Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Submit Check my work The balance in Happ Inc's general ledger Cash account was $71,580 at September 30, before reconciliation. The September 30 balance shown

image text in transcribed
Submit Check my work The balance in Happ Inc's general ledger Cash account was $71,580 at September 30, before reconciliation. The September 30 balance shown in the bank statement was $63,780. Reconciling items included deposits in transit, $6,200, bank service charges, $120, NSF check written by a customer and returned with the bank statement, $2,850, outstanding checks, 51.280, and interest credited to the account during September but not recorded on the company's books, $90 Required: a. Show the reconciling items in a horizontal model that should be prepared to reflect the reconciling items for Happ Inc. at September 30. (Use amounts with + for increases and amounts with - for decreases.) Assets Balance Sheet Liabilities Stockholders' Equity Cash Net Income Accounts receivable (2.880) 2,850

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

Making Accountability Work Dilemmas For Evaluation And For Audit

Authors: Marie-Louise Bemelmans-Videc, Jeremy Lonsdale, Burt Perrin

1st Edition

1412865557, 978-1412865555

More Books

Students also viewed these Accounting questions

Question

What are the two major components of error control?

Answered: 1 week ago