a. After all posting completed on October 31, the company's Book balance was totalled to $13254...

 

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a. After all posting completed on October 31, the company's Book balance was totalled to $13254 with a bank statement balance of $29436 b. Cheque # 296 for $1340 and #307 for $12809 were outstanding on the September 30 bank reconciliation. Cheque # 307 was returned with the October cancelled cheques, but cheque #296 was not. It was also found that cheque #315 for $897 and cheque #321 for $2010, both written in October, were not among the canceled cheques returned with the statement. In comparing the cancelled cheques returned by the bank with the entries in the accounting records, it was found that cheque #320 for October rent was correctly written for $3070 but was mistakenly entered in the account records as $3700 C. d. A credit enclosed with the bank statement indicated that the bank has collected a $22000 non- interest-bearing note for Montrose and $1260 interest bearing credits, deducted $120 collection fee, and credited the remainder to the account. This transaction was not recorded by Montrose before receiving the statement. A debit for $3250 listed a $3200 NSF cheque plus a $50 NSF charge. The cheque had been received from a customer, Jefferson Tyler. Montrose had not recorded this bounced chequing before receiving the e. statement. Also enclosed with the statement was a $75 debt for bank services. It had not been recorded because no previous notifications had been received. The October 31 cash receipts of $7250 were placed in the bank's night depository after banking hours f. g. and was not included in the bank statement. a. After all posting completed on October 31, the company's Book balance was totalled to $13254 with a bank statement balance of $29436 b. Cheque # 296 for $1340 and #307 for $12809 were outstanding on the September 30 bank reconciliation. Cheque # 307 was returned with the October cancelled cheques, but cheque #296 was not. It was also found that cheque #315 for $897 and cheque #321 for $2010, both written in October, were not among the canceled cheques returned with the statement. In comparing the cancelled cheques returned by the bank with the entries in the accounting records, it was found that cheque #320 for October rent was correctly written for $3070 but was mistakenly entered in the account records as $3700 C. d. A credit enclosed with the bank statement indicated that the bank has collected a $22000 non- interest-bearing note for Montrose and $1260 interest bearing credits, deducted $120 collection fee, and credited the remainder to the account. This transaction was not recorded by Montrose before receiving the statement. A debit for $3250 listed a $3200 NSF cheque plus a $50 NSF charge. The cheque had been received from a customer, Jefferson Tyler. Montrose had not recorded this bounced chequing before receiving the e. statement. Also enclosed with the statement was a $75 debt for bank services. It had not been recorded because no previous notifications had been received. The October 31 cash receipts of $7250 were placed in the bank's night depository after banking hours f. g. and was not included in the bank statement.

Answer rating: 100% (QA)

1 based on the data given is cheque no 307 is not outstandingbecause ... View the full answer