Cheque no 347827 written on 22 August for 122 does not appear on the statement

Cheque no 347827 written on 22 august for 122 does

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Cheque no 347827 written on 22 August for $122 does not appear on the statement A deposit of $145 made on 31 August has not been recorded by the bank Interest received of $110 was deposited directly into the firms account, and has been recorded on the bank statement A cheque written out on 25 August is missing from the bank statement. It is cheque no 347831 for $340 Bank charges of $22 appear on the bank statement Prepare a bank reconciliation statement for Burton’s Bourbon as at 31 August and adjust the business records to be reconciled with the bank statement. (6 Marks) BURNTON´S BOURBON Bank Reconciliation Statement August 31 Balance as per bank statement, August 31 $ 625 Add: Deposit in transit $ 145 $ 770 Deduct: Oustandig checks Check no. 347827 $ 122 Check no. 347831 $ 340 $ 462 Ajusted Cash Balance $ 308 Balance as per depositor´s record, August 31 $ 220 Add:Interest Received $ 110 Deduct: Bank charges $ 22 Ajusted Cash Balance $ 308
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4. The journals shown below were prepared for Geelong Swim Centre for the month of March 2010. On 1 March the business had $2,400 in the bank.(10 Marks)
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a. Compare the bank statement information with the firms records and update the journals, if necessary. Cash Payments Journal (updated) Date Details Cheque No Total Paid $ Amount Paid $ GST Paid $ Mar 1 Rent 24135 1,595 1,450 145 Mar 4 Wages 24136 800 800 Mar 7 Insurance 24137 341 310 31 Mar 12 Drawings 24138 1,000 1,000 Mar 18 Wages 24139 800 800 Mar 27 Petrol 24140 154 140 14 Mar 30 Stationery 24141 253 230 23 Mar 31 Bank Charges 13 Totals 4,956 4,730 213 b. Calculate the cash at bank balance according to the firms records According to the firms records, the cash at the bank balance is $625 before updating the journals. c. Prepare a bank reconciliation statement as at 31 March 2010 GEELONG SWIM CENTRE Bank Reconciliation Statement March 31, 2010 Balance as per bank statement, March 31, 2010 $ 821 Add: Deposit in transit $ 198 $ 1,019 Deduct: Oustandig checks Check no. 24140 $ 154 Check no. 24141 $ 253 $ 407 Ajusted Cash Balance $ 612 Balance as per depositor´s record, March 31, 2010 $ 625 Deduct: Collection charges Bank Charges $ 13 $ 13 Ajusted Cash Balance $ 612
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5. What steps should you take to ensure the cheque you receive off a client /customer is valid. (List 5 steps). (5 Marks) Ensure company name is correct. The cheques must be signed in before the Supervisor. Ensure cheques are marked Not Negotiablewith the right amount and date. Verify and ensure figures and words match. Ensure to verify signature. 6. What should you check when accepting payment via credit card in person? (5 Marks) It is necessary to check if the credit card really belongs to the person making the payment. this can be through requesting an ID. 7. As a minimum, when processing a credit card-not-present transaction, what information should you collect from the customer? (5 Marks) Whenever you are processing a card-not-present transaction, you should always ensure that, as a minimum, you collect the following details from your customer: The card account number The name as it appears on the card The card expiry date as it appears on the card The cardholder’s statement address You should also check whether the card has an issue number or card start date and record these details 8.
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  • '16
  • dsa
  • 1981, 1986, Credit card, 1970

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