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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
Computing the Bank Statement Balance (Appendix 6.1) Your cashier has notified you that he has misplaced all the bank statements for the past year. You review selected accounting records during the year and discover that the following journal entry was made to reconcile the June 30, 2019, bank statement and the accounting records:
Required:
Next Level What events might have caused each of the preceding reconciling items to occur?
Next Level Compute the amount that would have appeared as the balance per bank statement on a bank reconciliation if the preadjustment cash balance in the accounting records was $7,683.70, outstanding checks were $207.50, and no other adjustments were required.
Next Level Assume that you contact the bank and are informed that a balance of $5,542.90 had been reported on the June 30 bank statement. What does this discrepancy indicate, and how would you begin investigating it?
1.
Specify the events that would have caused the given preceding items to occur.
Bank reconciliation:
Bank statement is prepared by bank. The company maintains its own records from its perspective. This is why the cash balance per bank and cash balance per books seldom agree. Bank reconciliation is the statement prepared by company to remove the differences and disagreement between cash balance per bank and cash balance per books.
- The accounts receivable that are being debited with an amount of $1,520...
2.
Calculate the balance of bank statement on the bank reconciliation.
3.
Explain the manner by which the given discrepancies will be investigated.
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