Homework Help is Here – Start Your Trial Now!
Business
Accounting
Prepare a bank reconciliation on 30 June 2016 based on the information provided below. Show all your calculations. The following information relates to the cash position of Canada Ltd. 1. Cash at Bank account balance on 30 June 2020: $45 351 debit. 2. Bank statement balance on 30 June 2020: $47 512 credit. On 30 June receipts amounting to $1 420 have not been deposited. Cheques issued but not presented total $3 268. A $212 cheque was returned marked 'dishonored' (NSF). The cheque had been received from B Simpson, a new customer. 6. 3. 4. 5. A $550 deposit made by L. Rich was incorrectly credited to the bank account of Canada. 7. The bank statement shows that the bank has charged the business's account with fees and charges of $25.

Prepare a bank reconciliation on 30 June 2016 based on the information provided below. Show all your calculations. The following information relates to the cash position of Canada Ltd. 1. Cash at Bank account balance on 30 June 2020: $45 351 debit. 2. Bank statement balance on 30 June 2020: $47 512 credit. On 30 June receipts amounting to $1 420 have not been deposited. Cheques issued but not presented total $3 268. A $212 cheque was returned marked 'dishonored' (NSF). The cheque had been received from B Simpson, a new customer. 6. 3. 4. 5. A $550 deposit made by L. Rich was incorrectly credited to the bank account of Canada. 7. The bank statement shows that the bank has charged the business's account with fees and charges of $25.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter6: Cash And Internal Control
Section: Chapter Questions
Problem 6.3E
See similar textbooks
icon
Related questions
Question
Prepare a bank reconciliation on 30 June 2016 based on the information provided below. Show all your calculations. The following information relates to the cash position of Canada Ltd. 1. Cash at Bank account balance on 30 June 2020: $45 351 debit. 2. Bank statement balance on 30 June 2020: $47 512 credit. 3. On 30 June receipts amounting to $1 420 have not been deposited. Cheques issued but not presented total $3 268. A $212 cheque was returned marked 'dishonored' (NSF). The cheque had been received from B Simpson, a new customer. 6. 4. 5. A $550 deposit made by L. Rich was incorrectly credited to the bank account of Canada. 7. The bank statement shows that the bank has charged the business's account with fees and charges of $25.
Transcribed Image Text:Prepare a bank reconciliation on 30 June 2016 based on the information provided below. Show all your calculations. The following information relates to the cash position of Canada Ltd. 1. Cash at Bank account balance on 30 June 2020: $45 351 debit. 2. Bank statement balance on 30 June 2020: $47 512 credit. 3. On 30 June receipts amounting to $1 420 have not been deposited. Cheques issued but not presented total $3 268. A $212 cheque was returned marked 'dishonored' (NSF). The cheque had been received from B Simpson, a new customer. 6. 4. 5. A $550 deposit made by L. Rich was incorrectly credited to the bank account of Canada. 7. The bank statement shows that the bank has charged the business's account with fees and charges of $25.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bank reconciliation statement
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS