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Your assistant prepared the following bank reconciliation statement. It appears that the statement is unacceptable and the task of preparing a proper reconciliation falls upon
Your assistant prepared the following bank reconciliation statement. It appears that the statement is unacceptable and the task of preparing a proper reconciliation falls upon you.
| Brandon Company | |||
| Bank Reconciliation | |||
| May 31, 2017 | |||
| Balance per books May 31 | $9,550 | ||
| Add: | |||
| Electronic Fund Transfer | $1,090 | ||
| Deposit in transit | 2,485 | 3,575 | |
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| ||
| $13,125 | |||
|
| |||
| Deduct: | |||
| Bank charges | $20 | ||
| NSF cheque, Rhonda Teal | 520 | ||
| Outstanding cheques | 1,830 | ||
| Error in cheque #78: correctly issued and processed by the bank for $782, but incorrectly recorded in the books as $736 (Accounts PayableDelta Co.) | 46 | 2,416 | |
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|
| ||
| Indicated bank balance | $10,709 | ||
| Balance per bank statement | 9,399 | ||
|
| |||
| Discrepancy | $1,310 | ||
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Making Auditors Effective Theory Evidence Perspectives
Authors: Mark Schelker
1st Edition
3832934375, 978-3832934378
