Identify the errors in the following bank reconciliation. Prepare a corrected bankreconciliation. Imaging Services Co Bank Reconciliation
Question:
Transcribed Image Text:
Imaging Services Co Bank Reconciliation For the Month Ended April 30, 2008 Cash balance according to bank statement Add outstanding checks: S9,767.76 No. 821 839 843 844 345.95 272.75 759.60 501.50 1,879.80 $11,647.56 1,010.06 9,637.50 Deduct deposit of April 30, not recorded by bank Adjusted balance Cash balance according to company's records Add: Proceeds of note collected by bank: 1,118.32 Principal Interest 8,000.00 280.00 $8,280.00 18.00 Service charges 8,298.00 9,416.32 Deduct: Check returned because of insufficient funds 752.30 Error in recording Apri 10 deposit of $4,850 as $4,580 270.00 1,022.30 ! Adjusted balance 8,394.02
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 69% (13 reviews)
1 The heading should be for April 30 2008 and not For the Month Ended April 30 2008 2 The outstandin...View the full answer
Answered By
Carly Cimino
As a tutor, my focus is to help communicate and break down difficult concepts in a way that allows students greater accessibility and comprehension to their course material. I love helping others develop a sense of personal confidence and curiosity, and I'm looking forward to the chance to interact and work with you professionally and better your academic grades.
4.30+
12+ Reviews
21+ Question Solved
Related Book For
Financial Accounting An Integrated Statements Approach
ISBN: 978-0324312119
2nd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Cost Accounting questions
-
3. Marie Nutley wanted to have $300,000 at the end of twelve years. She purchased an investment that promised a 12% annual return. She made equal annual payments for the first four years and earned...
-
Identify the errors in the following bank reconciliation: Alma Co. Mank Reconciliation For the Manth Ended November 30, 2012 Cash balance according to bank statement. Add outstanding checks No. 915.....
-
Identify the errors in the following bank reconciliation: Alma Co Bankk Reconciliation For the Month Ended November 30, 2015 Cash balance according to bank statement Add: Outstanding cheques $12,090...
-
Use the data in the table to complete the following. (a) Make a scatterplot of the data. Estimate a value for b so that f(x) = 0.0002x b models the data. (b) Check the accuracy of f(x). (c) The moon...
-
Liz Raiborn, Inc., has the following financial results for the years 2016 through 2018 for its three regional divisions: Problem Information 2016 Revenue Southwest...
-
Contrast the investment risk potentials of an electric vehicle manufacturer whose shares have a PE ratio of 10:1 and a coal company whose stock has a PE ratio of 2.5 to 1.
-
Water enters a pump impeller radially. It leaves the impeller with a tangential component of absolute velocity of \(10 \mathrm{~m} / \mathrm{s}\). The impeller exit diameter is \(60 \mathrm{~mm}\),...
-
Recession of the Moon Careful measurements of the earth-moon separation indicate that our satellite is presently moving away from us at approximately 3.0 cm per year. Neglect any angular momentum...
-
You are provided with the following information for Carla Vista Co., effective as of its April 30, 2025, year-end. Accounts payable $844 Accounts receivable 840 Accumulated depreciation-equipment 640...
-
The Michael-Brown Corporation, a manufacturer of tractors and other heavy farm equipment, is organized along decentralized product lines, with each manufacturing division operating as a separate...
-
An accounting clerk for Dubitzky Co. prepared the following bank reconciliation a. From the data in the above bank reconciliation, prepare a new bank reconciliation for Dubitzky Co., using the format...
-
Prometheus Co. records all cash receipts on the basis of its cash register receipts. Prometheus Co. discovered during April 2006 that one of its sales clerks had stolen an undetermined amount of cash...
-
Suppose f (/3) = 4 and f'(/3) = -2, and let g(x) = f(x) sin x and h(x) = (cos x)/f (x). Find (a) g'(/3) (b) h'(/3)
-
Suppose the principal, the shareholders, is risk neutral, caring only about the expected amount of money he or she receives, and the agent (the CEO) is risk averse and also averse to providing more...
-
Future of Health Care Management What would your first five actions be if you were appointed to serve as a project manager? Explain why.
-
If -85] A = 5 7 -T and Q(x) = x Ax, then Q() = Q(2) =
-
Cash received from long-term notes payable Purchase of investments Cash dividends paid $ 20,000 5,000 16,000 8,000 Interest paid Compute cash flows from financing activities using the above company...
-
Jimmy has a bond with a $1,000 face value and a coupon rate of 9.5% paid semiannually. It has a five-year life. a) If investors are willing to accept a 14 percent rate of return on bonds of similar...
-
Explain the functions of the informal organization and the grapevine in a business.
-
The polar coordinates of a point are given. Find the rectangular coordinates of the point. (-1, - /3)
-
Defined a two-dimensional array of grades with 10 rows and three columns, representing 10 students grades on three exams. Use streams to calculate the students individual averages.
-
Jean Howard established an insurance agency on July 1 of the current year and completed the following transactions during July: a. Opened a business bank account with a deposit of $50,000 from...
-
On November 1 of the current year, Rhea Quade established a business to manage rental property. She completed the following transactions during November: a. Opened a business bank account with a...
-
On April 1, 2010, Ryan Barnes established Coyote Realty. Ryan completed the following transactions during the month of April: a. Opened a business bank account with a deposit of $25,000 from personal...
-
You placed $6,599 in a savings account today that earns an annual interest rate of 3 percent compounded annually. How much you will have in this account at the end of 2 years?
-
You're planning a trip to France. The current exchange rate is 1.21 dollars per euro. If you want to get 3,000, how many dollars do you have to pay? If you want to exchange $3,000, how many euros...
-
The exchange rate between euros and dollars is currently 0.83 euros per dollar. Inflation is expected to be 1% in Europe and 2% in the US. If relative purchasing power parity holds, what is the...
Study smarter with the SolutionInn App