erary Disbursing Bank (Month/Day) Receiving Bank (Month/Day) Per Bank 1/04 1/02 1/03 12/31 Per Books 1/01 1/01 1/02 1/03 Per Bank 1/03 12/31 12/31 12/30 Per Books 1/01 12/31 Атоunt 31,200 152,000 84,000 20,000 e. f. 1/02 g. h. 1/03 For each of transfers a through h (1) indicate whether cash is understated, overstated, or correct as a result; and (2) provide a brief example of what could cause the situation. Answer in a form such as the one illustrated here. Understated, Overstated, or Correct Transfer Example The transfer was recorded in the Correct Book entries: a. accounting records as a check written on the disbursing bank on December 29 and a corresponding cash receipt recorded to receiving bank on that date. Bank entries: The check was taken to the receiving bank on December 29 and deposited. The accounts are both in the same bank, and accordingly the transaction was recorded in both accounts as of that date. Trans a. b. b. h. h.
erary Disbursing Bank (Month/Day) Receiving Bank (Month/Day) Per Bank 1/04 1/02 1/03 12/31 Per Books 1/01 1/01 1/02 1/03 Per Bank 1/03 12/31 12/31 12/30 Per Books 1/01 12/31 Атоunt 31,200 152,000 84,000 20,000 e. f. 1/02 g. h. 1/03 For each of transfers a through h (1) indicate whether cash is understated, overstated, or correct as a result; and (2) provide a brief example of what could cause the situation. Answer in a form such as the one illustrated here. Understated, Overstated, or Correct Transfer Example The transfer was recorded in the Correct Book entries: a. accounting records as a check written on the disbursing bank on December 29 and a corresponding cash receipt recorded to receiving bank on that date. Bank entries: The check was taken to the receiving bank on December 29 and deposited. The accounts are both in the same bank, and accordingly the transaction was recorded in both accounts as of that date. Trans a. b. b. h. h.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:b Answered: 9-6. Listed below are
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Disbursing Bank
(Month/Day)
Receiving Bank
(Month/Day)
Атount
31,200
152,000
84,000
20,000
Per Books
1/01
Per Bank
Per Books
1/01
Per Bank
1/04
1/02
1/03
1/03
12/31
12/31
12/30
е.
1/01
1/02
1/03
12/31
1/02
1/03
f.
g.
h.
12/31
For each of transfers a through h (1) indicate whether cash is understated,
overstated, or correct as a result; and (2) provide a brief example of what
could cause the situation. Answer in a form such as the one illustrated
here.
f.
g.
h.
Understated,
Overstated, or
Transfer
Correct
Correct
Eхample
The transfer was recorded in the
a.
Book entries:
accounting records as a check written on the
disbursing bank on December 29 and a corresponding
cash receipt recorded to receiving bank on that date.
Bank entries: The check was taken to the receiving
bank on December 29 and deposited. The accounts
are both in the same bank, and accordingly the
transaction was recorded in both accounts as of that
date.
Trans
a.
b.
b.
h.
h.
四
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