#rade two sections Do not work all three sections. Focus your effo on Cash and your choice of th other two sections. The most you can get on this exam is 100 points The checkbook balance is $12,000 and the bank statement balance is $13,500 on December 31, 1988. Consider the following as you book the true cash balance for 1988. 5 points for each item. Unless otherwise stated, each item is not yet part of the cash balance. 1. Funds reserved for payment on long term debt amount to $1,000 and are part of the cash balance. 2. A check for supplies was written and recorded on December 27th 1988 for $800. The check got mailed out on January 2nd, 1989. 3. A check for $400 arrives from a customer on December 28th, 1988. The check is deposited on December 29th, 1988 and is returned as NSF on January 15th, 1989. 4. $100 in funds is placed in a metal box used for paying for postage stamps and other miscellaneous items. 5. The business pays for $600 in office supplies using the company Visa card on December 23rd, 1988. The invoice is paid in January 1989. Visa charges a 3% service fee. 6. A customer buys $100 in merchandise using their Visa card. Visa charges a 3% service fee. 7. Funds were invested in a CD on November 1st, 1988 for the amount of $2,000. The interest ra on the CD is 2.2% and the CD matures on January 20th, 1989. 8. There is $4,000 in the business savings account on December 31, 1988. 9. The office manager purchases $70 of pizza for the office holiday party.