Ryan has a suspense
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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?
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- Please provide correct answerFor proper segregation of duties in cash disbursements, the person who signs checks also a. reviews the monthly bank reconciliation b. is denied access to the supporting documents c. returns the cheques to accounts payable d. is responsible for mailing the chequesThe accountant at Fidel Trading has received the November 2010 bank statement. She immediately inbestigate the difference between the bank accont balance of the cash book and the balance of the bank statement. the accountant has found the following discrepancies i. A cheque for $3,000 received from a debtor was deposited at the bank but no journal entry was made to record the transaction
- Which of the following items that appeared on the bank reconciliation did not require a journal entry? Select one: A. bank service charges B. deposits in transit C. Not sufficient funds(NSF) checks D. a check for $630, recorded in the check register for $360Which 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 businessA suspense account was opened when a trial balance failed to agree. The following errors were later discovered. A gas bill of $420 had been recorded in the gas account as $240. A discount of $50 given to a customer had been credited to discounts received. Interest received of $70 had been entered in the bank account only. What was the original balance on the suspense account?
- 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 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,…! 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 following can be appropriately included in an Internal Control Questionnaire for Revenue/Receipt Cycle, except *A. Is the credit department independent of the sales department?B. Are debit or credit memos independently checked against sales invoice data?C. Are accounts receivable periodically reviewed and aged?D. Does the cashier compare the official receipt, deposit slip, and cash receipts journal?E. None of themHareshDuring the bank reconciliation process at Fontes & Barone Consulting, LLP, on May 2, 20X1, the following two errors were discovered in the firm's records. a. The checkbook and the general journal indicated that Check 2206 dated April 17 was issued for $696 to make a cash purchase of supplies. However, examination of the canceled check and the listing on the bank statement showed that the actual amount of the check was $96. b. The checkbook and the general journal indicated that Check 2247 dated April 20 was issued for $140 to pay a utility bill. However, examination of the canceled check and the listing on the bank statement showed that the actual amount of the check was $410. Required: 1. Prepare the adjusted book balance section of the firm's bank reconciliation statement as of April 30, 20X1. The book balance as of April 30 was $25,275. The errors listed above are the only two items that affect the book balance. 2. Prepare general journal entries to correct the errors. Check 2206…
