A bank statement received by Allied Ltd for the month of February 2022 showed a credit balance of $8,500. The company's Cash at Bank balance as per company records had a debit balance of $9,145. The following were discovered as the reasons for the discrepancy between the two balances: 1. The bank statement included a debit entry of S90 for the annual bank service fee. 2 Outstanding EFTS at 28 February totalled $6,200. 3. On 28th February, receipts deposited amounting to S8,820 are still outstanding with the bank. 4. Cash sales of S694 on 20 February were deposited in the bank. The cash receipts journal entry and the deposit slip were wrongly made for S649. The bank credited Allied Ltd for the correct amount. 5. Notes receivable of $1,800 was collected by the bank for Allied Pty Ltd on 28 February plus $220 interest. No interest has been accrued on the note. Prepare BRS
A bank statement received by Allied Ltd for the month of February 2022 showed a credit balance of $8,500. The company's Cash at Bank balance as per company records had a debit balance of $9,145. The following were discovered as the reasons for the discrepancy between the two balances: 1. The bank statement included a debit entry of S90 for the annual bank service fee. 2 Outstanding EFTS at 28 February totalled $6,200. 3. On 28th February, receipts deposited amounting to S8,820 are still outstanding with the bank. 4. Cash sales of S694 on 20 February were deposited in the bank. The cash receipts journal entry and the deposit slip were wrongly made for S649. The bank credited Allied Ltd for the correct amount. 5. Notes receivable of $1,800 was collected by the bank for Allied Pty Ltd on 28 February plus $220 interest. No interest has been accrued on the note. Prepare BRS
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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