Stella a friend of yours recently started her own business. She was told that she needs to perform a bank reconciliation every month, but she does not understand what this entails. Q.2.1.3 Explain to Stella why there would be differences between the transactions recorded by the business and the bank Q.2.1.4 Provide 1 example of each of the following: 1. Error committed by the bank 2. Error committed by the business 3. Adjusting differences where the business is not aware of a particular transaction 4. Adjusting differences where the bank is not aware of a particular transaction Q.2.1.5 Explain to Stella the difference between a stop order and debit order

Stella a friend of yours recently started her own business. She was told that she needs to perform a bank reconciliation every month, but she does not understand what this entails. Q.2.1.3 Explain to Stella why there would be differences between the transactions recorded by the business and the bank Q.2.1.4 Provide 1 example of each of the following: 1. Error committed by the bank 2. Error committed by the business 3. Adjusting differences where the business is not aware of a particular transaction 4. Adjusting differences where the bank is not aware of a particular transaction Q.2.1.5 Explain to Stella the difference between a stop order and debit order

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 24E

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Q.2.1 Stella a friend of yours recently started her own business. She was told that sheneeds to perform a bank reconciliation every month, but she does not understandwhat this entails.Q.2.1.1 Briefly explain to Stella the bank reconciliation process (6)Q.2.1.2 Stella has heard that there are 2 types of awareness differences, she would like toknow what they are. Provide the 2 classifications of awareness differences
Q.2.1.3 Explain to Stella why there would be differences between the transactions recorded by the business and the bankQ.2.1.4 Provide 1 example of each of the following:1. Error committed by the bank2. Error committed by the business3. Timing differences where the business is not aware of a particular transaction4. Timing differences where the bank is not aware of a particular transaction
a. covered transaction b. possible suspicious transaction c. confidential transaction d. immoral transaction e. illegal transaction
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I JUST NEED THE CORRECTED ADJUSTED BALANCE AMOUNT PLS The company’s accounting intern has prepared the end-of-January bank reconciliation from the bank statement, and is worried because the Adjusted Balance amounts do not agree. After reviewing the bank reconciliation, scroll down for the next steps in helping the intern. Murdstone, Inc. Bank Reconciliation January 31, 2016 1 Cash balance according to bank statement $23,557.98 2 Deduct deposit of January 31, not recorded by bank 12,125.25 3 $11,432.73 4 Add outstanding checks: 5 No. 124 $62.00 6 No. 125 57.00 7 No. 129 1,250.00 1,369.00 8 Adjusted balance $12,801.73 9 10 Cash balance according to company’s records $51,540.88 11 Add check returned because of insufficient funds 23,475.40 12 $75,016.28 13 Deduct: Note and interest collected by bank…
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Upon review of your company’s bank statement, you discover that you recently deposited a check from a customerthat was rejected by your bank as NSF. Which of the following describes the actions to be taken when preparingyour company’s bank reconciliation?Balance per Bank Balance per Booka. Decrease No changeb. Increase Decreasec. No change Decreased. Decrease Increase
Question Help please explain entries and calculations In seperate boxes for numbers 1-4 so i can learn to do it Thank You. 1.) Bank Reconciliation 2.) General Journal 3.) Bad Debt Calculations 4.) Notes Recievable Calculations In June, Bill commented to you that he could never figure out his bank statement, “it never matches the balance in my accounting records” he tells you. So you explain that a bank reconciliation is a tool used to balance the bank statement to the accounting books. He gives you his bank statement for June, 2014 (shown below). The general ledger shows a balance for the account cash of $14,319.00 on June 30, 2014 (detail transactions below). Bill’s business only has one checking account and no other cash accounts. Bill has begun to have problems collecting some of his credit accounts and is considering writing off a couple of customer account balances. He asks you how these bad debts should be recorded and has asked you to begin recording bad debt using the allowance…
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Q#7: Zeal Company has asked you to prepare the company's June bank reconciliation. Please know that Zeal always makes bank deposits after hours in the bank's night depository. You review Zeal's May bank reconciliation (i.e., not provided here) and you consider that as of May 31st check #2228 for $1,100 and check # 2231 for $1,650 both written by Zeal in April had not cleared the bank as of the end of May. Additionally, a May 31st deposit, made by Zeal in the amount of $3,200 was not reported on the May bank statement. Zeal has provided the company's general ledger activity for June and the bank's June statement below. Zeal Company's Accounting Records: Checks recorded (by Zeal) in June: Check # 2234 $4,400 Check #2235 3.300 Check #2236 985 125 1,560 1,800 350 1.920 $14.440 Check #2237 Check #2238 Check #2239 Check #2240 Check #2241 Main Street Bank's June Statement Checks Paid by Main Street Bank (from Zeal's account) in June: Check #2228 $1,100 Check # 2234 4,400 Check #2236 859 Check…
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