Information follows for Quartz Industries Ltd.: Additional information: 1. One June 26 transaction was for bank service

Question:

Information follows for Quartz Industries Ltd.:

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Additional information:

1. One June 26 transaction was for bank service charges.

2. One June 30 transaction was a bank debit memo for $1,050.00 for a customer?s cheque returned and marked NSF (included with the June bank statement).

3. Cash received on June 30 and put in the bank?s night deposit box on the evening of June 30 was recorded by the bank in the general chequing account on July 3 for the amount of $4,607.96.

Instructions

a. Audit & Assurance Prepare a bank reconciliation to the correct balance as at June 30, 2020, for Quartz Industries.

b. Enabling Competencies Discuss the importance of the bank reconciliation to control cash.

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Related Book For  book-img-for-question

Intermediate Accounting Volume 1

ISBN: 978-1119496496

12th Canadian edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

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