Mae Telford, the controller of the Baylor Company, provided the following information: The Cash account in the
Question:
Mae Telford, the controller of the Baylor Company, provided the following information:
The Cash account in the general ledger appeared as follows on November 30 (Baylor Company uses only a general journal to record transactions):
The following bank statement is available for November 2020:
Required
a. Prepare a bank reconciliation for Baylor Company for the month of November 2020. Assume that any errors made were by the bookkeeper cheque #547 was for advertising expense; the deposit of November 9 was regarding a credit customer, Val Pacino.
b. Prepare the necessary entries resulting from the bank reconciliation. Analysis Component: You have been employed with Baylor Company since November 1, 2020, and part of your job is writing and recording cheques as well as preparing the bank reconciliation. In reviewing the cheques returned by the bank, you notice that the payee on cheque #543 is the employee you recently replaced.
You investigate further and find that the journal entry recording cheque #543 debited Office Supplies Expense. What should you do? Explain.
Step by Step Answer:
a BAYLOR COMPANY Bank Reconciliation November 30 2020 Bank statement balance 1162097 Book balance 47...View the full answer
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
