Ryan has a suspense
Q: How will you adjust the above reconciliation item in bank reconciliation statement ? a . Less OMR…
A: Bank Reconciliation Statement is the Reconciliation of the Bank Statement and Cash Books as per the…
Q: Identify whether the following independent transaction is a book or a bank reconciling. In…
A: Ideally cash balance as per cashbook and bank balance as per bank statement should reconcile with…
Q: I need help
A: The adjusting entry to record the bank service charge is debit bank service charge, credit cash in…
Q: The bank statement lists a deposit of $675 which correctly reflects that cash deposit and the…
A: The bank reconciliation is a process of comparing the company's records (book balance) with the bank…
Q: If a check correctly written and paid by the bank for $502 is incorrectly recorded in the company's…
A: Bank reconciliation statement is prepared by the management at a particular time period. It helps to…
Q: Which of the following has incorrect treatment for the bank and book reconciling items assuming…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: the bookkeeper had made errors in recording several transactions. The erroneous transactions are as…
A: The following correct journal entries are passed to show the correct treatment of the above…
Q: Which of the following misstatements would relate to the occurrence assertion? Cash payment shown…
A: Payment refers to the transfer of money or other value from one party (the payer) to another party…
Q: Which procedure is an auditor most likely to use to detect a check outstanding at year-end that was…
A: answer are as follows
Q: Which of the following is least indicative of fraudulent activity?a. Numerous cash refunds have been…
A: Answer: Option C
Q: The bookkeeper at Hopkins Company has not reconciled the bank statement with the cash account,…
A: Balance in cash on bank account - MAY 1 , current year = 26904 Balance in cash on hand account -…
Q: Using the following information, prepare the bank reconciliation for Reconciliation Corp for…
A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…
Q: If a check correctly written and paid by the bank for $838 is incorrectly recorded in the company's…
A: Bank Reconciliation Statement -A bank reconciliation statement is a document that documents…
Q: While preparing the bank reconciliation for March, the accountant for Bertran Industries discovered…
A: A bank reconciliation statement aligns an organization's bank account with its financial documents…
Q: Cost of ordered checks automatically debited by the bank Customer's NSF check returned by the bank…
A: The bank reconciliation statement is prepared to adjust the balances of cash book and pass book to…
Q: For which of the following errors would the appropriate amount be subtracted from the balance per…
A: Bank reconciliation is the reconciliation of the Balance as per the books and Balance as per the…
Q: What will you do in the cash receipt during the current month? * O Multiply O Divide Add O Deduct O…
A: Introduction:- Prof of cash provides a greater degree of detail, and so makes it easy to identify…
Q: Based on the above and the result of you 1. Collections from customers in 2018 2. Gross sales,…
A: You have asked six question which are the sub-parts of the same question but as per our protocol we…
Q: nas Tollowi
A: A business records bank transactions in Cash Book and same is rplica in…
Q: If a check correctly written and paid by the bank for $744 is incorrectly recorded on the company's…
A: Bank reconciliation: It is a statement which is prepared to reconcile the balance as per cash book…
Q: E7.4 Prepare bank reconciliation statement and adjusting entries. Surf Town Pty Ltd's bank…
A: Bank reconciliation statement :— It is the statement that shows the reconciliation of balance as per…
Q: Need help with question solution
A: Part A: Adjusted Cash Balance per BankTo determine the adjusted cash balance per bank at July 31,…
Q: Frank Kane company adheres to a policy of depositing all cash receipts in a bank account and making…
A: Answer
Q: These data were obtained from the records of St. Peter Co.: • Balance per cash account on June 30,…
A: A bank reconciliation statement is prepared by each and every organization at the end of every…
Q: Record the journal entry for the bank reconciliation for the debit memos or checks not included on…
A: Journal entries are the transactions that are recorded in the primary book. They are chronological…
Q: should be added to or subtracted from the book or bank balance, and whether it should or should not…
A: The question is based on the concept of Bank Reconciliation Statement. Bank reconciliation statement…
Q: When preparing the monthly bank reconciliation, the acco had been incorrectly recorded in the books…
A: Reconciliation is a financial procedure that compares and adjusts two sets of financial records or…
Q: The following data were accumulated for use in reconciling the bank account of Nakajima Co. for…
A: Bank reconciliation is a statement prepared in the accounting department to reconcile the…
Q: McDaniel LLP is reconciling their bank account. The following items were discovered. For each one,…
A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…
Q: The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account,…
A: Answer:- Bank reconciliation refers to the statement prepared with the purpose of finding out the…
Q: Assume that Oman Formaldehyde Chemical Company LLC sold the chemical of OMR 540 to the customer and…
A: Bank reconciliation: It is a statement which is prepared to reconcile the balance as per cash book…
Q: Sal's Surf Shop deposits all receipts in the bank and makes all payments by check. On July 31 the…
A: Bank Reconciliation is prepared to reconcile the balance per book with the balance per bank. Any…
Q: The following data were accumulated for use in reconciling the bank account of Creative Design Co.…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: A check written by the company for $272 is incorrectly recorded by a company as $227. On the bank…
A: The check amount was $272 but deducted from Book Balance $227. Hence, the rest amount of $45 should…
Q: . A company's bank statement shows a balance of $10,000, while its cash account in the company's…
A: The adjusted cash balance is the final cash balance after reconciling any discrepancies between the…
Q: The bookkeeper at Hopkins Company has not reconciled the bank statement with the cash account,…
A: Ending correct balance = $26,904Explanation:
Q: Based on the above and the result of your audit, determine 1. Collections from customers in 2018 2.…
A:
Q: On its bank reconciliation, how
A: Transposition Error When a bookkeeper mistakenly records two consecutive digits in the wrong order…
Q: Assuming none of the transactions reported by the bank debit or credit memos have been recorded by…
A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with…
Q: The accountant at Fidel Trading has received the November 2010 bank statement. She immediately…
A: Solution: Journal entry to record amount received from debtor forgot to record in books are as…
Ryan has a suspense account with a debit balance of $740. Upon investigation, the following discrepancies were found:
(i) Discounts unexpectedly taken by customers of $229 have only been entered in the receivables control account
(ii) Cash sales of $820 has not been recorded to the sales account, the cash has been debited to cash at bank
(iii)Bank interest received of $54 has been debited to the interest income account and credited to the cash account.
What is the balance on the suspense account after the errors have been corrected? DR or CR?
Step by step
Solved in 3 steps
- Based on the following information, the cause of the discrepancies between the book credits and bank debits are ascertained:Book credits in May 85,800Banks debits in May 97,650Check issued on May 29 for P5,700 erroneously recorded in the books of the depositor as 7,500Customer’ DAIF check, returned by the bank of the depositor in May 2,300April bank service charges, taken up in the books in May 30Payment of VISA credit card automatically debited by the bank onMay 25, as per ADA, but taken up in the books of the depositor in June 3,000Outstanding checks as of May 31…Which of the following items will not appear on the Books side of the reconciliation? A a non-sufficient funds check of $75 was returned to the bank and deduct it from the bank balance. Be a deposit was in transit in not yet deposited in the bank. See the bank charge a service fee of $20 on the bank statement. D the bank collected in notes receivable of $1000 for the businessThe total of a list of balances in Patricia Co’s receivables ledger was $643,700 on 30 September 20X9. This did not agree with the balance on Patricia Co’s receivables ledger control account. The following errors were discovered: (i) A credit balance on an individual customer’s account of $400 was incorrectly extracted as a debit balance (ii) An invoice for $3,553 was posted to the customer account as £3,535 (iii) The total of the sales returns day book was overcast by $600 What amount should be shown in Patricia Co’s statement of financial position for accounts receivable at 30 September 20X9? A. $642,918 B. $642,882 C. $644,482 D. $643,418
- Write the word "True" if the statement is correct and "False" if it is incorrect. 1. Debit memos are items added by the bank but have not been added by the book as of the cut-off date. 2. Credit memos are items that have been deducted by the bank but have not been deducted per book. 3. Debit memos are collections from receivables by the bank on behalf of the company and proceeds from loans directly added by the bank to the account of the depositor. 4. One of the internal control features in every company is a monthly bank reconciliation in which it is created to report that there is no discrepancy between the cash balance per book records and the cash balance per bank records. 5. After all, adjustments have been made. Reciprocal accounts should have the same balance. 6. Bank reconciliation statement is prepared to reconcile the difference between cash book and bank balance. 7. When a company has two bank account, only one bank reconciliation is prepared for all the accounts. 8. The…The following data were accumulated for use in reconciling the bank account of Creative Design Co. for August 20Y6: Cash balance according to the company's records at August 31, $17,740. Cash balance according to the bank statement at August 31, $18,960. Checks outstanding, $3,600. Deposit in transit not recorded by bank, $2,890. A check for $170 in payment of an account was erroneously recorded in the check register as $710. Bank debit memo for service charges, $30. Question Content Area a. Prepare a bank reconciliation, using the format shown in Exhibit 13. Creative Design Co.Bank ReconciliationAugust 31, 20Y6 Line Item Description Amount Cash balance according to bank statement $Cash balance according to bank statement - Select - - Select - Adjusted balance $Adjusted balance Cash balance according to company's records $Cash balance according to company's records - Select - - Select - Adjusted balance $Adjusted balance…The bookkeeper at Jefferson Company has not reconciled the bank statement with the Cash account, saying, "I don't have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, Current Year, bank statement and the April ledger account for cash showed the following (summarized): Balance, April 1, Current Year Deposits during April Interest collected Checks cleared during April NSF check-A. B. Wright Bank service charges BANK STATEMENT Checks Deposits Balance $32,200 $36,500 68,700 1,280 69,980 $46,400 23,580 250 23,330 170 23,160 23,160 Balance, April 30, Current Year Cash (A) April 1 Debit Balance April Deposits Credit 24,000 April Checks written 42,200 44,600 A comparison of checks written before and during April with the checks cleared through the bank showed outstanding checks at the end of April of $6,400 (including $4,600 written before and $1,800 written during April). No deposits in transit were carried over from March,…
- The June 30 bank statement shows a balance of $7,100. The following information as discovered while the bank reconciliation was prepared: A bookkeeper error where a $400 check written to a supplier was incorrectly recorded as $500 Two outstanding checks totaling $840 A bank service charge of $29 A deposit in transit of $330 Bank interest revenue of $20 What is the adjusted bank balance?! Required information [The following information applies to the questions displayed below.] The bookkeeper at Washington Company has not reconciled the bank statement with the Cash account, saying, "I don't have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The May 31, Current Year, bank statement and the May ledger account for cash showed the following (summarized): BANK STATEMENT Balance, May 1, Current Year Deposits during May Interest collected Checks cleared during May NSF check-B. C. Wong Bank service charges Balance, May 31, Current Year May 1 Debit Balance May Deposits Cash (A) Checks * Required: 1. Complete the following bank reconciliation. $ 47,400 360 110 Deposits $ 38,800 1,840 Credit 26,700 May Checks written 44,400 Balance $ 33,800 72,600 74,440 27,040 26,680 26,570 26,570 43,700 A comparison of checks written before and during May with the checks cleared through the bank showed outstanding checks at the end of May…The bank mistakenly recorded the collection of $385 on a customer account as $358 in the bank statement. The cheque was written in the correct amount and was correctly recorded in the company’s accounting system. The journal entry required to correct this error would be: Select one: a. debit Accounts Receivable, $385; credit Cash, $385 b. debit Cash, $27; credit Accounts Receivable, $27 c. debit Cash, $385; credit Accounts Receivable, $385 d. debit Accounts Receivable, $27; credit Cash, $27 e. no journal entry is required
- Evaluate the following statements Statement 1: Under the punctuating system of petty cash accounting, there will be necessary adjustments at the end of the reporting period at all times. Statements 2: Under the imprest system of accounting for petty cash fund entries for expenses and others are made upon fund replenishment, therefore, entries are not necessary at any point within the reporting period. Statement 3: in the conduct of petty cash count, when you find a check with the petty cash custodian's name on it, it shall be included as a cash item together with the bills and other loose coins. A. TRUE, TRUE, FALSE B. FALSE, FALSE. TRUE C. TRUE, FALSE. FALSE D. FALSE. TRUE, FALSE E. TRUE. FALSE. TRUECurrent Attempt in Progress Identify whether each of the following items would be (a) added to the book balance, or (b) deducted from the book balance in a bank reconciliation. 1. 2 3. 4. 5. EFT transfer to a supplier. Bank service charge. Check printing charge. Error recording check # 214 which was written for $260 but recorded for $620. Collection of note and interest by the bank on the company's behalf.Haresh