Sofia is a cashier at Sanofi international company who has made following bank reconciliation statement in theabsence of expert accountant for month of February 28, 2021.Sofia International CompanyReconciliation Statement of Bank28 February 2021Balance per bank statement, Feb 28Add: Deposit in transitCollection of note from Farms$18,299.40$4,320.603,000.007,320.60$26,620.00Sub totalLess: Outstanding Checks:No. 831863$340.30800.50888145.201,186.00$25.434.00Adjusted cash balance per bank statementBalance per accounting records, Feb 28Add: Credit memoranda from bankSubtotal$29,959.003,000.00$26,959.00Less: Debit memoranda from bankNSF check1,500Bank Service chargesAdjusted cash balance per accounting records25.001,525.00$25,434.00Instructions: Looking into bank reconciliation statement above, highlight mistakes if any there. Explain whythat/those should be considered a mistake and then make a corrected reconciliation statement OTHERWISE ifyou think there is no mistake, copy the same on answer sheet and justify that the given above is correct one inall respects. At the end, explain all parts (major) of bank reconciliation statement.

Bank Reconciliation Statement (BRS) - A BRS is prepared when there are differences in Bank balance…

Sofia is a cashier at Sanofi international company who has made following bank reconciliation statement in the absence of expert accountant for month of February 28, 2021. Sofia International Company Reconciliation Statement of Bank 28 February 2021 Balance per bank statement, Feb 28 Add: Deposit in transit Collection of note from Farms Sub total |Less: Outstanding Checks: No. 831 $18,299.40 $4,320.60 3,000.00 7,320.60 $26,620.00 $340.30 863 800.50 145.20 1,186.00 $25,434.00 $29,959.00 888 Adjusted cash balance per bank statement Balance per accounting records, Feb 28 Add: Credit memoranda from bank Subtotal 3,000.00 $26,959.00 Less: Debit memoranda from bank NSF check Bank Service charges |Adjusted cash balance per accounting records 1,500 25.00 1,525.00 $25,434.00 Instructions: Looking into bank reconciliation statement above, highlight mistakes if any there. Explain why that/those should be considered a mistake and then make a corrected reconciliation statement OTHERWISE if you think there is no mistake, copy the same on answer sheet and justify that the given above is correct one in all respects. At the end, explain all parts (major) of bank reconciliation statement.

Sofia is a cashier at Sanofi international company who has made following bank reconciliation statement in the absence of expert accountant for month of February 28, 2021. Sofia International Company Reconciliation Statement of Bank 28 February 2021 Balance per bank statement, Feb 28 Add: Deposit in transit Collection of note from Farms Sub total |Less: Outstanding Checks: No. 831 $18,299.40 $4,320.60 3,000.00 7,320.60 $26,620.00 $340.30 863 800.50 145.20 1,186.00 $25,434.00 $29,959.00 888 Adjusted cash balance per bank statement Balance per accounting records, Feb 28 Add: Credit memoranda from bank Subtotal 3,000.00 $26,959.00 Less: Debit memoranda from bank NSF check Bank Service charges |Adjusted cash balance per accounting records 1,500 25.00 1,525.00 $25,434.00 Instructions: Looking into bank reconciliation statement above, highlight mistakes if any there. Explain why that/those should be considered a mistake and then make a corrected reconciliation statement OTHERWISE if you think there is no mistake, copy the same on answer sheet and justify that the given above is correct one in all respects. At the end, explain all parts (major) of bank reconciliation statement.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

From the give Problem 2, What is the adjusted cash in bank on December 31?
Vinubhai
Please provide correct solution
As on 30 April the Bank statement of CAT LLC reports a bank balance of RO 6,250, without recording a credit transfer from a customer of RO 4,200 and a standing order payment of RO 3,500. Deposits awaiting clearance were RO 3,400 and the value of cheques yet to be presented on this date was RO 3,780. The cash bank balance is. a. RO 4330 b. Ro 8170 c. RO 2830 d. RO 1920
The following information relates to the bank account of Doug's Sky Diving Supply Store on June 30. Balance per bank statement $5,327 Balance per books as of June 30 9,265 Outstanding checks: #1007 $ 241 #1008 67 #1009 597 Deposits in transit 229 4,111 Bank service charges 98 NSF check 412 Credit memo for interest earned 16 Error: Check written and recorded by bank as $454 was subtracted from the checkbook as $445. The check was used to pay the telephone bill. Required: Prepare a bank reconciliation as of June 30. Doug's Sky Diving Supply Store Bank Reconciliation June 30, 20-- Bank statement balance $fill in the blank 1 Deduct deposits in transit: $fill in the blank 3 fill in the blank 4 fill in the blank 5 $fill in the blank 6 $fill in the blank 9 fill in the blank 11 fill in the blank 13 fill in the blank 14 Adjusted bank balance $fill in the blank 15 Book…
prepare a bank reconciliation report.
Please solve the
What is the cash balance per books at November 30, 2021?
Hi please use the excel template
Prepare a bank reconciliation statement
Please prepare a bank reconciliation and journal entries for the month ended April 30th for Bannon Co. 1) Balance per bank statement $ 9,915 2) Balance per cash general ledger account (books) $ 8,954 3) April 30th deposit of $ 2,600 is not on the bank statement (Deposit in Transit) 4) Check numbers #219 for $ 1000 and # 222 for $ 1,100 written in April do not appear on the April bank statement (Outstanding Checks) 5) Debit memo for a $ 20 service charge appeared on the bank statement 6) The bank incorrectly deducted $ 400 from Bannon's checking account 7) The bank collected a note on behalf of the company in April, a credit memo for net proceeds óf $ 2,000 included the principal of $1,900, interest of $ 150, less a collection fee of $ 50 accompanied the bank statement 8) A check from Apple Co. for $ 150 was returned by the bank marked NSF 9) The bank added $40 of interest earned directly to the checking account balance 10) A Cash Sale in the amount of $ 297 was erroneously journalnized…
Please Need Correct answer