Here is the correct answer
RELIABLE AUTO PARTS, INC | ||||
Proof of Cash for April 20X0 | ||||
July 31, 20X0 | ||||
Balance | Balance | |||
3/31/X0 | Deposits | Checks | 4/30/X0 | |
Per bank statement | $ 72,225.57 | $ 61,952.45 | $ 68,643.69 | $ 65,534.33 |
Deposits in transit: | ||||
At 3/31/X0 | $ 2,134.22 | $ -2,134.22 | $ - | |
At 4/30/X0 | $ 4,955.32 | $ 4,955.32 | ||
Outstanding checks | ||||
At 3/31/X0 | $ -15,000.89 | $ -15,000.89 | $ - | |
At 4/30/X0 | $ 23,088.23 | $ -23,088.23 | ||
Bank service charges | ||||
March 20X0 | $ 22.33 | $ 22.33 | $ - | |
April 20X0 | $ -19.29 | $ 19.29 | ||
Note receivable collected by bank | $ -18,330.00 | $ -18,330.00 | ||
NSF Check | $ - | |||
LG Waite | $ 421.04 | $ -421.04 | $ - | |
Balance per book | $ 59,802.27 | $ 46,022.51 | $ 76,734.07 | $ 29,090.71 |
You are the senior auditor-in-charge of the July 31, 20X0, audit of Reliable Auto Parts, Inc....
You are the senior auditor-in-charge of the July 31, 20X0, audit of Reliable Auto Parts, Inc. Your newly hired staff assistant reports to you that she is unable to complete the four-column proof of cash for the month of April 20X0, which you instructed her to do as part of the consideration of internal control over cash. Your assistant shows you the working paper that she has prepared. Your review of your assistant’s work reveals that the dollar amounts of...
Problem 10-47 [LO 10-6] You are the senior auditor-in-charge of the July 31, 20x0, audit of Reliable Auto Parts, Inc. Your newly hired staff assistant reports to you that she is unable to complete the four-column proof of cash for the month of April 20XO, which you instructed her to do as part of the consideration of internal control over cash. Your assistant shows you the working paper that she has prepared. Your review of your assistant's work reveals that...
Instructions
a) Determine deposits in transit.
Spade Inc.'s bank statement from Hollow Bank at July 31, 2019, gives the following information. $18,400 71,000 68,678 $ Balance, July 1 August deposits Checks cleared in July Bank credit memorandum: Interest earned 25 Bank debit memorandum: Safety deposit box fee Service charge Balance, July 31 50 20,692 45 A summary of the Cash account in the ledger for July shows the following: balance, July 1, $18,700, receipts $74,000; disbursements $73,570; and balance, July...
On July 31, 2017, Sheridan Company had a cash balance per books of $6,325.00. The statement from Dakota State Bank on that date showed a balance of $7,875.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $16.00. 2. The bank collected $1,705.00 for Sheridan Company through electronic funds transfer. 3. The July 31 receipts of $1,387.30 were not included in the bank deposits for July. These...
On July 31, 2022, Pharoah Company had a cash balance per books of $6,320.00. The statement from Dakota State Bank on that date showed a balance of $7.870.80.A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $21.00. 2. The bank collected $1,700.00 from a customer for Pharoah Company through electronic funds transfer. 3. The July 31 receipts of $1,377.30 were not included in the bank deposits for July. These receipts...
On July 31, 2022, Cullumber Company had a cash balance per books of $6,250.00. The statement from Dakota State Bank on that date showed a balance of $7,800.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $20.00. 2. The bank collected $1,630.00 from a customer for Cullumber Company through electronic funds transfer. 3. The July 31 receipts of $1,308.30 were not included in the bank deposits...
On July 31, 2019, Crane Company had a cash balance per books of $6,245.00. The statement from Dakota State Bank on that date showed a balance of $7,795.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $16.00. 2. The bank collected $1,625 for Crane Company through electronic funds transfer. 3. The July 31 receipts of $1,307.30 were not included in the bank deposits for July. These...
On July 31, 2022, Cullumber Company had a cash balance per books of $6,250.00. The statement from Dakota State Bank on that date showed a balance of $7,800.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $20.00. 2. The bank collected $1,630.00 from a customer for Cullumber Company through electronic funds transfer. 3. The July 31 receipts of $1,308.30 were not included in the bank deposits for July. These...
need to find adjusted cash balance per books.
Progrem A On July 31, 2017, Crane Company had a cash balance per books of $6,245.00. The statement from Dakota State Bank on that date showed a balance of $7,795.30. A comparison of the bank statement with the Cash account revealed the following facts 1. The bank service charge for July was $16.00 2. The bank collected $1,625.00 for Crane Company through electronic Funds transfer 3. The July 31 receipts of $1.307.30...
C. Bank Reconciliation On July 31, 2020, Keeds Company had a cash balance per books of $6,140. The statement from Dakota State Bank on that date showed a balance of $7,690.80. A comparison of the bank statement with the Cash account revealed the following facts. 1. The bank service charge for July was $25. 2. The bank collected $1,520 for Keeds Company through electronic funds transfer. 3. The July 31 receipts of $1,193.30 were not included in the bank deposits for July. These receipts were...