Question
The following data have been gathered for Rocky Candi Corporation for the month ended September 30, 2017. Prepare a bank reconciliation based on the following
The following data have been gathered for Rocky Candi Corporation for the month ended September 30, 2017. Prepare a bank reconciliation based on the following information:
The bank statement reveals a balance of $8,936.
The September 30, 2017, book balance was $3,200.
There was an EFT deposit of $1,800 on the bank statement for the monthly rent from a tenant.
The bookkeeper had erroneously recorded a $50 cheque as $500. The cheque was to settle an account payable.
The bank statement revealed $50 in service charges.
Cheques #322 and #330 for $260 and $285 were not returned with the bank statement.
A deposit made on September 29, 2017, for $1,250 did not appear on the bank statement.
A deposit of $500 made on September 10 was erroneously credited to Rocky Candi's account by the bank for $5,000.
A bank debit memo indicated an NSF cheque for $259.
| Rocky Candi Corporation | |||
| Bank Reconciliation | |||
| September 30, 2017 | |||
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What is a bank reconciliation? Why is it important to prepare a bank reconciliation every month when the bank statement is received from the bank?
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The Auditor Quo Vadis
Authors: Mervyn King, Linda De Beer
1st Edition
1138496774, 978-1138496774
