Your audit client had the following bank transfer activity near their year-end of June 30. Receiving...

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Your audit client had the following bank transfer activity near their year-end of June 30. Receiving Account Transaction: A B с D E F date per books 6/30 6/30 6/30 7/1 7/3 7/1 date per bank 6/29 6/30 7/2 6/30 7/1 6/30 Disbursing Account date per books 7/2 6/29 6/30 6/28 7/1 7/2 For each of the following questions, a single transaction might provide the answer to more than one question. For example, "A" could be the answer for none of the questions, some of the questions, or all of the questions that follow. date per bank 6/29 7/2 7/2 6/30 7/2 6/30 For each question, provide the letter or letters of the transaction that provides the answer to the question. Which of the above transactions could be a potential kite? Which of the above transactions could be a potential cover-up of a cash shortage? Which of the above transactions appear to be correctly recorded in the accounting records? Which of the above transactions would appear as the reconciling item, outstanding check, on the June 30 bank: reconciliation? Which of the above transactions would appear as the reconciling item, deposit in transit, on the June 30 bank reconciliation? Which of the above transactions would appear as some other unusual reconciling item on the June 30 bank reconciliation? Your audit client had the following bank transfer activity near their year-end of June 30. Receiving Account Transaction: A B с D E F date per books 6/30 6/30 6/30 7/1 7/3 7/1 date per bank 6/29 6/30 7/2 6/30 7/1 6/30 Disbursing Account date per books 7/2 6/29 6/30 6/28 7/1 7/2 For each of the following questions, a single transaction might provide the answer to more than one question. For example, "A" could be the answer for none of the questions, some of the questions, or all of the questions that follow. date per bank 6/29 7/2 7/2 6/30 7/2 6/30 For each question, provide the letter or letters of the transaction that provides the answer to the question. Which of the above transactions could be a potential kite? Which of the above transactions could be a potential cover-up of a cash shortage? Which of the above transactions appear to be correctly recorded in the accounting records? Which of the above transactions would appear as the reconciling item, outstanding check, on the June 30 bank: reconciliation? Which of the above transactions would appear as the reconciling item, deposit in transit, on the June 30 bank reconciliation? Which of the above transactions would appear as some other unusual reconciling item on the June 30 bank reconciliation?

Answer rating: 100% (QA)

To analyze the bank transfer activity and answer the questions lets examine each question one by one 1 Which of the above transactions could be a potential kite A potential kite occurs when funds are ... View the full answer