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Sofia is a cashier at Sanofi international company who has made following bank reconciliation statement in the absence of expert accountant for month of February 28, 2021. Sofia International Company Reconciliation Statement of Bank 28 February 2021 Balance per bank statement, Feb 28 Add: Deposit in transit Collection of note from Farms Sub total |Less: Outstanding Checks: No. 831 $18,299.40 $4,320.60 3,000.00 7,320.60 $26,620.00 $340.30 863 800.50 145.20 1,186.00 $25,434.00 $29,959.00 888 Adjusted cash balance per bank statement Balance per accounting records, Feb 28 Add: Credit memoranda from bank Subtotal 3,000.00 $26,959.00 Less: Debit memoranda from bank NSF check Bank Service charges |Adjusted cash balance per accounting records 1,500 25.00 1,525.00 $25,434.00 Instructions: Looking into bank reconciliation statement above, highlight mistakes if any there. Explain why that/those should be considered a mistake and then make a corrected reconciliation statement OTHERWISE if you think there is no mistake, copy the same on answer sheet and justify that the given above is correct one in all respects. At the end, explain all parts (major) of bank reconciliation statement.

Sofia is a cashier at Sanofi international company who has made following bank reconciliation statement in the absence of expert accountant for month of February 28, 2021. Sofia International Company Reconciliation Statement of Bank 28 February 2021 Balance per bank statement, Feb 28 Add: Deposit in transit Collection of note from Farms Sub total |Less: Outstanding Checks: No. 831 $18,299.40 $4,320.60 3,000.00 7,320.60 $26,620.00 $340.30 863 800.50 145.20 1,186.00 $25,434.00 $29,959.00 888 Adjusted cash balance per bank statement Balance per accounting records, Feb 28 Add: Credit memoranda from bank Subtotal 3,000.00 $26,959.00 Less: Debit memoranda from bank NSF check Bank Service charges |Adjusted cash balance per accounting records 1,500 25.00 1,525.00 $25,434.00 Instructions: Looking into bank reconciliation statement above, highlight mistakes if any there. Explain why that/those should be considered a mistake and then make a corrected reconciliation statement OTHERWISE if you think there is no mistake, copy the same on answer sheet and justify that the given above is correct one in all respects. At the end, explain all parts (major) of bank reconciliation statement.

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter8: Sarbanes-oxley, Internal Control, And Cash
Section: Chapter Questions
Problem 18E
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Sofia is a cashier at Sanofi international company who has made following bank reconciliation statement in the absence of expert accountant for month of February 28, 2021. Sofia International Company Reconciliation Statement of Bank 28 February 2021 Balance per bank statement, Feb 28 Add: Deposit in transit Collection of note from Farms $18,299.40 $4,320.60 3,000.00 7,320.60 $26,620.00 Sub total Less: Outstanding Checks: No. 831 863 $340.30 800.50 888 145.20 1,186.00 $25.434.00 Adjusted cash balance per bank statement Balance per accounting records, Feb 28 Add: Credit memoranda from bank Subtotal $29,959.00 3,000.00 $26,959.00 Less: Debit memoranda from bank NSF check 1,500 Bank Service charges Adjusted cash balance per accounting records 25.00 1,525.00 $25,434.00 Instructions: Looking into bank reconciliation statement above, highlight mistakes if any there. Explain why that/those should be considered a mistake and then make a corrected reconciliation statement OTHERWISE if you think there is no mistake, copy the same on answer sheet and justify that the given above is correct one in all respects. At the end, explain all parts (major) of bank reconciliation statement.
Transcribed Image Text:Sofia is a cashier at Sanofi international company who has made following bank reconciliation statement in the absence of expert accountant for month of February 28, 2021. Sofia International Company Reconciliation Statement of Bank 28 February 2021 Balance per bank statement, Feb 28 Add: Deposit in transit Collection of note from Farms $18,299.40 $4,320.60 3,000.00 7,320.60 $26,620.00 Sub total Less: Outstanding Checks: No. 831 863 $340.30 800.50 888 145.20 1,186.00 $25.434.00 Adjusted cash balance per bank statement Balance per accounting records, Feb 28 Add: Credit memoranda from bank Subtotal $29,959.00 3,000.00 $26,959.00 Less: Debit memoranda from bank NSF check 1,500 Bank Service charges Adjusted cash balance per accounting records 25.00 1,525.00 $25,434.00 Instructions: Looking into bank reconciliation statement above, highlight mistakes if any there. Explain why that/those should be considered a mistake and then make a corrected reconciliation statement OTHERWISE if you think there is no mistake, copy the same on answer sheet and justify that the given above is correct one in all respects. At the end, explain all parts (major) of bank reconciliation statement.
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