EBK PRINCIPLES OF AUDITING & OTHER ASSU
21st Edition
ISBN: 9781260299434
Author: WHITTINGTON
Publisher: YUZU
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Chapter 10, Problem 33QRA
a.
To determine
Explain how the outstanding checks at November 30 would be recorded in a four-column proof of cash for the month of November.
b.
To determine
Explain how deposits-in-transit at October 31would be recorded in a four-column proof of cash for the month of November.
c.
To determine
Explain how the check issued and paid in November, drawn payable to cash would be recorded in a four-column proof of cash for the month of November.
d.
To determine
Explain how the NSF check returned by the bank would be recorded in a four-column proof of cash for the month of November.
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In the process of reconciling Marks Enterprises' bank statement for
September, Mr. Marks compiles the following information:
Cash balance per company books on September 30
$ 6,270
Deposits in transit at month-end
$ 1,310
Outstanding checks at month-end
$ 630
Bank charge for printing new checks
$ 50
Note receivable and interest collected by bank on Marks'
behalf
$ 760
A check given to Marks during the month by a customer is returned by
the bank as NSF $490. The adjusted cash balance per the books on
September 30 is:
a. $6,980.
b. $6,490.
c. $4,550.
d. $5,830.
e. $8,150.
A company general ledger shows a checking account balance of $22,830 on July 31, Year 1. The July cash receipts of $1,745, included
in the general ledger balance, are placed in the night depository at the bank on July 31 and processed by the bank on August 1. The
bank statement dated July 31 shows bank service fees of $41. The bank processes all checks written by the company by July 31 and
lists them on the bank statement, except for one check totaling $1,320. The bank statement shows a balance of $22,364 on July 31.
Required:
1. Prepare a bank reconciliation to calculate the correct ending balance of cash on July 31, Year 1. (Amounts to be deducted should be
indicated with a minus sign.)
rangelina Adoption Agency's general ledger shows a cash balance of $4,582. The balance of cash in the March-end bank statement
s $7,323. A review of the bank statement reveals the following information: checks outstanding of $2,792, bank service fees of $74,
and interest earned of $23.
Calculate the correct balance of cash at the end of March. (Amounts to be deducted should be indicated with a minus sign.)
Bank balance
Company balance
Checks outstanding
Service fees
Interest earned
Cash balance per reconciliation
Cash balance per reconciliation
Chapter 10 Solutions
EBK PRINCIPLES OF AUDITING & OTHER ASSU
Ch. 10 - Prob. 1RQCh. 10 - Prob. 2RQCh. 10 - Prob. 3RQCh. 10 - Prob. 4RQCh. 10 - Prob. 5RQCh. 10 - Prob. 6RQCh. 10 - Prob. 7RQCh. 10 - Prob. 8RQCh. 10 - Prob. 9RQCh. 10 - Prob. 10RQ
Ch. 10 - Prepare an example of lapping of cash receipts,...Ch. 10 - Prob. 12RQCh. 10 - Prob. 13RQCh. 10 - Prob. 14RQCh. 10 - Prob. 15RQCh. 10 - Prob. 16RQCh. 10 - Explain two procedures by which auditors may...Ch. 10 - Prob. 18RQCh. 10 - Prob. 19RQCh. 10 - Prob. 20RQCh. 10 - Prob. 21RQCh. 10 - Prob. 22RQCh. 10 - Prob. 23RQCh. 10 - Prob. 24RQCh. 10 - Prob. 25RQCh. 10 - Prob. 26QRACh. 10 - Henry Mills is responsible for preparing checks,...Ch. 10 - During the first few months of the year, John...Ch. 10 - Prob. 29QRACh. 10 - Prob. 30QRACh. 10 - Prob. 31QRACh. 10 - Prob. 32QRACh. 10 - Prob. 33QRACh. 10 - Prob. 34QRACh. 10 - Prob. 35QRACh. 10 - Prob. 36QRACh. 10 - Prob. 37QRACh. 10 - Select the best answer for each of the following...Ch. 10 - Prob. 38BOQCh. 10 - Prob. 38COQCh. 10 - Prob. 38DOQCh. 10 - Prob. 38EOQCh. 10 - Prob. 38FOQCh. 10 - Reconciliation of the bank account should not be...Ch. 10 - The auditors suspect that a clients cashier is...Ch. 10 - Prob. 38IOQCh. 10 - Prob. 38JOQCh. 10 - Prob. 38KOQCh. 10 - Prob. 38LOQCh. 10 - Which of the following represents a correct...Ch. 10 - Which of the following correctly identifies a risk...Ch. 10 - Which of the following correctly identifies a risk...Ch. 10 - Prob. 39DOQCh. 10 - Prob. 39EOQCh. 10 - Prob. 39FOQCh. 10 - Prob. 40OQCh. 10 - Prob. 41OQCh. 10 - Prob. 42OQCh. 10 - Prob. 43OQCh. 10 - Prob. 44OQCh. 10 - Prob. 45OQCh. 10 - Prob. 46PCh. 10 - Prob. 47PCh. 10 - Prob. 48PCh. 10 - Prob. 49PCh. 10 - Prob. 50ITCCh. 10 - Prob. 51ITCCh. 10 - Prob. 52RDCCh. 10 - Prob. 53EC
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