In addition to keeping an eye on her inventory Rita is also a little bit worried about theamount of cash she has available. The most recent bank statement for Perfect CoverInsurance Brokers showed a credit balance of $11 232 but this seems quite differentfrom her most cash at bank ledger which is showing a debit balance of $9 440.Following a review of her records, Rita has found that there were several items on thebanak statement that she was unaware of and hand recorded including a direct depositfor $1988, a returned(dishonoured), cheque for $500 and account fees for $16.Rita has also notice the bank has not recorded the $1140 cash she received on the lastday of the month (and hasn't actually deposited yet) or 3 cheques she wrote out lastmonth for $544, $496 and $420.Using all this information update the Cash Payment and Cash receipts journal and postthese amounts to the Cash at Bank account ledger.

Cash payments journal is journal used to record all the cash payments in the business. Cash receipts…

for $1988, a returned(dishonoured) cheque for $500 and account fees for $16. Rita has also notice the bank has not recorded the $1140 cash she received on the last day of the month (and hasn't actually deposited yet) or 3 cheques she wrote out last month for $544, $496 and $420. Using all this information update the Cash Payment and Cash receipts journal and post these amounts to the Cash at Bank account ledger.

for $1988, a returned(dishonoured) cheque for $500 and account fees for $16. Rita has also notice the bank has not recorded the $1140 cash she received on the last day of the month (and hasn't actually deposited yet) or 3 cheques she wrote out last month for $544, $496 and $420. Using all this information update the Cash Payment and Cash receipts journal and post these amounts to the Cash at Bank account ledger.

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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