Question
1.) Prepare a bank reconciliation as of May 31. If errors in recording deposits or checks are discovered, assume that the errors were made by
1.) Prepare a bank reconciliation as of May 31. If errors in recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales except for the note recivable of $4,000 and interest of $160 collected on May 14. All checks are written to satisfy accounts payable.
2.)Ilustrate the effects on the amounts and financial statements of the bank reconciliation.
3.) What is the amount of Cash that should appear on the balance sheet as of May 31?
This is taken from Page 210 in Survey of Accounting textbook 7th edition by Carl Warren
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