E7.4 Prepare bank reconciliation statement and adjusting entries. Surf Town Pty Ltd's bank reconciliation clerk is unable to reconcile the bank balance at 31 January. The balance of the cash at bank account, before any entries for transactions initiated by the bank, was $4770.20 in the company records. The reversal of entry relates to a receipt originally deposited from a customer on account. The clerk's attempt at the bank reconciliation statement is as follows. Cash balance as per bank statement Add: Reversal of entry Less: Bank charges Less: Outstanding deposits Add: Outstanding EFTs Cash balance as per company records $4392.20 Cr 516.00 30.00 708.00 876.00 $5046.20 EPORTE

E7.4 Prepare bank reconciliation statement and adjusting entries. Surf Town Pty Ltd's bank reconciliation clerk is unable to reconcile the bank balance at 31 January. The balance of the cash at bank account, before any entries for transactions initiated by the bank, was $4770.20 in the company records. The reversal of entry relates to a receipt originally deposited from a customer on account. The clerk's attempt at the bank reconciliation statement is as follows. Cash balance as per bank statement Add: Reversal of entry Less: Bank charges Less: Outstanding deposits Add: Outstanding EFTs Cash balance as per company records $4392.20 Cr 516.00 30.00 708.00 876.00 $5046.20 EPORTE

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments

Section: Chapter Questions

Problem 31CYBK

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