L13 Notes_Part_10 - adjustments in part b. e. State how...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
© W.R. Knechel Cutoff: Interbank Transfer Problem Amount of Transfer $12,000 26,000 14,000 11,000 15,000 28,000 37,000 Date Recorded in the Home Office CRJ 12-27-09 12-28-09 01-02-10 12-26-09 01-02-10 01-07-10 01-04-10 Date Recorded in the Branch Office CDJ 12-29-09 01-02-10 12-30-09 12-26-09 01-02-10 01-05-10 01-06-10 Date Deposited in the Home Office Bank Account 12-26-09 12-28-09 12-28-09 12-28-09 12-28-09 12-28-09 01-03-10 Date Cleared the Branch Office Bank Account 12-26-09 12-28-09 12-28-09 01-03-10 12-28-09 01-03-10 01-03-10
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
© W.R. Knechel Cutoff: Interbank Transfer Problem Required: a. In verifying each bank transfer, state the appropriate audit procedures you should perform. b. Prepare any adjusting entries required in the home office records. c. Prepare any adjusting entries required in the branch bank records. d. State how each bank transfer should be included in the December 31, 2009, bank reconciliation for the home office account after your
Background image of page 2
Background image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: adjustments in part b. e. State how each bank transfer should be included in the December 31, 2009 bank reconciliation of the branch bank account after your adjustments in part c. W.R. Knechel Bank Reconciliation Jones Manufacturing, Inc. Bank ReconciliationSunshine Bank 12/31/x7 PBC A-1 WRK1/24/x8 Balance per Bank, 12/31/x7 2,000 A-1-1 Deduct: Outstanding checks #126, 12/26 800* #129, 12/30 200* #130, 12/30 1,200* #131, 12/30 1,250* 3,450 T Adjusted Bank Balance (1,450) T Balance per Books, 12/31/x7 (1,500) A Unrecorded adjustments: Interest credited by bank 50 ~ AJE1 Adjusted Book Balance (1,450) T AJE2 T Footed and total agrees *Traced outstanding checks to cash disbursements journal for 12/x7 and bank cutoff statement for 1/10/x8 received directly from bank. Amounts agree. ~ Traced bank adjustments to bank statement as of 12/31/x7. Amounts agree. NOTE: Cheque #131 was the last check issued in December, 20x7....
View Full Document

This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.

Page1 / 3

L13 Notes_Part_10 - adjustments in part b. e. State how...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online