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1 2 Internal Control and Cash Use a bank reconciliation 4 Skatetown USA's manager Jim Patrick received monthly bank statement at March 31, which shows the following: 5 6 7 Bank statement data EFT rent collection Service charge NSF checks Charge for printed checks Ending balance S ssss Deposit in transit Outstanding checks Balance, March 31 8 9 10 11 12 13 In reviewing his cash records, Patrick identifies the following: 14 15 16 17 18 19 Salary check 315 10 100 11 $ 710 Cash records data $ 1,775 $ 615 $ 1,865 Recorded amount Actual amount S 21 S 210 20 21 22 23 24 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the 25 Instructions tab you will be marked wrong.

1 2 Internal Control and Cash Use a bank reconciliation 4 Skatetown USA's manager Jim Patrick received monthly bank statement at March 31, which shows the following: 5 6 7 Bank statement data EFT rent collection Service charge NSF checks Charge for printed checks Ending balance S ssss Deposit in transit Outstanding checks Balance, March 31 8 9 10 11 12 13 In reviewing his cash records, Patrick identifies the following: 14 15 16 17 18 19 Salary check 315 10 100 11 $ 710 Cash records data $ 1,775 $ 615 $ 1,865 Recorded amount Actual amount S 21 S 210 20 21 22 23 24 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the 25 Instructions tab you will be marked wrong.

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Internal Control And Cash
Section: Chapter Questions
Problem 7.21EX
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A B 1 Internal Control and Cash 2 Use a bank reconciliation 3 4 Skatetown USA's manager Jim Patrick received monthly bank statement at March 31, which shows the following: 5 6 7 8 20 21 22 23 24 C Bank statement data EFT rent collection Service charge NSF checks Charge for printed checks Ending balance Salary check SSSS 10 11 12 13 In reviewing his cash records, Patrick identifies the following: 14 15 16 17 18 19 Deposit in transit Outstanding checks Balance, March 31 $ 315 $ 10 $ 100 $ 11 $ 710 D Cash records data E $ 1,775 $ 615 $ 1,865 UL. Recorded Actual amount amount $ 21 $ 210 F G H I Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the 25 Instructions tab you will be marked wrong. 26 K L M N 0 P
Transcribed Image Text:A B 1 Internal Control and Cash 2 Use a bank reconciliation 3 4 Skatetown USA's manager Jim Patrick received monthly bank statement at March 31, which shows the following: 5 6 7 8 20 21 22 23 24 C Bank statement data EFT rent collection Service charge NSF checks Charge for printed checks Ending balance Salary check SSSS 10 11 12 13 In reviewing his cash records, Patrick identifies the following: 14 15 16 17 18 19 Deposit in transit Outstanding checks Balance, March 31 $ 315 $ 10 $ 100 $ 11 $ 710 D Cash records data E $ 1,775 $ 615 $ 1,865 UL. Recorded Actual amount amount $ 21 $ 210 F G H I Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the 25 Instructions tab you will be marked wrong. 26 K L M N 0 P
D G 1 Using a bank reconciliation, determine how much cash Patrick actually has at March 31, 2021. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong. Use cell references from prior 2 calculations, if applicable.) Min 0939 BANK: 8 Balance, March 31 Add: 10 Subtotal B 13 Skatetown USA Bank Reconciliation March 31, 2021 Cash not deposited in bank 11 Less: Outstanding checks 12 Adjusted bank balance 14 BOOKS: 15 Balance, March 31 16 Add: Collected by bank 17 Subtotal 18 Less: 19 20 21 22 23 24 Adjusted book balance 25 26 Patrick's actual cash balance 27 28 NSF checks Charge for printing checks Service charge Salary wrongly entered $ 100 11 10 189 $ 710 1,775 2,485 615 $1,870 $1,865 315 2,180 H I K L M N O
Transcribed Image Text:D G 1 Using a bank reconciliation, determine how much cash Patrick actually has at March 31, 2021. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be marked wrong. Use cell references from prior 2 calculations, if applicable.) Min 0939 BANK: 8 Balance, March 31 Add: 10 Subtotal B 13 Skatetown USA Bank Reconciliation March 31, 2021 Cash not deposited in bank 11 Less: Outstanding checks 12 Adjusted bank balance 14 BOOKS: 15 Balance, March 31 16 Add: Collected by bank 17 Subtotal 18 Less: 19 20 21 22 23 24 Adjusted book balance 25 26 Patrick's actual cash balance 27 28 NSF checks Charge for printing checks Service charge Salary wrongly entered $ 100 11 10 189 $ 710 1,775 2,485 615 $1,870 $1,865 315 2,180 H I K L M N O
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