Question: 1. Please advise how you would approach the rectification of the error 2. Please advise how will this be adjusted when bank reconciliation is performed

1. Please advise how you would approach the rectification of the error

2. Please advise how will this be adjusted when bank reconciliation is performed

3. Please provide the necessary journal entries to be made to give effect to above adjustments

1. Please advise how you would approach the rectification of the error

Balance of cash Pa or/Pa e Name Balance as per bank per books Difference India Inc $170.00 $200.00 -$30 $35-00 $20-00 $15

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Stephanie is auditing a major consumer products manufacturer. She is building her audit plan and trying to determine her approach to auditing their ending inventory balance as well as the long-term...

Q:

d. AC in LC BRIEF EXERCISE 7.4 Mumford Corporation invested $30,000 in securities on 4 December. On 9 December, it sold some of these investments for $10,000, and on 18 December, it sold more of...

Q:

I need to finish assignment Assignment 6 WPs 21-1, 21-2, 21-3, 21-5, 21-6, 21-17, 21-18, 21-19, 21-20, 21-21 Assignment 7 WPs 30-1, 30-2, 30-4, 30-5, 30-21, 30-22, 30-23, 30-24 Assignment 8 WPs 20-1,...

Q:

I have attached both the chapters from which you will be answering the following question. Ch 8 (p 387 of text or p 35 of the pdf) ?Exercise D. Prepare the bank reconciliation and any required...

Q:

Can I please have worked out solutions (i.e. Journal entries, tcharts) and reasoning why the answer is the answer. Please list conceptual concepts. NAME: Do NOT open your exam until you are told to...

Q:

Argonaut has to account for the acquisition of 100% of the shares of Moe's Lawn Care Limited (MLC) in Argonaut's June 30, 20X9, financial statements, even though MLC's numbers might be subject to...

Q:

1. A. Retain the original text. B. Replace with as, whenever petty cash is spent, a related journal entry debiting the expense and crediting petty cash should be recorded when an imprest account is...

Q:

please help. to check more clear view please save the picture and zoom in. You have recently graduated from University of Texas, Arlington and now doing well at your new job in Old Town, Maryland. Up...

Q:

Require : provide a recommendation for materiality for the upcoming audit. Include all necessary calculations and rationales. Case #2 Fun, Fit and Social Club (Suggested time: 60 minutes (represents...

Q:

Please read the question carefully. The question is translated into English at every line. SOALAN (QUESTION) 2 (20 MARKAH/ MARKS) A. Berikut adalah penyata penyesuaian bank yang disediakan oleh...

Q:

The no-load curve VNL = f(Im) of a 4-pole, 2-hp, star-connected squirrel cage induction machine with rated values of: 220 V, 60 Hz, 1725 rpm, 6.1 A. 300.0 250.0 200.0 150.0 100.0 50.0 0.0 0.00 1.00...

Q:

(c) By using the derivatives from first principle, find the derivatives of y = 3x. (d) Show that the first derivative of y = can be expressed as y' = 7+x 3x-2 (e) Given the implicit function 2y = x -...

Q:

overhead variances are interdependent rather than independent. give an example. interdependencies among the variances could arise for the spending and efficiency variances. for example,...

Q:

A company is considering to invest in eight projects. The estimated cost of each project, the perceived pnonty points, the estimated number of new jobs each project would create are provided in the...

Q:

2. In this chapter, the reader should reflect on the following concepts: Idealized system design, analogue thinking, contrast principle, consistency principle, reciprocity principle, scarcity...

Q:

2. A Soviet invasion of Poland would lead to the severing of diplomatic relations between the United States and the Soviet Union.

Q:

1. Diplomatic relations between the United States and the Soviet Union would be severed in 1993 than that