At the end of each day, all cash receipts are placed in the bank’s night depository.į. At the end of the day, cash register clerks are required to use their own funds to make up any cash shortages in their registers.Į. Along with petty cash expense receipts for postage, office supplies, etc., several post-dated employee checks are in the petty cash fund.ĭ. The voucher along with the supporting documentation is forwarded to the treasurer’s office for approval.Ĭ. The accounts payable clerk prepares a voucher for each disbursement. The treasurer then stamps the voucher and supporting documentation as paid and returns the voucher and supporting documentation to the accounts payable clerk for filing.ī. After necessary approvals have been obtained for the payment of a voucher, the treasurer signs and mails the check. The following procedures were recently installed by Raspberry Creek Company:Ī. If a balance sheet were prepared for Stone Systems on July 31, 20Y5, what amount should be reported as cash?.Bank service charges for July amounted to $80. A check drawn for $1,810 had been incorrectly charged by the bank as$1,180.į. for the purchase of office supplies on account.Į. The check was for the payment of an obligation to Holland Co. A check for $390 returned with the statement had been incorrectly recorded by Stone Systems as$930. The bank had collected $6,095 on a note left for collection. A deposit of$9,150, representing receipts of July 31, had been made too late to appear on the bank statement.Ĭ. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items:ī. The bank statement indicated a balance of$33,650 on July 31, 20Y5. The cash account for Stone Systems at July 31, 20Y5, indicated a balance of $17,750. What accounting controls would have prevented or detected this theft? No deposits were in transit on October 31.ī. The following data have been gathered for October:Ĭash in bank according to the general ledger $ 11, 680 Cash according to the October 31, 2014, bank statement 13, 275 Outstanding checks as of October 31, 2014 3, 670 Bank service charge for October 40 Note receivable, including interest collected by bank in October 2, 100 \begin&2,100\\Ĭash in bank according to the general ledger Cash according to the October 31, 2014, bank statement Outstanding checks as of October 31, 2014 Bank service charge for October Note receivable, including interest collected by bank in October $11, 680 13, 275 3, 670 40 2, 100 discovered during October 2014 that one of its sales clerks had stolen an undetermined amount of cash receipts by taking the daily deposits to the bank. records all cash receipts on the basis of its cash register tapes. Prepare a bank reconciliation as of October 31, 20-.Alaska Impressions Co.1754 Checkbook shows it was for 72.00, b u t i t w a s a c t u a l l y w r i t t e n f o r 72.00, but it was actually written for 72.00, b u t i tw a s a c t u a ll y w r i tt e n f or 62.00. 1781 369.00 180.00 Unrecorded ATM withdrawal:* 43.00 Bank service charge: 370.00 NSF check: \beginĭeposits in transit: Outstanding checks: Unrecorded ATM withdrawal:* Bank service charge: NSF check: 10/29 10/30 No. The following information is discovered by (1) comparing last month's deposits in transit and outstanding checks with this month's bank statement, (2) comparing deposits and checks written per books and per bank in the current month, and (3) noting service charges and other debit and credit memos shown on the bank statement.ĭeposits in transit: 10 / 29 $ 175.00 10 / 30 334.00 Outstanding checks: No. T h e bank s t a t e m e n t s h o w s an e n d in g ba l an ceo f 4,348.00. The bank statement shows an ending balance of 4, 765.00. T h e b a n k s t a t e m e n t s h o w s a n e n d i n g b a l a n c e o f 4,765.00. BANK RECONCILIATION AND RELATED JOURNAL ENTRIES The book balance in the checking account of Volman Enterprises as of October 31 is 4, 765.00.
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