cash account for Deaver consulting at October 31,20Y6 indicated a balance of $ 15, 750. The bank statement indicated a balance of $ 31 , 095 in October 31,20Y6.comparing the bank statement and accopaying canceled checks and memos with the records revealed the following reconciling items. A. Check outstanding totaled $10,125 B. A deposite of 4,120 representing receipts from October 31, had been made too late to appear on the bank statement. C. The bank had collected $10,400 on a note for collection . The face of the note was 10,000. D. A check for 1,200 returned with the statement had been incorrectly recorded by Deaver consulting as $120. The check was for the payment of an obligation to Oxford office supplies CO. For the. Purchase of office supplies on accou
cash account for Deaver consulting at October 31,20Y6 indicated a balance of $ 15, 750. The bank statement indicated a balance of $ 31 , 095 in October 31,20Y6.comparing the bank statement and accopaying canceled checks and memos with the records revealed the following reconciling items. A. Check outstanding totaled $10,125 B. A deposite of 4,120 representing receipts from October 31, had been made too late to appear on the bank statement. C. The bank had collected $10,400 on a note for collection . The face of the note was 10,000. D. A check for 1,200 returned with the statement had been incorrectly recorded by Deaver consulting as $120. The check was for the payment of an obligation to Oxford office supplies CO. For the. Purchase of office supplies on accou
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The cash account for Deaver consulting at October 31,20Y6 indicated a balance of $ 15, 750. The bank statement indicated a balance of $ 31 , 095 in October 31,20Y6.comparing the bank statement and accopaying canceled checks and memos with the records revealed the following reconciling items.
A. Check outstanding totaled $10,125
B. A deposite of 4,120 representing receipts from October 31, had been made too late to appear on the bank statement.
C. The bank had collected $10,400 on a note for collection . The face of the note was 10,000.
D. A check for 1,200 returned with the statement had been incorrectly recorded by Deaver consulting as $120. The check was for the payment of an obligation to Oxford office supplies CO. For the. Purchase of office supplies on account
E. A check drawn for $320 had been incorrectly charged by the bank as $230.
F.Bank service charges for October amounted to $70.
1. Prepare a bank reconciliation
2. Illustrate the effect on the account and financial statements of the bank reconciliation. If no account or activity is affected, select No effect from the drop down and leave the corresponding number entry box blank. Enter account decreases and cash outflow as negative amounts
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