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t.   What is the reason for the error? Teacher Feedback:  Look at this again to find the error.  Was the information from the bank statement properly entered into the QBO reconciliation?

t.   What is the reason for the error? Teacher Feedback:  Look at this again to find the error.  Was the information from the bank statement properly entered into the QBO reconciliation?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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It is the end of the month, and you cannot get the reconciliation difference to come to $0.  Below is a screenshot of the reconciliation and the bank statement.   What is the reason for the error?

Teacher Feedback:  Look at this again to find the error.  Was the information from the bank statement properly entered into the QBO reconciliation? 

QBO Test Drive Company Bank Statement Statement Date: June 30, 20x1 Charges Balance $5,000.00 $ 300.00 $ 4,700.00 $ 4,875.00 $250.00 $ 4,625.00 $ 54.55 $4,570.45 $ 38.50 $ 4531.95 Credits Beginning Balance, June 1 5-May Check -10 - Robertson & Associates 11-May Deposit 27-May Check 12 - Robertson & Associates 16-Jun Check 4 - Chin's Gas and Oil 23-Jun Sales Tax Payment $175.00 Ending Balances, June 30 $4,531.95
Transcribed Image Text:QBO Test Drive Company Bank Statement Statement Date: June 30, 20x1 Charges Balance $5,000.00 $ 300.00 $ 4,700.00 $ 4,875.00 $250.00 $ 4,625.00 $ 54.55 $4,570.45 $ 38.50 $ 4531.95 Credits Beginning Balance, June 1 5-May Check -10 - Robertson & Associates 11-May Deposit 27-May Check 12 - Robertson & Associates 16-Jun Check 4 - Chin's Gas and Oil 23-Jun Sales Tax Payment $175.00 Ending Balances, June 30 $4,531.95
Reconcile Checking Edit info Save for later Statement ending date: $4,231.95 $4,531.95 O $-300.00 STATEMENT ENDING BALANCE CLEARED BALANCE DIFFERENCE $643.05 $5,000.00 BEGINNING BALANCE $175.00 1 DEPOSIT + 4 PAYMENTS Show me around X Statement ending date Clear filter / View all Payments Deposits All DATE CLEARED DATE TYPE REF NO. ACCOUNT PAYEE MEMO PAYMENT (US DEPOSIT (USE 5320x1 Bill Paym. 10 Accounts Payabl.. Robertson & . 300.00 5/1120x1 Receive P. 1053 Accounts Receiv. Bill's Windsur.. 175.00 5320x1 Еxpense Legal & Professi.. Robertson &. 250.00 12 61720x1 Check Automobile:Fuel Chin's Gas a.. 54.55 62320x1 Sales Tax. - Split - Q1 Payment 38.50 62320x1 Sales Tax. - Split Q1 Payment 38.40 62620x1 Expense Job Expenses. Tania's Nursery 9 89.09 626201 Check 12 Legal & Professi. Books by Bes... 55.00
Transcribed Image Text:Reconcile Checking Edit info Save for later Statement ending date: $4,231.95 $4,531.95 O $-300.00 STATEMENT ENDING BALANCE CLEARED BALANCE DIFFERENCE $643.05 $5,000.00 BEGINNING BALANCE $175.00 1 DEPOSIT + 4 PAYMENTS Show me around X Statement ending date Clear filter / View all Payments Deposits All DATE CLEARED DATE TYPE REF NO. ACCOUNT PAYEE MEMO PAYMENT (US DEPOSIT (USE 5320x1 Bill Paym. 10 Accounts Payabl.. Robertson & . 300.00 5/1120x1 Receive P. 1053 Accounts Receiv. Bill's Windsur.. 175.00 5320x1 Еxpense Legal & Professi.. Robertson &. 250.00 12 61720x1 Check Automobile:Fuel Chin's Gas a.. 54.55 62320x1 Sales Tax. - Split - Q1 Payment 38.50 62320x1 Sales Tax. - Split Q1 Payment 38.40 62620x1 Expense Job Expenses. Tania's Nursery 9 89.09 626201 Check 12 Legal & Professi. Books by Bes... 55.00
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