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The Cash Account For Deaver Consulting at October 31 20y6
The Cash Account For Deaver Consulting at October 31 20y6
The Cash Account For Deaver Consulting at October 31 20y6
20Y6 #8857
The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $15,750.
The bank statement indicated a balance of $31,095 on October 31, 20Y6. Comparing the bank
statement and the accompanying canceled checks and memos with the records revealed the
following reconciling items:a. Checks outstanding totaled $10,125.b. A deposit of $4,120,
representing receipts from October 31, had been made too late to appear on the bank
statement.c. The bank had collected $10,400 on a note left for collection. The face of the note
was $10,000.d. A check for $1,200 returned with the statement had been incorrectly recorded
by Deaver Consulting as $120. The check was for the payment of an obligation to Oxford Office
Supplies Co. for the purchase of office supplies on account.e. A check drawn for $320 had been
incorrectly charged by the bank as $230.f. Bank service charges for October amounted to
$70.Instructions1. Prepare a bank reconciliation.2. Illustrate the effects on the accounts and
financial statements of the bank reconciliation.View Solution:
The cash account for Deaver Consulting at October 31 20Y6
ANSWER
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