Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
please answer fast Question (1): 7 Marks On March 31, 2020 Amman Company had a cash balance per books of JOD 10,985.20. The bank statement
please answer fast Question (1): 7 Marks On March 31, 2020 Amman Company had a cash balance per books of JOD 10,985.20. The bank statement from Arab Bank on that date showed a balance of JOD 10,608 30. A comparison of the statement with the cash amount revealed the following situations 1- On March 16, cash sales of JD 3891 were deposited in the bank, and Amman sommary account was credited with that correct amount by the bank. However, the cash receipts journal entry and the deposit slip were erroneously made for JD 3981 2- Deposits in transit totaled JD 3,910.15 3- On March 31, outstanding checks totaled JD 925.25 4- On March 31, the bank collected a note receivable with the amount of JD 3130 on company's behalf plus JD 50 interest. The bank charged a collection fee of JD 32. No interest has been accrued on the note 5- On March 19, check.No.00121. for D. 1945. was issued by: Amman Company to Al-Arab Company on account. The check, which cleared the bank in March, was erroneously journalized and posted by Amman Company for JD 1495
please answer fast
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started