ACCT1002 - Page 3 (C) A bank reconciliation is a financial statement (D) A bank reconciliation guarantees that no errors have been made (2 Marks) 8. The following information is needed to reconcile the cash balance for Woods Paper Products. A deposit of $5,794.62 is in transit. Outstanding checks total $1,533.25. The book balance is $5,695.62 The bookkeeper recorded a $1,524.00 check as $15,240 in payment of the current month's rent The bank balance at February 28, 2008 was $16,500.25. A deposit of $300 was credited by the bank for $3,000. A customer's check for $1,280 was returned for nonsufficient funds. The bank service charge is $70. What was the adjusted bank balance? (A) $6,472.38 (B) $18,061.62 (C) $9,355.63 (D) $14,938.88 (2 Marks) 9. Which of the following depreciation methods allocates an equal amount of depreciation to each year? (A) Units-of production (B) Straight line (C) Declining-balance (D) Double-declining-balance (2 Marks) 10. Which of the following is the expected cash value of an asset at the end of its useful life? (A) Book value (B) Residual value (C) Carrying value (D) Market value (2 Marks)