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?
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter22: Master Budget (master)
Section: Chapter Questions
Problem 2R: Open the file MASTER from the website for this book at cengagebrain.com. Enter all the formulas...
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Question
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?

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

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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