Part of your duties as the company's Chief Internal Control Officer (CICO) is to prepare a...
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Part of your duties as the company's Chief Internal Control Officer (CICO) is to prepare a bank reconciliation each month to ensure proper accounting and safeguarding of cash. The bank reconciliation involves you comparing information in the bank statement to information in the company's cash records. . At the beginning of the month, both the bank and the company had a beginning cash balance of $23,470. . By the end of the month, the bank statement shows a month-end cash balance of $20,680, while the company's records indicate a month-end cash balance of $24,820. • The left circle encompasses all cash transactions for the month reflected in the bank's balance of cash. •The right circle encompasses all cash transactions for the month reflected in the company's current balance of cash. Bank's records: Deposits and credits Bank's records: Withdrawals and Debits $1,000 NOTE $50 INT $700 NSF $900 EFT $70 SF $5,860 Sales $6,240 Sales $3,690 EFT $1,900 Check #532 $4,180 EFT $4,500 Check #533 $7,720 Sales $1,800 Check #534 $2,400 Check #535 Company's records: Cash receipts Company's records: Cash disbursements Answer the following questions (Use the following codes: DEP = deposits; EFT = electronic funds transfer; INT = interest earned; NOTE = note collected; NSF non sufficient funds; SF= service fees): Required: 1. Which transactions are shown in the intersection of the two circles? 2. Which transactions are not yet reflected in the company's cash records? 3. Which transactions are not yet reflected in the bank's cash records for July? 4. Calculate the bank's adjusted balance of cash and the company's adjusted balance of cash (Hint: Begin with the month-end balances of cash in the bank statement and company records in the given information above). 5. Record the entries to adjust the company's cash balance. The EFT for $900 includes the cost of utilities in the current month. Required 1 Required 2 Required 3 Required 4 OOO Required S Which transactions are shown in the intersection of the two circles? Transactions currently recorded by the bank but not yet by the company. Transactions currently recorded by the company but not yet by the bank. Transactions currently recorded by both the company and the bank. Required 1 Required 2 Which transactions are not yet reflected in the company's cash records? Transactions in the left circle not included in the intersection. Transactions in the right circle not included in the intersection. Transactions in the intersection of the two circles. Required 3 Required 4 Required 5 Required 1 Required 2 Required 3 Required 4 Required 5 Which transactions are not yet reflected in the bank's cash records for July? Transactions in the left circle not included in the intersection Transactions in the right circle not included in the intersection. OTransactions in the intersection of the two circles. Part of your duties as the company's Chief Internal Control Officer (CICO) is to prepare a bank reconciliation each month to ensure proper accounting and safeguarding of cash. The bank reconciliation involves you comparing information in the bank statement to information in the company's cash records. . At the beginning of the month, both the bank and the company had a beginning cash balance of $23,470. . By the end of the month, the bank statement shows a month-end cash balance of $20,680, while the company's records indicate a month-end cash balance of $24,820. • The left circle encompasses all cash transactions for the month reflected in the bank's balance of cash. •The right circle encompasses all cash transactions for the month reflected in the company's current balance of cash. Bank's records: Deposits and credits Bank's records: Withdrawals and Debits $1,000 NOTE $50 INT $700 NSF $900 EFT $70 SF $5,860 Sales $6,240 Sales $3,690 EFT $1,900 Check #532 $4,180 EFT $4,500 Check #533 $7,720 Sales $1,800 Check #534 $2,400 Check #535 Company's records: Cash receipts Company's records: Cash disbursements Answer the following questions (Use the following codes: DEP = deposits; EFT = electronic funds transfer; INT = interest earned; NOTE = note collected; NSF non sufficient funds; SF= service fees): Required: 1. Which transactions are shown in the intersection of the two circles? 2. Which transactions are not yet reflected in the company's cash records? 3. Which transactions are not yet reflected in the bank's cash records for July? 4. Calculate the bank's adjusted balance of cash and the company's adjusted balance of cash (Hint: Begin with the month-end balances of cash in the bank statement and company records in the given information above). 5. Record the entries to adjust the company's cash balance. The EFT for $900 includes the cost of utilities in the current month. Required 1 Required 2 Required 3 Required 4 OOO Required S Which transactions are shown in the intersection of the two circles? Transactions currently recorded by the bank but not yet by the company. Transactions currently recorded by the company but not yet by the bank. Transactions currently recorded by both the company and the bank. Required 1 Required 2 Which transactions are not yet reflected in the company's cash records? Transactions in the left circle not included in the intersection. Transactions in the right circle not included in the intersection. Transactions in the intersection of the two circles. Required 3 Required 4 Required 5 Required 1 Required 2 Required 3 Required 4 Required 5 Which transactions are not yet reflected in the bank's cash records for July? Transactions in the left circle not included in the intersection Transactions in the right circle not included in the intersection. OTransactions in the intersection of the two circles.
Expert Answer:
Related Book For
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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