1.The bank account as a control device helps to protect cash. One of the requirements is to conduct periodic bank statement reconciliations. Using the following data, complete the bank statement reconciliation.
Use the information below to prepare the bank reconciliation for Collier Cleaners for the month of September.
· The bank statement indicated bank service charges of $63.
· Outstanding checks as of September 30 amounted to $1,405.
· Deposits in transit as of September 30 amounted to $2,769.
· The ending balance per the September bank statement is $40,753.
· Collier Cleaners bookkeeper mistakenly recorded a $1,610 cash disbursement as $1,160 for Office Supplies on check #2402.
· The bank mistakenly recorded a deposit of $2,800 as $280 on February 17.
· The bank made an EFT payment on behalf of the company for Insurance for $3,200.
· Bank collected rent of $3,000 and a note, for $16,450, including interest of $450.
· The ending cash balance per the books for September before any adjustments was 28,900
Recently Asked Questions
- Consider the following cash flows of two mutually exclusive projects for AZ-Motorcars. Assume the discount rate for AZ-Motorcars is 9 percent. Year AZM
- “Blast it!” said David Wilson, president of Teledex Company. “We’ve just lost the bid on the Koopers job by $2,000. It seems we’re either too high to
- in about 300 words explain how prices are determined in the efficient market and its implication to the finance manager.