АСТIVIY 1 Instructions: Analyze the effects of the given reconciling items. Write on the column affecte OVERSTATED if the reported amount is more than the true amount; or UNDERSTATED if t reported amount is less than the true amount. Reconciling Items 1. Outstanding Checks 2. Credit Memo 3. Bank Charges 4. Deposits in Transit 5. Deposited collection returned by bank due to "no sufficient fund" 6. Debit Memo 7. Book Errors (debited P12,570 instead of P12,750) 8. Interest Income earned by the deposits 9. Bank Errors (credited the account of the depositor) 10. Bank paid your bill on your behalf Вook Bank

АСТIVIY 1 Instructions: Analyze the effects of the given reconciling items. Write on the column affecte OVERSTATED if the reported amount is more than the true amount; or UNDERSTATED if t reported amount is less than the true amount. Reconciling Items 1. Outstanding Checks 2. Credit Memo 3. Bank Charges 4. Deposits in Transit 5. Deposited collection returned by bank due to "no sufficient fund" 6. Debit Memo 7. Book Errors (debited P12,570 instead of P12,750) 8. Interest Income earned by the deposits 9. Bank Errors (credited the account of the depositor) 10. Bank paid your bill on your behalf Вook Bank

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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please answer correct with proper work explanation computation formula required format no copy paste or skip narration also a. The June 30 cash balance in the general ledger is $838. b. The June 30 balance shown on the bank statement is $372. c. Checks issued but not returned with the bank statement were Number 712 for $10 and Number 723 for $41. d. A deposit made late on June 30 for $441 is included in the general ledger balance but not in the bank statement balance. e. Returned with the bank statement was a notice that a customer's check for $67 that was deposited on June 24 had been returned because the customer's account was overdrawn. f. During a review of the checks that were returned with the bank statement, it was noted that the amount of Check Number 728 was $65 but that in the company's records supporting the general ledger balance, the check had been erroneously recorded as a payment of an account payable in the amount of $56. Required: a. 1. Show the reconciling items in a…
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CRA DENIS- Ward (Pruduit Atation Faileit) REFERENCES MAILNGS REVIEW VEW EE 91 E 1Normal 1No Spac Heading t Heading 2 Tele Paragraph Styles a) An entity has to maintain its records property so that the business can run efficiently and that management can look at the accounts to see how the business is performing. Hank reconciliation statements ate prepared to determine the differences between the cash book and the bank statement. REQUIRED: Explain four main purposes of preparing a bank reconcilation statement. b) You are working as accounting trainee employed by Masumbuko Ltd. One of your duties is to prepare bank reconcilaticin, the bank statement sent to you on monthly basas by the local branch of the CBD bank pic. On 30th lunie 2015 the cash book balance showed an overdraft of TZ5.60,000,000 whilst the bank statement showed that on the same date Masumbuko Lta has TZ5.620,000,000 in credit with the bank Checking through both the cash book and the bank statement you discover the…
Identify transaction NOT belonging to Cash Equivalents O a. Bank Balance O b. Bank Overdraft O c. Short-term deposits in bank Od. Interest paid
After you have completed a bank reconciliation, there can be numerous un‐ reconciled bank statement debits. In your own words, explain the difference between a debit order and a stop order.