Cam is really mindful that keeping on top their cash is really important and has been...
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Cam is really mindful that keeping on top their cash is really important and has been taking note of their cash balances but is confused as to why their online bank balance never seems to match with the information presented in their financial reports. + Bank Reconciliation Statement as at 30 June Balance as per bank statement Add: Outstanding Deposit $7,338 Cr 13,250 Less: Unpresented No. 492 $154 cheques: 498 690 844 Balance as per Cash at Bank account $19,744 Dr Cam has provided you with the previous month's reconciliation (above) along with the following information from July: End of July Bank Statement Balance shows $16,102 Cr Cash Payments Journal for July had a total for of $17,872 in the bank column Cash Receipts Journal bank column for July added up to $30,555 Bank Statement items not recorded in July journals о Bank fees $56 о Direct Credit (interest income) $38 о Cheque Number 498 for $690 о Dishonoured Cheque for $2595 Cam has also highlighted Cheque Number 505 that incorrectly appears on the bank statement for $780 dollars but was correctly recorded in the business records at $708. Additionally Cam has noted the following cheques were written during July but do not appear on the bank statement 503 for $580 511 for $1420 Cam has also noted that a customer paid their account of $15,640 in full on the last day of July. This money is still in the safe on the premises. Required: a) Complete a bank reconciliation statement for the month of July Cam is really mindful that keeping on top their cash is really important and has been taking note of their cash balances but is confused as to why their online bank balance never seems to match with the information presented in their financial reports. + Bank Reconciliation Statement as at 30 June Balance as per bank statement Add: Outstanding Deposit $7,338 Cr 13,250 Less: Unpresented No. 492 $154 cheques: 498 690 844 Balance as per Cash at Bank account $19,744 Dr Cam has provided you with the previous month's reconciliation (above) along with the following information from July: End of July Bank Statement Balance shows $16,102 Cr Cash Payments Journal for July had a total for of $17,872 in the bank column Cash Receipts Journal bank column for July added up to $30,555 Bank Statement items not recorded in July journals о Bank fees $56 о Direct Credit (interest income) $38 о Cheque Number 498 for $690 о Dishonoured Cheque for $2595 Cam has also highlighted Cheque Number 505 that incorrectly appears on the bank statement for $780 dollars but was correctly recorded in the business records at $708. Additionally Cam has noted the following cheques were written during July but do not appear on the bank statement 503 for $580 511 for $1420 Cam has also noted that a customer paid their account of $15,640 in full on the last day of July. This money is still in the safe on the premises. Required: a) Complete a bank reconciliation statement for the month of July
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Bank Reconciliation Statement July As at 30th July 2024 DescriptionAmount DrAmount Cr Balance as per ... View the full answer
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Auditing Cases An Interactive Learning Approach
ISBN: 978-0132423502
4th Edition
Authors: Steven M Glover, Douglas F Prawitt
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