The following cash and bank information is available for three companies at June 30, Year 1: Required
Question:
The following cash and bank information is available for three companies at June 30, Year 1:
Required
a. Organize the class into three sections and divide each section into groups of three to five students. Assign Peach Co. to section 1, Apple Co. to section 2, and Pear Co. to section 3. Group Tasks
(1) Prepare a bank reconciliation for the company assigned to your group.
(2) Select a representative from a group in each section to put the bank reconciliation on the board.
Class Discussion
b. Discuss the cause of the difference between the unadjusted cash balance and the ending balance for the bank statement. Also, discuss types of adjustments that are commonly made to the bank balance and types of adjustments commonly made to the unadjusted book balance.
Step by Step Answer:
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds