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Assignment/Instructions You are on the finance committee of Good Givers Charity, Inc. of Jackson, MS. The committee is charged with financial oversight the organization. This
Assignment/Instructions You are on the finance committee of Good Givers Charity, Inc. of Jackson, MS. The committee is charged with financial oversight the organization. This mission is achieved by implementing internal control policies and procedures to safeguard the cash collections and provide accurate financial reporting of cash. One of the control procedures requires that a bank reconciliation to be prepared monthly by a committee member. You have been identified as the person most qualified to perform this task. Instructions: (1) Prepare the organization's bank reconciliation as of April 30, 2017 (2) Record the necessary journal entries required to update the cash balance (3) Explain, in a memo to the organization's trustee board, the steps or process you used to prepare the bank reconciliation and the effects the journal entries will have on the cash balance Good Givers Charity, Inc. employs a voucher system in controlling expenditures and disbursements. All cash receipts are deposited each Sunday and Wednesday in a night depository after banking hours. The data required to reconcile the bank statement as of April 30 is given from the data below (Source of Data is printed in capital letters and underlined) ER Balance as of April 1 $11,300.40 Total cash collected during April $20,729.58 EP Date and amount of each deposit in April Date Amount Apr 1 $2,048.63 3 1,144.04 8 1,960.50 Date Amount Apr 10 $2,121.71 15 2,007.85 17 1,996.74 Date Amount Apr 22 $2,022.34 24 1,917.71 30 1,560.06 HECK REGISTER Number and amount of each check issued in April Check No 725 726 727 728 729 730 731 Amount $327.50 515.15 401.90 771.30 506.88 617.25 298.66 Check No 732 733 734 735 736 737 738 Amount $490.90 VOID 640.13 376.77 299.37 537.01 380.95 Check No 739 740 741 742 743 744 745 Amount $172.75 249.75 613.95 907.95 359.60 601.50 486.39 Total amount of checks issued in April $9,555.66 Assignment/Instructions You are on the finance committee of Good Givers Charity, Inc. of Jackson, MS. The committee is charged with financial oversight the organization. This mission is achieved by implementing internal control policies and procedures to safeguard the cash collections and provide accurate financial reporting of cash. One of the control procedures requires that a bank reconciliation to be prepared monthly by a committee member. You have been identified as the person most qualified to perform this task. Instructions: (1) Prepare the organization's bank reconciliation as of April 30, 2017 (2) Record the necessary journal entries required to update the cash balance (3) Explain, in a memo to the organization's trustee board, the steps or process you used to prepare the bank reconciliation and the effects the journal entries will have on the cash balance Good Givers Charity, Inc. employs a voucher system in controlling expenditures and disbursements. All cash receipts are deposited each Sunday and Wednesday in a night depository after banking hours. The data required to reconcile the bank statement as of April 30 is given from the data below (Source of Data is printed in capital letters and underlined) ER Balance as of April 1 $11,300.40 Total cash collected during April $20,729.58 EP Date and amount of each deposit in April Date Amount Apr 1 $2,048.63 3 1,144.04 8 1,960.50 Date Amount Apr 10 $2,121.71 15 2,007.85 17 1,996.74 Date Amount Apr 22 $2,022.34 24 1,917.71 30 1,560.06 HECK REGISTER Number and amount of each check issued in April Check No 725 726 727 728 729 730 731 Amount $327.50 515.15 401.90 771.30 506.88 617.25 298.66 Check No 732 733 734 735 736 737 738 Amount $490.90 VOID 640.13 376.77 299.37 537.01 380.95 Check No 739 740 741 742 743 744 745 Amount $172.75 249.75 613.95 907.95 359.60 601.50 486.39 Total amount of checks issued in April $9,555.66
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