The Cash account of Snug as a Bug Security Systems reported a balance of $ 2 comma 570 at December 31, 2018. There were outstanding checks totaling $ 1 comma 000 and a December 31 deposit in transit of $ 100. The bank statement, which came from Tri Cities Bank, listed the December 31 balance of $ 4 comma 120. Included in the bank balance was a collection of $ 660 on account from Wayne Brown, a Snug as a Bug customer who pays the bank directly. The bank statement also shows a $ 30 service charge and $ 20 of interest revenue that Snug as a Bug earned on its bank balance. Required:
Prepare Snug as a Bug's bank reconciliation at December 31.

Bank Reconciliation Statement as at December 31, 2018

Balance as per updated Cash Book     $3,220

Add Unpresented Cheques                   $1,000

Less Lodgements not yet credited         ($100)

Balance as per Bank Statement             $4,120

Explanation:

The first step in preparing a bank reconciliation statement is to update the Cash Book Bank balance.

Debit  :

Wayne Brown                                          $660

Interest revenue                                        $20

Balance as at December 31, 2018       $2,570

Totals                                                    $3,250

Credit :

Service charge                                          $30

Updated Cash Book balance              $3,220

Totals                                                    $3,250

Then use the updated Cash book Bank Balance to prepare the Bank Reconciliation Statement.

Bank Reconciliation Statement as at December 31, 2018

Balance as per updated Cash Book     $3,220

Add Unpresented Cheques                   $1,000

Less Lodgements not yet credited         ($100)

Balance as per Bank Statement             $4,120

c.

explanation:

regressive tax taxes the poor and less of the wealthy. this the rich get richer and the poor get more poor. this would create a large wealth gap.

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