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Revise your worksheet to reflect the following transactions and updated values at the end of the accounting period, then answer the questions that follow. (Note:
Revise your worksheet to reflect the following transactions and updated values at the end of the accounting period, then answer the questions that follow. (Note: You do not need to upload your revised worksheet for Part 2.) 1. Cash on hand at the company and not yet deposited at the bank. 2 EFT for monthly utility bill not yet recorded by the company 3 Note collected by the bank and not yet recorded by the company. 4 Interest collected by the bank from note in W3 not yet recorded by the company. SA check witten for insurance expense for $12e was cashed. The check was recorded on the books for $190. 6 Checks written by the company but not yet processed by the bank. 7 Service fee charged by bank but not yet recorded by the company 8 Customer checks determined by the bank to have nonsufficient funds. Bank balance at the end of the period Company balance at the end of the period. 3,100 2.300 8,800 1.000 2 3, 590 150 2.500 21, 900 15,630 Required: 1-a. What is the revised Cash balance at the end of the period? 2-a. What is the balance in Cash if the entry to correct the insurance payment hasn't been made? 2-b. Would the bank reconciliation still be in balance? No 3. Which Statement below is true regarding the effect of the company incorrectly recording a customer deposit at $140.000 rather than $14.000 3. Which statement below is true regarding the effect of the company incorrectly recording a customer deposit at $140,000 rather than $14.000? No effect on the bank reconciliation: The difference of $126,000 will be subtracted from the book balance. The difference of $126,000 will be added to the book balance The bank balance will be increased by $140,000
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