All the following are reasons to perform a bank reconciliation except: Prepare a cash flow statement...
All the following are reasons to perform a bank reconciliation except:
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Prepare a cash flow statement |
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To record any service fees charged by the bank |
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To possibly identify errors made when recording cash payments or receipts |
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To compare the cash balance of the general ledger to the bank’s record and to conclude that any differences are legitimate. |
Homework Answers
Correct option is: Prepare a cash flow statement
As reconciliation is mainly prepared to compare the cash balance and Bank balance to give reason to the difference in the figures it will help in identify errors and to record service fees charged by banks
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All the following are reasons to perform a bank reconciliation
except:
Prepare a cash flow statement...
Exercise 4-9A Calculate the balance of cash using a bank reconciliation (LO4-5) Spielberg Company's general ledger...
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5. Prepare the following bank reconciliation Balance per bank statement, Oct. 31 Cash balance per general...
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prepare the bank reconciliation at March 31 and any journal entries required from the reconciliation. The...
prepare the bank
reconciliation at March 31 and any journal entries required from
the reconciliation.
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Required information Problem 4-2A Prepare the bank reconciliation and record cash adjustments (L04-5) The following information applies to the questions displayed below. Oscar's Red Carpet Store maintains a checking account with Academy Bank. Oscar's sells carpet each day but makes bank deposits only once per week. The following provides information from the company's cash ledger for the month ending February 28, 2021. Date Amount $ 4,700 Deposits: Checka: 2/18 2/25 2/26-2/28 Amount $ 2,700 2.300 3,200 4,100 1,500 $ 13,900...
prepare the bank
reconciliation at March 31 and any journal entries required from
the reconciliation.
The bank portion of last month's bank reconciliation for Ivanhoe Ltd. at February 28 was as follows: IVANHOE LTD. Bank Reconciliation February 28 Cash balance per bank Add: Deposits in transit $17,834 3,129 20,963 Less: Outstanding cheques #3451 #3470 Reconciled cash balance $1,972 2,117 4,089 $16,874 The reconciled cash balance per bank agreed with the reconciled cash balance per books after the bank reconciliation at...
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