Question
The following errors were found when the controller at Ivanhoe Hotel was doing the October 31 bank reconciliation. 1. On October 3, Ivanhoe recorded a
The following errors were found when the controller at Ivanhoe Hotel was doing the October 31 bank reconciliation.
1. On October 3, Ivanhoe recorded a payment of an account payable as $583. The correct amount was $853. It was correctly recorded by the bank.
2. On October 16, Ivanhoe recorded a deposit as $1,660. The correct amount was $6,160. The deposit was for the collection of an account receivable and the bank recorded it correctly.
3. On October 31, the bank recorded a deposit as $5,351. The correct amount was $3,551. This error was corrected by the bank on November 1. Ivanhoe had correctly recorded the deposit For each of these errors, prepare the journal entries for Ivanhoe if required
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started