Kashechewan Inc. mistakenly recorded a cheque as $68 that was written for $86. In addition, the company

Question:

Kashechewan Inc. mistakenly recorded a cheque as $68 that was written for $86. In addition, the company noticed the bank had mistakenly deducted a cheque for $125 from its bank account that was written by another company.

(a) Explain how each of these errors should be treated on the bank reconciliation.

(b) Identify any entries required on Kashechewan's books to correct these errors.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Financial Accounting Tools for Business Decision Making

ISBN: 978-1118644942

6th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

See More Books

Question Posted: Jan 11, 2017 10:09 AM

See More Questions

The following information is for Jae Kim, Ltd. in June: 1. Cash balance on June 30 in the ledger was $12,450, and cash balance on June 30s bank statement was $14,860. 2. Deposit in transit for the...
The following information is for Yamada, Ltd. in April: 1. Cash balance on April 30 in the ledger was $8,645, and cash balance on April 30s bank statement was $10,750. 2. Deposit in transit for the...
The cash receipts and the cash payments of Campbell Hardware for January 2014 are as follows: The Cash account of Campbell Hardware shows a balance of $39,478 at January 31, 2014. Campbell Hardware...
A partially completed flowchart showing some of the major documents commonly used in the purchasing function of a merchandise business is presented below. Identify documents 1, 3, and4. Purchase Order
How do rising home prices contribute to low mortgage delinquencies?
GameDay sells recreational vehicles along with secure parking storage to customers. GameDay sells the FB7 model for $ 62,000, and this price includes one year of secure parking storage. GameDay also...
Using only the factor formulas given in Table 2.6, derive Equation 7.6 starting with Equation 7.3. TABLE 2.6 Summary of Discrete Compounding Interest Factors. To Find Given Factor Symbol Name P F...
Santana Corporation manufactures snowmobiles in its Blue Mountain, Wisconsin, plant. The following costs are budgeted for the first quarters operations. Machine setup, indirect materials ........ $...
New parents bring their 3-month-old to the clinic for a rash on the infants head. On examination, the skin affected by the rash is thickened, yellowish white in color, scaly, and looks waxy. In...
Your sister has just won $300,000 (taxfree) in the state lottery. Shes decided to quit her job and devote herself to writing novels for the next ten years, using her lottery winnings to support...
In the month of November, its first month of operations, Jayasinghe Inc. wrote cheques in the amount of $12,600. In December, cheques in the amount of $9,500 were written. In November, $11,100 of...
The following information relates to Southco Limited's Cash account. The adjusted cash balance from June's bank reconciliation is $18,920. During the month of July, Southco recorded cash receipts of...
Regulation S-X a. Specifies the information that can be incorporated by reference from the annual report into the registration statement filed with the SEC. b. Specifies the regulation and reporting...
undertaking NEBOSH in the UK can you help with some Moral, General legal and financial arguments for hazard controls on a risk assessment
If you dilute 110 mL of a 1.8 M solution of NaCl to 0.9 L, determine the new concentration of the solution.
Remy has observed different exchange rates located in Melbourne and Adelaide. The bank in Melbourne offers the bid-ask rate for a US dollar at AUD1.213-1.2774 whereas the bid-ask rate for a US dollar...
Please explain the following transaction by using tax legislation. Legal fees incurred in relation to distributor agreement. Settlement sum received in relation to distributor agreement. 5500.00...
Company A is contemplating the creation of a new-venture division in an embryonic industry. Why is a joint venture considered an appropriate method to enter this new industry?
What exactly do the array_keys and array_values functions do?
How do network effects help Facebook fend off smaller social-networking rivals? Could an online retailer doing half as much business compete on an equal footing with Amazon in terms of costs? Explain.
What impact might the use of data analyticsinformed credit decisions have on a companys statement of income?
Explain if the use of data analytics to generate automatic phone calls or email notifications whenever a customer deviates from their normal payment patterns could increase a companys net income, and...
Under IFRS, explain how a company will record leases extending beyond one year.
Mzee have Tshs 800,000,000 in the bank account, of which he wants to invest in Physical assets, Marketable investment and financial investments. As an expert in investment collect necessary...
find intervals of convergence of f(x), f'(x), f''(x) and the antiderivative of f(x). check for endpoints . f(x) = = n=1 (1)"+(x 2)" n
What force ( in N ) must be applied to a 1 5 0 . 0 kg crate on a frictionless plane inclined at 3 0 degree to cause an acceleration of 6 . 5 m / s 2 up the plane?

Kashechewan Inc. mistakenly recorded a cheque as $68 that was written for $86. In addition, the company

Question:

Step by Step Answer:

a Kashechewan should correct its books for the error in recording the chequ...View the full answer

Financial Accounting Tools for Business Decision Making

Students also viewed these Cost Accounting questions