Identify the errors in the following bankreconciliation: RAKESTRAW CO. Bank Reconciliation For the Month Ended April 30,
Question:
Identify the errors in the following bankreconciliation:
Transcribed Image Text:
RAKESTRAW CO. Bank Reconciliation For the Month Ended April 30, 2010 Cash balance according to bank statement Add outstanding checks: $11,320 $ 450 No. 315 360 615 364 850 365 775 2,690 $14,010 3,330 Deduct deposit of April 30, not recorded by bank Adjusted balance $10,680 $ 7,003 Cash balance according to company's records Add: Proceeds of note collected by bank: Principal $4,000 Interest 120 $4,120 Service charges 18 4,138 $11,141 $ 945 Deduct: Check returned because of insufficient funds Error in recording April 20 deposit of $5,300 as $3,500 1,800 2,745 $ 8,396 Adjusted balance
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 81% (16 reviews)
1 The heading should be for April 30 2010 and not For the Month Ended April 30 2010 2 The outstandin...View the full answer
Answered By
Munir Ahmed Jakhro
I am professional Tutor of of Business Courses, I did my four years Bachelor Degree from one of the Top Business schools of World "Institute of Business Administration" in year 2013. Since then I have been working as Tutor of Accounting, Finance tutor on different online platforms like this website. I am have experience of 6 years teaching business courses to students online and offline my professional job at national savings also helped me in accounting understanding .
4.90+
8+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Cost Accounting questions
-
Identify the errors in the following trial balance. All accounts have normal balances. Bluefin Co. Unadjusted Trial Balance For the Month Ending August 31, 2012 Debit Credit Balances Balances 45,000...
-
Identify the errors in the following income statement: Keepsakes Company Income Statement For the Year Ended February 29, 2012 Revenue from sales: Sales...... $7,200,000 Add: Sales returns and...
-
Identify the errors in the following trial balance. All accounts have normalbalances. Burgoo Co. Unadjusted Trial Balance For the Month Ending March 31, 2010 Debit Balances Credit Balances Cash...
-
A driver of a car is initially 455 miles from home, traveling toward home on a straight freeway at 70 miles per hour. (a) Write a formula for a linear function f that models the distance between the...
-
Simkin Corporation purchased land for $420,000. Later in the year, the company sold a different piece of land with a book value of $155,000 for $110,000. How are the effects of these transactions...
-
Cobb Company currently produces and sells 9,000 units annually of a product that has a variable cost of $20 per unit and annual fixed costs of $195,000. The company currently earns an $228,000 annual...
-
In 2008, California voters approved a state ballot initiative to ensure that chicken coops have more room. This led to a 2010 California state law requiring that, beginning in 2015, all eggs sold in...
-
John Wiley Publishing Company publishes an operations management textbook that is scheduled for a revision. The book has been moderately successful, but each year more new books enter the market,...
-
Answer the question by showing the calculation procedure. Verified the answer by using the MATLAB coding. Submit all the answers (calculation procedure & MATLAB code) to MS Team. For all of the...
-
You have planned for a project to write a software application to take 1 year. The costs on this project are budgeted at $12,500 per month. Six months into the project you find that the software...
-
An accounting clerk for Grebe Co. prepared the following bank reconciliation: a. From the bank reconciliation data on the previous page, prepare a new bank reconciliation for Grebe Co., using the...
-
First Impressions Co. records all cash receipts on the basis of its cash register tapes. First Impressions Co. discovered during June 2010 that one of its sales clerks had stolen an undetermined...
-
An automobile association wants to demonstrate that maintaining tire pressure results in better fuel economy. The association selected a random sample of its members, and asked them to record their...
-
25. In three dimensions, the location of a point can be represented by the ordered triple (x, y, z). a) Find the coordinates of the midpoint of the line segment with endpoints A(2, 3, 1) and B(6, 7,...
-
Jose purchases a new car from Mike's Deals. The retail installment contract states immediately above the buyer's signature in large, bold type: "There are no warranties that extend beyond the...
-
Evaluate the equivalent transfer function of the multi-loops system shown in Figure below. (b) Verify using MATLAB/Simulink that the obtained equivalent transfer function is correct. i.e. Construct...
-
While Adam is getting the purchase lined up, Stacy continues to work on financing options for future projects. She holds a meeting with several potential investors and she shares the concept of H2H,...
-
At a certain time, there are N0 (initial) milligrams of a radioactive substance. The substance decays so that after t years, the number of milligrams present, N, is given by N = N0e^-0.035t. How many...
-
Founded in 1919, Tesco has grown from a market-stall in the East End of London into the largest supermarket in the UK by market share, and one of the largest globally in just under a century. In...
-
An access route is being constructed across a field (Figure Q8). Apart from a relatively firm strip of ground alongside the field's longer side AB, the ground is generally marshy. The route can...
-
Express the following ordinary numbers in scientific notation: (a) 1,010,000,000,000,000 (b) 0.000 000 000 000 456 (c) 94,500,000,000,000,000 (d) 0.000 000 000 000 000 019 50.
-
The following data come from the financial records of Linton Corporation for 2008. Sales ....... $135,000 Interest expense .... 3,800 Income tax expense ... 22,500 Net income ....... 30,700 Required...
-
Morris Enterprises loaned $60,000 to Faello Co. on October 1, 2012, for one year at 8 percent interest. Required Show the effects of the following transactions in a horizontal statements model like...
-
Piper Corporation wrote off a $900 uncollectible account receivable against the $9,600 balance in its allowance account. Required Explain the effect of the write-off on Pipers current ratio.
-
Suppose a space vehicle with a rest mass of 150000 kg travels past the International Space Station at a constant speed of 2.6 x 108 m/s with respect to the I.S.S. When an observer on the I.S.S....
-
1.Refer to the AirCargo Case in the chapter. Discuss the silo problem at ACI and how it was solved via the eEnterprise system. Discuss both short-term and long-term benefits of the eEnterprise...
-
WINDCHEATER CAR ROOFRACKS The sole owner of Windcheater Car Roofracks needs to expand output as a result of increasing demand from motor accessory shops. The business uses batch production to produce...
Study smarter with the SolutionInn App