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identify the errors in the following bank reconciliation 642230

Identify the errors in the following bank reconciliation:

Cash balance according to bank statement

 

 

$ 7,560.14

Add outstanding checks:

 

 

 

No. 315

 

$ 717.42

 

360

 

617.11

 

364

 

906.15

 

365

 

1,501.50

3,742.18

 

 

 

$11,302.32

 

 

 

 

Deduct deposit of June 30, not recorded by bank

 

 

5,182.04

Adjusted balance

 

 

$ 7,120.28

Cash balance according to company’s records

 

 

$ 3,735.70

Add: Proceeds of note collected by bank:

 

 

 

Principal

$6,000.00

 

 

Interest

180.00

$6,180.00

 

Service charges

 

27.00

6,207.00

 

 

 

$ 9,942.70

Deduct: Check returned because of

 

 

 

insufficient funds

 

$1,158.70

 

Error in recording June 15

 

 

 

deposit of $3,960 as $3,690

 

270.00

1,428.70

Adjusted balance

 

 

$ 8,514.00

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