As part of your verification, you obtain the bank statement and cancelled checks from the bank...

 

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As part of your verification, you obtain the bank statement and cancelled checks from the bank on January 15, 2019. Checks issued from January 1 to January 15, 2019, per books were $22,482 Checks returned by the bank on January 15 amounted to $58,438. Of the checks outstanding December 31, $9,600 were not returned by the bank with the January 15 statement, and of those issued per books in January 2019. $7,200 were not returned Deposits in transit Outstanding checks Balance per books $ 69 37,856 68,390 42,756 25,634 Required: 1. Calculate the disbursements per books based on the above data 2. Suggest three possible explanations for the difference between the disbursements per books as computed and as reported. As part of your verification, you obtain the bank statement and cancelled checks from the bank on January 15, 2019. Checks issued from January 1 to January 15, 2019, per books were $22,482 Checks returned by the bank on January 15 amounted to $58,438. Of the checks outstanding December 31, $9,600 were not returned by the bank with the January 15 statement, and of those issued per books in January 2019. $7,200 were not returned Deposits in transit Outstanding checks Balance per books $ 69 37,856 68,390 42,756 25,634 Required: 1. Calculate the disbursements per books based on the above data 2. Suggest three possible explanations for the difference between the disbursements per books as computed and as reported.

Answer rating: 100% (QA)

Calculation of Disbursements per books Starting balance per books 25634 Add Checks issued from Janua... View the full answer