The following questions related to cash disbursements are included in the internal control questionnaire for LUNA Company: 1. Are all supporting documents effectively cancelled when checks are signed? 2. Are cash discounts to which the entity is entitled taken? 3. Does someone independent of accounts payable reconcile monthly vendor’s statements to vouchers included as liabilities at the end of the period? Required: For each of the above items a. Identify the financial statement assertion to which the control relates. b. Identify a potential misstatement that could arise from the absence of the control. c. Indicate an audit procedure the auditor might perform to test the con

Q: The adjusting entries for a bank reconciliation Select the correct response: May include a debit to…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Which of the following internal controls is a common detective control over cash and cash…

A: Internal control  is implemented, to maintain effectiveness, efficiency, ,follow the policies,…

Q: Which of the following communications is most likely to be written before the balance-sheetdate?a. A…

A: D.Correct.- An engagement letter would be written before accepting an engagement and therefore…

Q: An NSF check returned by the bank should be entered in the depositor's accounting  records by a…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: Which of the following misstatements would relate to the occurrence assertion? Cash payment shown…

A: Payment refers to the transfer of money or other value from one party (the payer) to another party…

Q: Incorporate the following data into Bank X's revenue statement. Each item should be labelled and…

A: Financial Statement: financial statement is an organized information about the financial position…

Q: Which of the following items on a cash reconciliation would require a journal entry by the company?…

A: The bank reconciliation statement is prepared to equate the balances of the cash book and pass book…

Q: Required:                             1.Complete the bank reconciliation at December 31, 2019.…

A: Please fallow the answer below: Answer 1) Computation of Bank Reconciliation at December 31, 2019.…

Q: Which of the following provides the highest-quality evidence regarding the Valuation of recorded…

A: Performing the Analytical procedures provides the highest-quality evidence regarding the Valuation…

Q: Choose the one correct answer. Which of the following is not an appropriate question in an ICQ? *…

A: Internal Control Questionnaire -ICQ : ICQ is an important tool for conducting an audit. It is…

Q: Ottawa Landscaping fired its new bookkeeper due to concerns over the individual’s competence. You…

A: Bank Reconcilation Statement It is a statement which shows the reconcilation of an entity’s bank…

Q: The Cash account in the general ledger of Hendry Corporation shows a balance of $96,990 at December…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: Required: (cashbook and bank statement attatched as images) (i)Calculate the balance as per the…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Accompanying the bank statement was a debit memo for bank service charges. What entry is required in…

A: Step 1 Expense is the amount incurred by the organization to generate revenue. It is shown in the…

Q: Match each of the activities listed below with a purpose of the activity listed below.

A: An organisation whose motive is to procure income  through selling goods & services to the…

Q: Which of the following items must be deducted to the balance per ledger in preparing a bank…

A: Service charges: Banks debited the charges for maintain of account with bank and for the transaction…

Q: Which of the following items must be added to the cash balance per ledger in preparing a bank…

A: The statement prepared to find out the discrepancies if any, in the balances of the cash as per book…

Q: Which of the following must be deducted from the bank statement balance in preparing a bank…

A: Bank reconciliation is important for better Internal control because it provides the clear picture…

Q: Bank Reconciliation REQUIRED:  A. Based on the application of the necessary procedures and…

A: The bank reconciliation of Franc Company on July 31 is given to us. The data for the month ending…

Q: Items on company bank statement: 1. Bank correction of an error from posting another customers…

A: Introduction: A bank statement is a document that is generally provided by the bank to the account…

Q: The following items may appear on a bank statement: 1. Bank correction of an error from posting…

A:

Q: A journal entry would need to be made for which of the following adjustments on a…

A: Bank reconciliation statement: A bank reconciliation statement (BRS) is a statement which is used to…

Q: Indicate whether each item should be added to or deducted from the book or bank balance and whether…

A: Bank Reconciliation Statement (BRS) : BRS is a statement which shows the differences in the balances…

Q: Which of the following is a bank account from which a company transfers funds from a master account…

A: The banks require funds for the settlements of the accounts, cheques clearance, and other payments.…

Q: Indicate whether each transaction would require an adjustment to the bank balance or the book…

A: The balance per bank and books can differ due to various reasons. Omission of a record in books or…

Q: financial statement assertion

A: Financial statement assertion is the claim like statement made by management regarding the…

Q: Gibson Energy Ltd.'s general ledger account for Cash in Bank showed the following at December 31,…

A: A bank reconciliation is a process of matching the data on a bank statement with the balances listed…

Q: Required:1. Prepare a bank reconciliation as of February 28.2. Prepare adjusting entries for…

A: Bank reconciliation statement is prepared with a view to reconcile the cash balance as per entity's…

Q: Which of the following adjusts the bank’s balance of cash in a bank reconciliation? a. NSF checks.…

A: Bank statement is prepared by bank. The company maintains its own records from its perspective. This…

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.