Refer to workpaper 20-8. Suppose there was a third transfer on the interbank transfer schedule for $16,500. Assume that the funds were transferred from the general cash account to the payroll cash account. Also assume that the transfer was recorded in the client’s cash disbursements journal on 1/4/2019, and the check cleared the disbursing bank on 1/4/2019. In addition, assume that the transfer was recorded in the client’s cash receipts journal on 12/26/2018 and was received by the receiving bank on 12/26/2018. Discuss the concerns you would have about this transfer. Oceanview Marine CompanySchedule of Interbank and Intercompany TransfersDecember 31, 201820-8АтountDisbursing AccountReceiving AccountDate per Date perВankBooksDate per Date perВooksВank12/28/2018Transfer from general 20-5 $13,454.30to payroll12/28/2018 1/4/201912/28/2018Check #62691/6/2019Transfer from generalto payrollCheck #6274$10,0001/4/2019 1/7/20191/4/2019Tickmark legendAgreed payee, payor, check number, and check amount to the cash disbursements journal (noexceptions noted).Agreed the disbursement date per books to the cash disbursements journal (no exceptions noted).Agreed the receipt date per books to the cash receipts journal (no exception noted).Agreed to year-end bank statement.

The possible concern that I would have for this transfer is regarding on the possible reason as to…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Refer to workpaper 20-8. Suppose there was a third transfer on the interbank transfer schedule for $16,500. Assume that the funds were transferred from the general cash account to the payroll cash account. Also assume that the transfer was recorded in the client’s cash disbursements journal on 1/4/2019, and the check cleared the disbursing bank on 1/4/2019. In addition, assume that the transfer was recorded in the client’s cash receipts journal on 12/26/2018 and was received by the receiving bank on 12/26/2018. Discuss the concerns you would have about this transfer.

Oceanview Marine Company
Schedule of Interbank and Intercompany Transfers
December 31, 2018
20-8
Атount
Disbursing Account
Receiving Account
Date per Date per
Вank
Books
Date per Date per
Вooks
Вank
12/28/2018
Transfer from general 20-5 $13,454.30
to payroll
12/28/2018 1/4/2019
12/28/2018
Check #6269
1/6/2019
Transfer from general
to payroll
Check #6274
$10,000
1/4/2019 1/7/2019
1/4/2019
Tickmark legend
Agreed payee, payor, check number, and check amount to the cash disbursements journal (no
exceptions noted).
Agreed the disbursement date per books to the cash disbursements journal (no exceptions noted).
Agreed the receipt date per books to the cash receipts journal (no exception noted).
Agreed to year-end bank statement.

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