Question
Directions: 1. Prepare a ank reconciliation as of july 31. If erros in the recording deposits or checks are discovered, assume that the errors were
Directions:
1. Prepare a ank reconciliation as of july 31. If erros in the recording deposits or checks are discovered, assume that the errors were made by the company. Assume that all deposits are from cash sales. All checks are written to satisfy accounts payable.
2. Journalize the necessary entries. The accounts have not been closed.
3. What is the amount of Cash that should appear on the balance sheet as of July 31?
4. Assume that a canceled check for $180 has been incorrectly recorded by the bank as $1,800. Briefly explain how the error would be included in the bank reconciliation and how it should be corrected.
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