Duting the bank reconciliation process at A. Fontes Consultancy on May 2, 2019, the following two errors were discovered in the firm's records a. The checkbook and the general journal indicated that Check 2206 dated April 17 was issued for $679 to make a cash purchase of supplies. However examination of the canceled check and the listing on the bank statement showed that the actual amount of the check was $32 b. The checkbook and the general journal indicated that Check 2247 dated April 20 was issued for $122 to pay a utility bill. However, examination of the canceled check and the listing on the bank statement showed that the actual amount of the check was $148. Required: 1. Prepare the adjusted book balance section of the firm's bank reconciliation statement. The book balance as of April 30 was $20.235. The errors listed above are the only two items that affect the book balance 2. Prepare general Journal entries to correct the errors. Check 2206 was correctly debited to Supplies on April 17, and Check 2247 was debited to Utilities Expense on April 20. Analyze If the errors described had not been corrected, would net income for the period be overstated or understated? By what amount? Complete this question by entering your answers in the tabs below. Bank Rec General Journal Analyze Prepare the adjusted book balance section of the firm's bank reconciliation statement. The book balance as of April 30 was $20,235. The errors listed above are the only two items that affect the book balance. A. FONTES CONSULTANCY Bank Reconciliation Statement April 30, 2019 Balance in books Additions Deductions Adjusted book balance Journal entry worksheet 1 2 Record the entry to correct for check 2206. Note: Enter debits before credits Date General Journal Debit Credit Apr 30, 2019 Record entry Clear entry View general journal Journal entry worksheet 1 2 Record the entry to correct for check 2247. Note: Enter debits before credits. Date Apr 30, 2019 General Journal Debit Credit Record entry Clear entry View general journal the firm's bank reconciliation statement. The book balance as of $20,235. The errors listed above are the only two items that affect the book balance. 2. Prepare general journal entries to correct the errors. Check 2206 was correctly debited to Supplies on April 17 was debited to Utilities Expense on April 20. Analyze: If the errors described had not been corrected, would net income for the period be overstated or understated? By Complete this question by entering your answers in the tabs below. Bank Rec General Journal Analyze If the errors described had not been corrected, would net income for the period be overstated or understated? By what amount? Net income would have been by
