Which one of the statements appearing below is correct regarding bank reconciliations?

a. After preparing a bank reconciliation, no journal entries need to be made for outstanding checks or deposits in transit.

b. If a company's records show a different cash balance from that shown on the company's bank statement, either the company or the bank has made an error.

c. The up-to-date ending cash balance on the bank statement side should not equal the up-to-date ending cash balance on the book side.

d. A bank reconciliation is an external report prepared to report the cash balance to investors and creditors.

Jordan, inc. sells fireworks. the company’s marketing director developed the following cost of goods sold budget for april, may, june, and july. april may june july budgeted cost of goods sold $62,000 $72,000 $82,000 $88,000 jordan had a beginning inventory balance of $3,000 on april 1 and a beginning balance in accounts payable of $14,600. the company desires to maintain an ending inventory balance equal to 15 percent of the next period’s cost of goods sold. jordan makes all purchases on account. the company pays 65 percent of accounts payable in the month of purchase and the remaining 35 percent in the month following purchase. required prepare an inventory purchases budget for april, may, and june. determine the amount of ending inventory jordan will report on the end-of-quarter pro forma balance sheet. prepare a schedule of cash payments for inventory for april, may, and june. determine the balance in accounts payable jordan will report on the end-of-quarter pro forma balance sheet.