During the audit of Sunset Building Supply, you are given the following year - end bank reconciliation
Question:
During the audit of Sunset Building Supply, you are given the following yearend bank reconciliation prepared by the client:
SUNSET BUILDING SUPPLY
Bank Reconciliation
December
Balance per bank statement $
Add: Deposits in transit
$
Less: Checks outstanding
Balance per ledger, $
According to the clients accounting records, checks totaling $ were issued between January and January of the following year. You have obtained a cutoff bank statement dated January containing paid checks amounting to $ Of the checks outstanding at December checks totaling $ were not returned in the cutoff statement, and of those issued per the accounting records in January, checks totaling $ were not returned.
Required:
Prepare a working paper comparing the total of all checks returned by the bank or still outstanding with the total per the clients records of checks outstanding at December plus checks issued from January
College Physics
ISBN: 978-0495113690
7th Edition
Authors: Raymond A. Serway, Jerry S. Faughn, Chris Vuille, Charles A. Bennett