheque written by your company to pay an account payable was incorrectly recorded by the accountant for the amount of $16,200 (wrong amount recorded). The journal entry to correct this error in your books will be:

1. Debit Cash, credit Accounts payable $3,600
2. Debit Accounts payable, credit Cash $3,600
3. Debit Accounts receivable, credit Accounts payable $3,600
4. Debit Accounts payable, credit Accounts receivable $3,600