Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare a bank reconciliation as at October 31. (Hint: Items that were outstanding last month but have been processed this ank now have them recorded.)

image text in transcribedimage text in transcribedimage text in transcribed Prepare a bank reconciliation as at October 31. (Hint: Items that were outstanding last month but have been processed this ank now have them recorded.) (List imal places, e.g. 125.25.) Prepare a bank reconciliation as at October 31. (Hint: Items that were outstanding last month but have been processed this imal places, e.g. 125.25.) Oriole Holdings Ltd. (OHL), a Calgary-based property management company, is owned by Sandra Robinson. Sandra received the monthly statement for the company, which showed a balance of $32,716.89 at October 31,2024 . She is trying to prepare a bank reconciliation for OHL's bank account. The balance in the Cash account in the company's accounting system at that date was $27,410.44. Sandra reviewed the bank statement and the company's accounting records and noted the following: 1. After comparing the cheques written by the company and those deducted from the bank account in October, Sandra determined that all six cheques (totalling $6,180 ) that had been outstanding at the end of September were processed by the bank in October. However, two of the cheques that had been written in October and mailed by OHL had not been cashed. These were cheques #5109 for $12,305.40 and #5112 for $5,674.99. 2. A review of the deposits showed that a deposit made by the company on September 30 for $11,532 was recorded by the bank on October 1, and a deposit of $14,147.10 that was made through the night deposit slot late on the evening of October 31 was recorded in the company's accounting system but had not yet been recorded by the bank. 3. The October bank statement also showed the following: - Service fees of $92.00 were deducted. - Interest of $23.99 was deposited. - A cheque for $1,185.58 that had been part of OHL's deposit on October 23 was not honoured by the bank, because the client had insufficient funds. - Cheque \#5101, which was for a utility payment, was incorrectly recorded by OHL's bookkeeper as $720.00 when the actual cheque was for $270.00 (which was the correct amount owing by OHL ). - A customer had transferred $2,276.75 to OHL's account electronically to settle the balance it owed OHL

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

Audit Workbook

Authors: Azhar Ul Haque Sario

1st Edition

B0C9SG1YC6, 979-8851207891

More Books

Students also viewed these Accounting questions