The following information pertains to Tim's DVD Company. 1. Cash balance per bank, July 31, $2,542. 2. July bank service charge not recorded by the depositor $10. Cash balance per books, July 31, $2,549. Deposits in transit, July 31, $825. 5. Bank collected $600 note for Tim's in July, plus interest $36, less fee $15. The collection has not been recorded by Tim's, and no interest has been accrued. 6. Outstanding checks, July 31, $207. Instructions (a) Prepare a bank reconciliation at July 31. (b) Journalize the adjusting entries at July 31 on the books of Tim's DVD Company.

Q: Discuss the major characteristics of a theory.

A: Discussion of major characteristics of a theory

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Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.