Chapter_7 - Student Name: Class: Problem 07-02 OSAGE FARM...

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Student Name: Class: Problem 07-02 OSAGE FARM SUPPLY Corrected bank reconciliation for November Balance per bank statement, November 30 $20,600.00 Add: Deposit in transit 1,245.00 Subtotal $21,845.00 Less: Outstanding checks: no. 8231 $400.00 no. 8263 524.00 no. 8288 176.00 no. 8294 5,000.00 Total outstanding checks 6,100.00 Adjusted cash balance per bank statement $15,745.00 Balance per accounting records $20,600.00 Add: Note receivable collected by bank 6,255.00 Subtotal $26,855.00 Less: NSF check returned $130.00 Bank service charges 15.00 145.00 Adjusted cash balance per accounting records prior to recognition of cash shortage $26,710.00 Less: Indicated cash shortage 10,965.00 Adjusted cash balance per accounting records $15,745.00 ^ Correct! OSAGE FARM SUPPLY Intentional Errors Escola attempted to conceal the shortage by making the following intentional errors in her reconciliation: Errors leading to a $13,255 overstatement of the adjusted balance per the bank statement: Overstating deposit in transit with a transposition error
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Chapter_7 - Student Name: Class: Problem 07-02 OSAGE FARM...

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