Oddball Corporation has the following information pertaining to their cash account: Interest bearing checking account with...
Fantastic news! We've Found the answer you've been seeking!
Question:
![Oddball Corporation has the following information pertaining to their cash account: Interest bearing checking](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2023/09/65098d5ba8d42_1695168174411.jpg)
![What is the impact to the cash account for the correction of the Check #1028 error? Calculate the correct](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2023/09/65098ecd95910_1695168544839.jpg)
Transcribed Image Text:
Oddball Corporation has the following information pertaining to their cash account: Interest bearing checking account with Bank statements and electronic copies of cancelled checks are provided monthly The bank statement is prepared (the cutoff date) as of the end of each month Current bank statement for the month ending Balance per bank at the BEGINNING of November Deposits recorded by the bank for the current month Checks processed for the current month Service charges for the current month Non-sufficient funds checks for the current month deposited by Oddball Interest paid by the bank Balance per bank at the END of November A review of Oddball's general ledger provides the following information: Balance per the CASH account at the END of November Cash receipts by Oddball that have not yet been deposited but are included in the general ledger balance: A deposit made by Oddball on 11/28 not credited until December Checks written by Oddball that have NOT "cleared" (been paid out by) the bank Check #1028 was written to a supplier for the following amount but was incorrectly recorded as the following amount Fifth Third November $65,000 $12,000 $(14,000) $(200) $(2,000) $350 $61,150 $68,000 $6,500 $1,500 $4,500 $6,000 $4,500 What is the impact to the cash account for the correction of the Check #1028 error? Calculate the correct balance that both the Bank and Oddball Corporation should agree on after the Bank Reconciliation. Enter the amount as a positive value Oddball Corporation has the following information pertaining to their cash account: Interest bearing checking account with Bank statements and electronic copies of cancelled checks are provided monthly The bank statement is prepared (the cutoff date) as of the end of each month Current bank statement for the month ending Balance per bank at the BEGINNING of November Deposits recorded by the bank for the current month Checks processed for the current month Service charges for the current month Non-sufficient funds checks for the current month deposited by Oddball Interest paid by the bank Balance per bank at the END of November A review of Oddball's general ledger provides the following information: Balance per the CASH account at the END of November Cash receipts by Oddball that have not yet been deposited but are included in the general ledger balance: A deposit made by Oddball on 11/28 not credited until December Checks written by Oddball that have NOT "cleared" (been paid out by) the bank Check #1028 was written to a supplier for the following amount but was incorrectly recorded as the following amount Fifth Third November $65,000 $12,000 $(14,000) $(200) $(2,000) $350 $61,150 $68,000 $6,500 $1,500 $4,500 $6,000 $4,500 What is the impact to the cash account for the correction of the Check #1028 error? Calculate the correct balance that both the Bank and Oddball Corporation should agree on after the Bank Reconciliation. Enter the amount as a positive value
Expert Answer:
Answer rating: 100% (QA)
To determine the impact on the cash account for the correction of the Check 1028 error and calculate ... View the full answer
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
Students also viewed these accounting questions
-
The instrument shown in figure, with a mass of 20 kg is attached to platform P that rests on four springs, each having a stiffness of 980 N/m. The floor is subjected to a vertical acceleration x(t) =...
-
1. Consider the journal entries required. What is the leg of the journal entry to correct the Bank Fees Expense Account? If it increases bank fees expense simply input the amount. If it decreases...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
2. A magazine printer is considering taking on a new weekly publication. The company's financial officer has researched and determined costs and a committee of upper management personnel are deciding...
-
Explain how a vision statement leads to the development of the mission statement and overall retail strategy.
-
A mutual fund is currently valued at $80 per share and its value per share is increasing at a rate of $0.50 a day. Let V = f(t) be the value of the share t days from now. (a) Express the information...
-
4 Suppose you introduced a new consumer food product and invested heavily both in national advertising (pull strategy) and in training and motivating your field salesforce to sell the product to food...
-
Arroyo Corporation has 100,000 shares of $60 par common stock outstanding. On February 8, Arroyo Corporation declared a 6% stock dividend to be issued April 11 to stockholders of record on March 10....
-
AP-3A LO 3 On January 1, 2018, Parts2U purchased a van for $34,000. The company plans to retire the van after it has been driven for 150,000 miles, at which time the residual value is expected to be...
-
John Henderson's will provides for the creation of a trust for the benefit of Holly Jones. Under the specific terms, the trust is required to distribute to Holly $50,000 cash and 1,000 shares of IBM...
-
During the year ending 30 June 2019 Ethan Taylor disposed of the following capital assets: Asset Date of Date of Acquisition Sale Acquisition Sale Price Price ANZ Shares 15 July 2017 30 June $3,500...
-
Obtain the phase trajectories for a system governed by the equation \[\ddot{x}+0.4 \dot{x}+0.8 x=0\] with the initial conditions \(x(0)=2\) and \(\dot{x}(0)=1\) using the method of isoclines.
-
Indicate whether each of the following accounts normally has a debit balance or a credit balance. a. Land b. Dividends c. Accounts Payable d. Unearned Revenue e. Consulting Revenue f. Salaries...
-
Indicate whether each of the following accounts normally has a debit or credit balance. a. Common Stock b. Retained Earnings c. Land d. Accounts Receivable e. Insurance Expense f. Cash g. Dividends...
-
Match each of the items in the left column with the LO5, 6 appropriate annual report component from the right column: 1. The company's total liabilities 2. The sources of cash during the period 3. An...
-
Allegra Company has sales of \($167,000\) and a bicak-even sales point of \($123,000\). Compute Allegra s margin of safety and its margin of safety ratio.
-
14 The Stride Fixed Income Fund has year end market value of assets of $750 million with $85 million in market value of its liabilities. Stride reports a net asset value of $51.23. The number of...
-
Explain why each of the following is either a private good or a public good: traffic lights, in line skates, a city park, a chicken salad sandwich, a tennis racket, national defense, a coastal...
-
In October 2006, Black, the owner of the Grand Opera House, and Harvey entered into a written agreement leasing the Opera House to Harvey for five years at a rental of $300,000 per year. Harvey...
-
Civil Code 1719, subdivision (a) provides in part that any person who draws a check that is dishonored due to insufficient funds shall be liable to the payee for the amount owing upon the check and...
-
Identify and discuss the principal rights of partners.
-
33. On January 1,2008, a rich citizen of the Town of Ristoni donates a painting valued at $300,000 to be displayed to the public in a government building. Although this painting meets the three...
-
31. The City of Lawrence opens a solid waste landfill in 2008 that is at 54 percent of capacity on December 31, 2008. The city had initially anticipated closure costs of $2 million but later that...
-
29. On January 1, 2008, the City ofVerga leased a large truck for five years and made the initial annual payment of $22,000 immediately. The present value of these payments based on an 8 percent...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App