Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 28 (8 points) On July 31, 2028, Massive Ltd. had a cash balance of $6.793 in its general ledger. The bank statement from the

image text in transcribed
image text in transcribed
Question 28 (8 points) On July 31, 2028, Massive Ltd. had a cash balance of $6.793 in its general ledger. The bank statement from the Bank of Auditing on that date showed a balance of $6,578. A comparison of the bank statement with the Cash account revealed the following: a. Cash receipts for July 31 recorded on the company's books were $3,500, but this amount does not appear on the bank statement. b. A cheque of $5,100 made by another company was incorrectly deducted to Massive's account by the Bank of Auditing. C. The bank statement included service charges and debit and credit card processing fees of $65 d. Cheques outstanding on June 30 totaled $6,200. Of these, $4,600 worth cleared the bank in July. All cheques written in July cleared the bank in July e. The bank statement included electronic collections from customers on account totaling $8,800, Massive had not recorded the EFT, 1. Salaries of $4,800 were paid electronically during the month. The company has already recorded these. g. An NSF cheque for $1,900 and a processing foo of $50 from a customer was returned with the statement Required: Prepare a bank reconciliation for Massive Ltd. at July 31, 2028 Paragraph B I UAE OB op + .. BC

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_2

Step: 3

blur-text-image_3

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

Forensic And Investigative Accounting

Authors: Crumbley D. Larry, Fenton Edmund D., Jr. Smith G. Stevenson

9th Edition

0808053221, 9780808053224

More Books

Students also viewed these Accounting questions