Identify the errors in the following bankreconciliation: Mkabe Co. Bank Reconciliation For the Month Ended June 30,
Question:
Identify the errors in the following bankreconciliation:
Transcribed Image Text:
Mkabe Co. Bank Reconciliation For the Month Ended June 30, 2008 7,560.14 Cash balance according to bank statement . . . .. .. Add outstanding checks: S 717.42 617.11 906.15 1,501.50 364.... 365.... 3,742.18 $11,302.32 5,182.04 7,120.28 3,735.70 Deduct deposit of June 30, not recorded by bank..... Cash balance according to company's records . Add: Proceeds of note collected by bank 6,207.00 9,942.70 Service charges .._... 27.00 Deduct: Check returned because of 1,158.70 Error in recording June 15 1,428.70 $ 8,514.00 deposit of $3,960 as 3,690 270.00 Adjusted balance
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (12 reviews)
1 The heading should be for June 30 2008 and not For the Month Ended June 30 2008 2 The outstanding ...View the full answer
Answered By
Dinesh F
I have over 3 years of professional experience as an assignment tutor, and 1 year as a tutor trainee.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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...
-
Five different laboratories participated in an interlaboratory study involving determinations of the iron level in water samples. The results below are replicate determinations of Fe in ppm for...
-
Carlos Zayas is the owner of The Home Pantry, a housewares store that sells a wide variety of items for the kitchen, bathroom, and home. The Home Pantry offers a company credit card to its customers....
-
New Orleans mayor Mitch Landrieu wanted to observe the 300th anniversary of his city in a way that would build something that would make us better (Winfrey, 2018). The city was still rebuilding and...
-
Blue and yellow streams of paint at \(60^{\circ} \mathrm{F}\) (each with a density of \(1.6 \mathrm{slugs} / \mathrm{ft}^{3}\) and a viscosity 1000 times greater than water) enter a pipe with an...
-
On January 1, 2010, the Baznik Company adopted a defined benefit pension plan. At that time, the company awarded retroactive benefits to certain employees. These retroactive benefits resulted in a...
-
"Discuss the implications of adopting continuous data protection (CDP) for backup and restore operations in large-scale enterprise environments. How does it impact the recovery point objectives (RPO)...
-
Mike and Sarah have been married for 3 years and have twins, aged 2. In your analysis of their situation and preparation of their client profiles, you ask them about their occupations amongst other...
-
An accounting clerk for Lock-It Co. prepared the following bank reconciliation: a. From the data in the above bank reconciliation, prepare a new bank reconciliation for Lock-It Co., using the format...
-
Argonaut Co. records all cash receipts on the basis of its cash register tapes. Argonaut Co. discovered during November 2008 that one of its sales clerks had stolen an undetermined amount of cash...
-
Olivia is considering membership to the Regional Teachers Credit Union so that she can save money on a loan. The credit union will lend her $8,000 for three years at 8.25% APR. The same loan at her...
-
What are your reactions to the GLOBE project (led by Professors Javidan and House), specifically the various cultural dimensions and highest-scoring countries the data revealed? Can you think about...
-
There are 22 million American who have federal student loans. The total amount owed is \($1.2\) trillion. And 43% of that 22 million are either behind on their payments or arranged to have their...
-
Nearly every business professor and philosopher have weighed in with models and tests that can be used for resolving ethical issues. The following sections offer summaries of the thoughts and models...
-
Why did the world economy become more integrated? As you read this, is integration growing or retreating? What are the implications of these questions for international managers?
-
Intel, which makes components used in \(80 \%\) of all personal computers, introduced the powerful Pentium chip in 1993. Intel had spent \$1 billion developing the chip, and the cost of producing it...
-
Which can implement a functional interface? A. An anonymous class B. A top-level class C. A lambda expression D. An anonymous class or a top-level class E. A top-level class or a lambda expression F....
-
Quality Chicken grows and processes chickens. Each chicken is disassembled into five main parts. Information pertaining to production in July 2012 is: Joint cost of production in July 2012 was $50. A...
-
The job of a mediator is to convince the contending parties to adjust or settle their dispute. True/False
-
The net income for the year for Genesis, Inc. is $750,000, but the statement of cash flows reports that the cash provided by operating activities is $640,000. What might account for the difference?
-
The net income for the year for Genesis, Inc. is $750,000, but the statement of cash flows reports that the cash provided by operating activities is $640,000. What might account for the difference?
-
The net income for the year for Genesis, Inc. is $750,000, but the statement of cash flows reports that the cash provided by operating activities is $640,000. What might account for the difference?
-
ow do synergistic dynamics emerge within high-performance teams, and what role do diverse skill sets, complementary roles, and shared goals play in fostering collaborative innovation and collective...
-
Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 50,000 units will be produced, with the following total costs: Direct materials Direct labor Variable overhead...
-
You will complete two case studies over the course of the semester. These are to be completed individually. Each case study is found in the textbook and there are questions there to help guide your...
Study smarter with the SolutionInn App