Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 3 The following errors were found when the controller at Crane Camping was doing the July 31 bank reconciliation. 1. On July 9, Crane

image text in transcribedimage text in transcribed

Question 3 The following errors were found when the controller at Crane Camping was doing the July 31 bank reconciliation. 1. On July 9, Crane recorded a deposit as $2,280. The correct amount was $2,290. The deposit was for the collection of an account receivable and the bank recorded it correctly. 2. On July 14, Crane recorded a payment on account as $1,070. The correct amount was $710. It was correctly recorded by the bank. 3. On July 16, Crane recorded a payment for the purchase of supplies as $380. The correct amount was $830. It was correctly recorded by the bank. 4. On July 22, the bank recorded a deposit as $730. The correct amount was $370. This error was corrected by the bank on July 23. Crane had correctly recorded the deposit. 5. On July 25, Crane recorded a deposit as $630. The correct amount was $1,130. The deposit was for the collection of an account receivable. This deposit was correctly recorded by the bank on July 28. 6. On July 31, the bank debited Crane's account $500 for a cheque written by another company, Country Land, because the account number on the cheque had been damaged. The bank employee who looked up the account number made a mistake. Describe the impact of each of these items on the bank reconciliation. 1. $ 2. S 3. $ 4. V $ 5. $ 6. Prepare any adjusting entries that Crane will need to record. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit

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

Ethical Obligations And Decision Making In Accounting Text And Cases

Authors: Steven Mintz

6th Edition

1264135947, 9781264135943

More Books

Students also viewed these Accounting questions

Question

Write a note on transfer policy.

Answered: 1 week ago

Question

Discuss about training and development in India?

Answered: 1 week ago

Question

Explain the various techniques of training and development.

Answered: 1 week ago

Question

Explain the various techniques of Management Development.

Answered: 1 week ago