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Question 17 (1.5 points) Sunny Sky Corporation gathered the following reconciling information in preparing its August bank reconciliation: Cash balance per bank, August 31 $18,200 Note receivable collected by bank 4,500 Outstanding cheques 10,825 Deposit in transit 6,700 Bank service charge 40 NSF cheque 750 The reconciled cash balance per bank at August 31 is A) $ 17,785. B) $ 14,075. C) $ 9,575. $18,575. Question 18 (1.5 points) Tylor Farms generate interest income from their deposit in the local bank for $53 in the year 2021. It was not recorded in the books. What is the adjusting entry required for this situation? A) DR Account Receivable $53 CR Cash $53 B) DR Bank Service Charge Expenses $53 CR Cash $53 C) DR Cash $53 CR Interest Revenue $53 D) NONE Question 20 (1.5 points) Angel Hair Limited gathered the following reconciling information in preparing its November bank reconciliation: Cash balance per books, November 30 $36,100 Outstanding cheques $13,600 Deposits in transit $18,100 Information from the bank statement Electronic collection of account $7,200 Bank service charge $3,650 NSF cheque $2,875 The reconciled cash balance per books at November 30 is A) $36,775 B) $16,675 C) $39,275 OD) $21,175 Question 22 (1.5 points) Green Pans Inc. began their business at the beginning of October and purchased four units of inventory at the following prices. October 4, $9; October 13, $13; October 21, $12; and October 26, $10. If the company sold three units for $35 each one on October 17 and two other units on October 30, and used the FIFO cost formula in a perpetual inventory system, the gross profit for October would be: A) $73 B) $74 C) $70 D) $71 Question 23 (1.5 points) Which of the following statements regarding accounting for inventories is correct? (choose the most suitable answer if you believe more than one answer is correct) O A) Under FIFO, the cost of ending inventory is based on the earliest units purchased. B) None of the answers are correct. C) It is generally good business management to sell the most recently acquired goods first. D) FIFO assumes that the earliest goods acquired are the first to be sold. Question 24 (1.5 points) Company K-Talk has a beginning inventory balance of $50,000. It purchased another $30,000 of inventory during the year. It has an ending balance in its inventory account of $55,500. What is the cost of goods available for sale during the year? A) $80,000 B) $24,500 C) $85,500 D) $35,500 Question 25 (1.5 points) Power Co. purchased inventory as follows: November 2 300 units at $16 November 4 400 units at $20 November 8 200 units at $19 On November 7, Power Co. sold 500 units for $30 each. The average unit cost to be used for the cost of goods sold on November 7, in a perpetual inventory system, is A) $18 B) $20 C) $18.44 D) $18.29