Chapter $6$ Part B Assignment

Question $4$ of $4$

$-110$

Sandra Spark is the owner of Spark Images Ltd$.($SIL$),$ a graphic design company. She is trying to prepare a bank reconciliation for SIL's bank account as at February $29,2020.$ A review of SIL's bank statement and accounting records showed the following:

The accounting records showed a balance in the Cash account of $$17,590.$

The bank statement showed that SIL began the month with a cash balance of $$19,600$ and ended with a cash balance of $$22,000.$

Sandra had made a mistake recording an insurance payment. She had recorded it in the general ledger as $$850$ rather than the correct amount of $$580($which was the amount of the cheque sent to the insurance company$).$

Two cheques totalling $$5,300$ that had been written and mailed by SIL had not been cashed.

Bank service charges for the month were $$80.$

A cheque for $$1,690$ that had been part of SIL's deposit on February $26,2020,$ was not honoured by the bank because the client had insufficient funds.

Sandra made a deposit for $$1,380$ through the night deposit slot at the bank late on the evening of February $28,2020.$

One of SIL's customers had paid their account using an electronic funds transfer. The payment was for $$1,990.$

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