Chris Hite is confused about the lack of agreement between the cash balance per books and the balance per bank. Explain the causes for the lack of agreement to Chris and give an example of each cause.
Answer to relevant QuestionsMarcia Tague asks your help concerning an NSF check. Explain to Marcia (a) What an NSF check is, (b) How it is treated in a bank reconciliation, and (c) Whether it will require an adjusting entry on the Company’s books.Roy Luber is uncertain about the control features of a bank account. Explain the control benefits of (a) A checking account and (b) A bank statement.Doug Nicklas owns Doug Blankets. Doug asks you to explain how he should treat the following reconciling items when reconciling the company’s bank account.1. Outstanding checks2. A deposit in transit3. The bank charged to ...The following information pertains to Joyce Company.1. Cash balance per bank, July 31, $7,328.2. July bank service charge not recorded by the depositor $38.3. Cash balance per books, July 31, $7,364.4. Deposits in transit, ...Flint Hills Middle School wants to raise money for a new sound system for its auditorium. The primary fund-raising event is a dance at which the famous disc jockey Jay Dee will play classic and not-so-classic dance tunes. ...
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