Exercise 9.7 determining the adjusted bank balance. lo 9-5 florence company received a bank statement showing a balance of $13,300 on november 30, 2019. during the bank reconciliation process, florence’s accountant noted the following bank errors: a check for $156 issued by florentine, inc., was mistakenly charged to florence company’s account. check 2782 was written for $100 but was paid by the bank as $1,100. check 2920 for $90 was paid by the bank twice. a deposit for $670 on november 22 was credited by the bank for $760. assuming outstanding checks total $2,200, prepare the adjusted bank balance section of the november 30, 2019, bank reconciliation.

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

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