Luke's GENERAL STORE | |
Bank Reconciliation | |
1st National Bank of US Bank Account | |
Item | Procedures |
1 | D, I |
2 | A, G, H, I, J |
3 | B, G, H, I, J |
4 | E |
5 | E,I |
6 | C |
I dont have more information Lasil SuldLIUICHUICES LUKF'S GENERAL STORE Bank Reconciliation Ist National Bank of...
Items 1 through 6 represent the items that an auditor ordinarily would find on a client-prepared bank reconciliation. The accompanying List of Auditing Procedures represents substantive auditing procedures. For each item, select one or more procedures, as indicated, that the auditor most likely would perform to gather evidence in support of that item. The procedures on the list may be selected once, more than once, or not at all. Assume • The client prepared the bank reconciliation on 10/2/X5. •...
Items a through frepresent the items that an auditor ordinarily would find on a client-prepared bank reconciliation. The accompanying List of Auditing Procedures represents substantive auditing procedures. For each item, select one or more procedures, as indicated, that the auditor most likely would perform to gather evidence in support of that item. The procedures on the list may be selected once, more than once, or not at all. Assume - The client prepared the bank reconciliation on 10/2/X5. • The...
The following client-prepared bank reconciliation is being examined by Zachary Kallick, CPA, during the examination of the financial statements of 16-26 Simmons Company SIMMONS COMPANY Bank Reconciliation 1st National Bank of U.S. Bank Account September 30, 2018 Procedure(s) Balance per bank $28.375 a. Select 2 procedures Deposits in transit b. Select 5 procedures 9/29/18 $4.500 9/30/18 6,025 1,525 $34,400 Outstanding checks: c. Select 5 procedures 8/31/18 988 2,200 9/26/18 675 1281 9/28/18 1285 850 9/29/18 1289 2,500 9/30/18 (13.450) 1292...
options: Obtain the bank reconciliation and trace deposits in transit to the cutoff bank statement. Scan the debits to the fixed asset accounts and agree selected amounts to vendors' invoices and management's authorization. Compare the details of the cash disbursement journal entries with totals posted to the general ledger. Prepare a schedule of interbank transfers. Physically inspect a sample of fixed assets and trace them to the fixed asset subsidiary ledger. Confirm cash balances with the bank. Examine the...
Using the following information, prepare a bank reconciliation for Crane Company for July 31, 2022. a. The bank statement balance is $3,510. b. The cash account balance is $4,050. c. Outstanding checks totaled $1,240. d. Deposits in transit are $1,690. e. The bank service charge is $81. f. A check for $76 for supplies was recorded as $67 in the ledger. Crane Company Bank Reconciliation For the Month Ended July 31, 2022July 31, 2022For the Year Ended July 31, 2022...
Using the following information, prepare a bank reconciliation for Blossom Company for July 31, 2022. a. The bank statement balance is $3,500. b. The cash account balance is $3,950. c. Outstanding checks totaled $1,200. d. Deposits in transit are $1,600. e. The bank service charge is $32. f. A check for $86 for supplies was recorded as $68 in the ledger. Blossom Company Bank Reconciliation For the Month Ended July 31, 2022For the Year Ended July 31, 2022July 31, 2022...
Cynthia Company Bank reconciliation which of the audit procedures listed below would most likely have been used to verify the accuracy of the amounts identified of Balance per bank December 31, 2018 Balance per bank 12/31 $18,375.91 a Deposits in Transit 12/30 1,471.10$ b 12/31 2,840.69 b 4,311.79 Outstanding Checks 6/30 837 6,000.00 c 12/15 1941 671.80 12/20 1966 320.00 12/21 1984 1,855.42 12/23 1985 3,621.22 c 12/28 1985 2,576.89 c 12/30 1991 4,420.88 c (19,466.21) NSF check returned 12/29 ...
Using the following information, prepare a bank reconciliation for Ivanhoe Company for July 31, 2022. a. The bank statement balance is $3,760. b. The cash account balance is $4,200. c. Outstanding checks totaled $1,450. d. Deposits in transit are $1,780. e. The bank service charge is $83. f. A check for $85 for supplies was recorded as $58 in the ledger. Ivanhoe Company Bank Reconciliation For the Year Ended July 31, 2022For the Month Ended July 31, 2022July 31, 2022...
LO 10-6, 10 10-36 Based on an assessment of audit risk, the auditors are concerned with the following two risks: 1. The risk that that the client might be making duplicate payments to vendors. 2. The risk that the client's accounting clerk might be making unauthorized payments to himself. a. Assuming that the client has a manual accounting system, describe how the auditors can design a test to identify the duplicate payments and unauthorized payments. b. Assuming that the client...