Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I repost this question again, please I need full clear answer P5-2 Bank reconciliation and entries The cash account for Deaver Consulting at October 31,

I repost this question again, please I need full clear answer

image text in transcribed

P5-2 Bank reconciliation and entries The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $15,750. The bank statement indicated a balance of $31,095 on October 31, 20Y6. Comparing the bank statement and the accompanying canceled checks and memos with the records re- vealed the following reconciling items: a. Checks outstanding totaled $10,125. b. A deposit of $4,120, representing receipts from October 31, had been made too late to appear on the bank statement. c. The bank had collected $10,400 on a note left for collection. The face of the note was $10,000. d. A check for $1,200 returned with the statement had been incorrectly recorded by Deaver Consulting as $120. The check was for the payment of an obligation to Oxford Office Sup- plies Co. for the purchase of office supplies on account. e. A check drawn for $320 had been incorrectly charged by the bank as $230. f. Bank service charges for October amounted to $70. Instructions 1. Prepare a bank reconciliation. 2. Illustrate the effects on the accounts and financial statements of the bank reconciliation

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

A Framework For Internal Auditings Entity Wide Opinion On Internal Control

Authors: Wanda A. Wallace, Thomas White

1st Edition

0894135317, 978-0894135316

More Books

Students also viewed these Accounting questions

Question

1. Define and explain culture and its impact on your communication

Answered: 1 week ago