Answer:
Customer retention refers to a company's ability to turn customers into repeat buyers and prevent them from switching to a competitor. As a performance metric, it indicates whether your product and the quality of your service please your existing customers.
Explanation:
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Additional Information Check No. 5904 is correctly drawn for $2,090 to pay for computer equipment; however, the recordkeeper misread the amount and entered it in the accounting records with a debit to Computer Equipment and a credit to Cash of $2,060. The NSF check shown in the statement was originally received from a customer, S. Nilson, in payment of her account. Its return has not yet been recorded by the company. The credit memorandum (CM) is from the collection of a $1,500 note for Chavez Company by the bank. The bank deducted a $15 collection expense. The collection and expense are not yet recorded.
Answer:
Requirement: Prepare the September 2015 bank reconciliation for this company. Note: Missing table are attached as picture below
Adjusted Bank Balance
Bank statement balance $18,453.25
Add: Deposit in transit $1,682.75
$20,136
Less: Outstanding checks
CH #5893 $494.25
CH #5906 $982.30
CH #5908 $388.00 $1,864.55
Adjusted Bank Balance $18,271.45
Adjusted Book Balance
Books Balance $17,404.20
Add: Collect $1500 note, Less $15 $1,485
Interest earned $12.50
$18,901.70
Less: NSF Check $600.25
Error in entry in check #904 $30
Adjusted Book Balance $18,271.45
