Your assistant prepared the following bank reconciliation statement. It appears that the statement is unacceptable and the
Question:
Your assistant prepared the following bank reconciliation statement. It appears that the statement is unacceptable and the task of preparing a proper reconciliation falls upon you.
Required
a. Prepare a proper bank reconciliation showing the true Cash balance.
b. Prepare the necessary journal entries.
Transcribed Image Text:
Brandon Company Bank Reconciliation May 31, 2020 $ 9,500 Balance per books May 31 Add: $1,060 Electronic Funds Transfer. Deposit in transit. 2,455 3,515 $13,015 Deduct: Bank charges. 10 NSF cheque, Rhonda Teal. 500 Outstanding cheques.. 1,800 Error in cheque #78: correctly issued and processed by the bank for $762, but incorrectly recorded in the books as $726 (Accounts Payable-Delta Co.). 36 2,346 $10,669 Indicated bank balance. Balance per bank statement. 9,359 $ 1,310 Discrepancy.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
a BRANDON COMPANY Bank Reconciliation May 31 2020 Balance per books 9500 Add EFT 1060 10560 Deduct ...View the full answer
Answered By
Nyron Beeput
I am an active educator and professional tutor with substantial experience in Biology and General Science. The past two years I have been tutoring online intensively with high school and college students. I have been teaching for four years and this experience has helped me to hone skills such as patience, dedication and flexibility. I work at the pace of my students and ensure that they understand.
My method of using real life examples that my students can relate to has helped them grasp concepts more readily. I also help students learn how to apply their knowledge and they appreciate that very much.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Question Posted:
Students also viewed these Business questions
-
The accountant at Maslmani co. prepared the following bank reconciliation at the end of August 2020. Maslmani Co. Bank reconciliation August.31.2020 Cash balance per bank $15,260 Add: Deposit in...
-
Your assistant prepared the following adjusted trial balance data for Commerce Company on December 31, 2011. The accounts are arranged in alphabetical order. Required: a. Calculate the net income for...
-
It appears that the sky is the limit regarding ideas for smart phone/tablet apps. In a small group, create an idea for a new app related to (1) business, (2) health; (3) education, (4) sports, and...
-
Assuming 10% minimum required reserve ratio, 5% excess reserve ratio, and people holding 10% of cash received at home (not deposited in the banks), the money multiplier is equal to Select one: a....
-
State whether f (2) and f (4) are local minima or local maxima, assuming that Figure 13 is the graph of f²(x). FIGURE 13
-
Identify each amino shown below in Fischer projection. Indicate whether the d- or l-enantiomer is shown. H T (HC)HC-C-NH3 coo (a) H HN-C-COO CH(CH3)OH (b) oocc(CH, CONH2 NH3 (c)
-
What is the default filename that make will process if no other is given?
-
Daniel Hardware Co. is considering alternative financing arrangements for equipment used in its warehouses. Besides purchasing the equipment outright, Daniel is also considering a lease. Accounting...
-
Please write the SQL query in Oracle as followed: The database can be downloaded via: https://www.oracletutorial.com/wp-content/uploads/2019/01/oracle-sample-database.zip For more information,...
-
Draw two sets of axes, one for Nation 1 and the other for Nation 2, measuring labor along the horizontal axis and capital along the vertical axis. (a) Show by straight lines through the origin that...
-
The fundamental principles of internal control include which of the following: a. Establish a separation of duties b. Ensure transactions are authorized c. Maintain records d. All of the above.
-
Baby Photography completed the following petty cash transactions during July 2020: Required 1. Prepare a general journal entry to record establishing the petty cash fund. 2. Prepare a summary of...
-
Gontier Corporation stock currently sells for $53.95 per share. The market requires a return of 12 percent on the firm's stock. If the company maintains a constant 5.5 percent growth rate in...
-
The length and cross sectional area of a gas pipe are measured and tabulated in Table Q2. The actual length and area of the beam are 5.40 ft and 2.00 in, respectively. (Given 1 in=0.0254 m; 1...
-
Calculate TGG's total FBT liability for the year ending 31 March 2021. Q3. The Good Girls Ltd (TGGs) manufactures high-end women's fashion products and directly sells to customers on the market. For...
-
Explain how your answer would differ if the company was an S-corporation rather than a partnership. Suppose that you have a new client who would like to form a partnership. The client has asked you...
-
Calculate the net normal tax for Samantha Sithole (aged 37) who belongs to a medical fund and makes monthly contributions to this fund in respect of herself, her spouse (a dependant) and two children...
-
Dave Matthew Inc. issues 600 shares of common stock with a par value of $20 and 120 shares of preferred stock with a par value of $100 for a lump sum of $100,000. Instructions (a) Prepare the journal...
-
Tower Company owns 85% of Hill Company. The two companies engaged in several intra-entity transactions. Each company's operating and dividend income for the current time period follow, as well as the...
-
What is your assessment of the negotiations process, given what you have studied? What are your recommendations for Mr. Reed? You must justify your conclusions
-
On January 1, 2020, Swift Current Corporation paid $2,540,240 to acquire bonds of Jasper Investment Corp with a par value of $2,520,000. The annual contract rate on the bonds is 7% and interest is...
-
On January 1, 2020, White River Corporation paid $2,499,760 to acquire bonds of Precision Investment Corp with a par value of $2,480,000. The annual contract rate on the bonds is 7.5% and interest is...
-
Significant influence exists under which presumed rule over the percentage ownership of voting shares: a. 1520% b. 2030% c. 2050% d. 50% or more
-
What are the structural and functional adaptations of photosynthetic pigments, such as chlorophylls and carotenoids, and how do they optimize light absorption, energy transfer, and photoprotection in...
-
An analyst gathered the following information for a stock and market parameters: stock beta = 1.5; expected return on the Market = 9.4%; expected return on T-bills = 0.61%; and current stock Price =...
-
You have $55,000 in your retirement account that is earning 4% per year. How many dollars in withdrawals per year would reduce this nest egg to zero in 20 years?
Study smarter with the SolutionInn App