Q. The auditee-prepared bank reconciliation below is being inspected by you during an audit of the financial statements of Inline Skate Company. Indicate one audit procedure that should be performed for each of the items (a) through (h) (on the bank reconciliation below).
Q. The auditee-prepared bank reconciliation below is being inspected by you during an audit of the financial statements of Inline Skate Company. Indicate one audit procedure that should be performed for each of the items (a) through (h) (on the bank reconciliation below).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Q. The auditee-prepared bank reconciliation below is being inspected by you during an
audit of the financial statements of Inline Skate Company. Indicate one audit procedure
that should be performed for each of the items (a) through (h) (on the bank reconciliation
below).
Balance per bank (a):
Deposits in transit (b):
Dec-30
Dec-31
Subtotal
Outstanding cheques (c):
Inline Skate Company
Bank Reconciliation
Toronto Trust Bank
December 31, 20X9
952
2112
2124
2134
2146
2147
2141
Subtotal
NSF cheque returned 12/29 (d):
Bank charges (e)
Error: cheque no. 2034 (f)
Customer note collected by bank ($2,450 plus $225 interest) (g):
Balance per G/L (h):
$19,375.28
1,285.27
2,942.98 4,228.25
$23,603.53
7,200.00
582.09
230.00
1,744.34
3,541.98
2,646.79
4,211.75 -20,156.95
$3,446.58
175.00
5.00
135.29
-2,675.00
$1,086.87
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