1. In preparing its August 31 bank reconciliation, Reinstein Corp. has available the following balance per bank and reconciling items:

The 8/31 correct balance of cash is:

Select one:

a. $17,650

b. $18,050

c. $16,850

d. $19,050

e. $17,450

2.Given the following Ending Inventory errors for the Portland Company: Indicate the error in 2017 Net Income and 12/31/17 Retained Earnings:

Select one:

a. Net Income Overstated $10, Retained Earnings Understated $30

b. Net Income Understated $70, Retained Earnings Understated $30

c. Net Income Understated $10, Retained Earnings Overstated $10

d. Net Income Understated $70, Retained Earnings Overstated $30

e. Net Income Overstated $10, Retained Earnings Understated $10

$ 18,050 2,750 Balance per bank Deposit in transit Return of customer's check for insufficient funds Outstanding checks Bank error: erroneous addition recorded 600 3,250 100 Year 2016 2017 Ending Inventory Error Overstated $40 Understated $30