Proof of Cash5. Information on Blue Curtain Co. is shown below:31-Jan28-FebBook balance264,00360,000Baok debits120,000Book credits24,400Bank balance201,200370,820Bank debits17,320186,940Bank creditsCredit mem0sBank chargesUnderstatement of book receiptsOverstatement of book receiptsDeposit in transitOutstanding checks30,00015,6004,00052,50010,6802,80095,04013,44043,80015,600Raquirement: Prepare a proof of cash.

A proof of cash is essentially a roll forward of each line item in a bank reconciliation from one…

Book debits 120,000 Book credits 24,400 Bank balanoe 201,200 370,820 Bank debits 17,320 Bank eredits 186,940 30,000 52,500 Credit memos Bank charges Understatement of book receipts Overstatement of book receipts 15,600 10,680 4,000 2,800 43,800 95,040

Book debits 120,000 Book credits 24,400 Bank balanoe 201,200 370,820 Bank debits 17,320 Bank eredits 186,940 30,000 52,500 Credit memos Bank charges Understatement of book receipts Overstatement of book receipts 15,600 10,680 4,000 2,800 43,800 95,040

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 5.21E

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Proof of Cash
5. Information on Blue Curtain Co. is shown below:
31-Jan
28-Feb
Book balance
264,00
360,000
Baok debits
120,000
Book credits
24,400
Bank balance
201,200
370,820
Bank debits
17,320
186,940
Bank credits
Credit mem0s
Bank charges
Understatement of book receipts
Overstatement of book receipts
Deposit in transit
Outstanding checks
30,000
15,600
4,000
52,500
10,680
2,800
95,040
13,440
43,800
15,600
Raquirement: Prepare a proof of cash.

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