Question
The following information is provided with regards to Hind, Inc.: Balance in cash account per bank statement on December 31, 2019 $ 300,000.00 Balance in
The following information is provided with regards to Hind, Inc.:
| Balance in cash account per bank statement on December 31, 2019 | $ 300,000.00 | ||
| Balance in cash account on books at December 31, 2019 prior to receiving bank statement | $ 250,000.00 | ||
| Deposit in transit | $ 23,000.00 | ||
| Outstanding checks | $ 24,000.00 | ||
| Electronic collection on account from Anas, a customer of Hind, Inc. | $ 57,000.00 | ||
| Service charge | $ 5,300.00 | ||
| Check #1250 written to Grand Blanc Electric Company (correct amount as shown on bank statement) | $ 37,962.00 | ||
| Amount Hind, Inc. recorded check #1250 for on books (incorrect amount as shown on books) | $ 35,262.00 | ||
| 1. Prepare the bank side of Hind, Inc.'s December 31st bank reconciliation : 2.Prepare the book side of Hind Inc.'s December 31st bank reconciliation 3.Prepare all journal entries that Hind Inc. needs to record from the bank reconciliation
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From Fish Hook To Audit Tool An Autobiography
Authors: Aftab Alam Khan
1st Edition
1099497515, 978-1099497513
