Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On March 21 2016, Nemesis Sports Company had in their books a balance of $1157.76. However, the bank shows the business has $1204.90. The following

image text in transcribed
On March 21" 2016, Nemesis Sports Company had in their books a balance of $1157.76. However, the bank shows the business has $1204.90. The following additional information is available. 1. The following cheques issued by Nemesis Sports to its customers are still outstanding: . . No. 602 No. 705 No. 709 No. 710 No. 711 $60.00 $72.40 $51.90 $200.00 $2.75 . 2. A deposit of $300.51 was made on March 21" but does not appear on the bank statement 3. An NSF cheque of $30 was returned by the bank with the bank statement 4. The bank charged a service fee of $6 for the NSF cheque 5. Interest income earned on the company's cash at the bank was $50 6. The bank collected a note receivable on behalf of the company. Amount of the note was $22. 7. A deposit of $75.40 was incorrectly entered as $150.80

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

My Adventures As An Auditor

Authors: Michael Quoter

1st Edition

1079508821, 978-1079508826

More Books

Students also viewed these Accounting questions