Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

China Imports' bank statement, as of July 31, 20xxshows a balance of $14,460.The July 31stunadjusted balance in the company's cash account is $16,250. a.The bank

China Imports' bank statement, as of July 31, 20xxshows a balance of $14,460.The July 31stunadjusted balance in the company's cash account is $16,250.

a.The bank statement indicated that China Imports earned $60 of interest revenue.

b.China Import's accountant mistakenly recorded a $430 check that was written to purchase supplies as $350.

c.Bank service charges for the month were $45.

d.The bank reconciliation disclosed that $800 had been stolen from China Imports' business.

e.Outstanding checks amounted to $2,600.

f.The bank collected $4,000 of China Imports' accounts receivable.China Imports has instructed its customers to send their payments directly to the bank.

g.The bank mistakenly gave Imports Inc. credit for a $800 deposit made by China Imports.

h.Deposits in transit were $6,200.

i.China Import's bank statement contained a $525 NSF check.China Imports had received the check from a customer and had included it in one of its bank deposits.

what is a bank reconciliation for July.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting IFRS

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

3rd edition

1119372933, 978-1119372936

Students also viewed these Accounting questions