When comparing her own Cash at Bank account with her banks record (ANZ Bank), at the end of March 2020, Julie discovers that her own accountant has made an error in her books: Accountants error: Julie's accountant has incorrectly recorded a $6,231 cheque drawn to pay the monthly wages of her employees, as a $2,631 credit in her 'Cash at Bank' account. The ANZ Bank has recorded this event correctly. Which of the following statements below is true, concerning the effect of this error? Select one: O a. Until fixed, the ANZ Bank account is overstated by $3,600. O b. Until fixed, Julie's Cash at Bank account is understated by $3,600. c. Until fixed, Julie's Cash at Bank account is overstated by $3,600. O d. Until fixed, the ANZ Bank account is understated by $3,600.
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- Natalie decides that she cannot afford to hire John to do her accounting. One way that she can ensure that her cash account does not have any errors and is accurate and up-to-date is to prepare a bank reconciliation at the end of each month.Natalie would like you to help her. She asks you to prepare a bank reconciliation for June 2021 using the following information. GENERAL LEDGER—COOKIE CREATIONS INC. Cash Date Explanation Ref Debit Credit Balance 2021 June 1 Balance 2,657 1 750 3,407 3 Check #600 625 2,782 3 Check #601 95 2,687 8 Check #602 56 2,631 9 1,050 3,681 13 Check #603 425 3,256 20 155 3,411 28 Check #604 297 3,114 28 110 3,224 PREMIER BANKStatement of Account—Cookie Creations Inc.June 30, 2021 Date Explanation Checks and…Sarah has received her bank statement for the month ending November 30, which showed the following: Ending balance $641.50 Service charge 15.00 ATM Withdrawal 70.00 Interest earned .50 After reviewing the checkbook and bank statement, she determines that: The November 30 checkbook balance is $1,136.00 Bank service charges, an ATM withdrawal, and interest had not been recorded. A $954.00 deposit made on November 30 is not on the bank statement. Outstanding checks total $544.00. Prepare a bank reconciliation in proper format.For the following question, reconcile the bank statement and check register. Would they need to make an adjustment or does everything reconcile? Sylvia’s checkbook balance on July 31 is $389.32. The information on her bank statement is given below. The outstanding checks, unrecorded deposits, and unrecorded ATM transactions are listed here also. From this information will her account reconcile? Bank statement: $434.30; Interest: $0.79; Service charge: $2.75 Outstanding checks: #911: $53.29; #912: $31.16; #913: $20.04; #920: $11.42; #923: $24.50; #925: $16.90; #930: $33.30; #932: $8.70; #933: $10.55. Unrecorded deposits ATM: 7/30: $183.52; 7/31: $69.40. Unrecorded ATM withdrawals: 7/30: $40.00; 7/31: $50.00 Bank Statement Reconcile Amount: Check Register Reconcile Amount:
- The current month's bank statement for your account arrives in the mail. In reviewing the statement, you notice a deposit listed for $400 that you did not make. It has been credited in error to your account. Discuss with your fellow classmates whether you have an ethical or legal obligation to inform the bank of the error. What action should you take?Kay Breeze receives the March bank statement for success systems on April 11, 2005. The March 31 bank statement shows and ending cash balance of $77,354. A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following: Breeze notices that the bank erroneously cleared a $500 check against her account that she did not issue. The check documentation included with the bank statement shows that this check was actually issued by a company named Sierra Systems. On March 25, the bank issues a $50 debit memorandum for the safety deposit box that Success Systems agreed to rent from the bank beginning March 25. On March 26, the bank issues a $102 debit memorandum for printed checks that Success Systems ordered from the bank. On March 31, the bank issues a credit memorandum for $33 interest-earned on Success Systems checking account for the month of March. Breeze notices that the check she issued for $128 on March 31, 2005, has not yet cleared the bank.…Alexix Gracie's current checkbook balance is $8,900.15. She opened up the bank statement and saw the bank's balance at $7,000.10. After reviewing her records with the bank statement, she discovered a deposit on July 1 not recorded on the statement for $9,821.55. A check written for $7,986.05 had not been returned by the bank. This month the company earned interest of $33.10. The bank charged the company $48.10 for printing new checks. Alexis also discovered that a check written for $49.55 was not recorded in the check stubs. The reconciled balance is:
- John’s bank statement shows a closing balance for a given month as $2,200, and his personal account register shows a closing balance for the same month as $2,050. John investigated his accounts to identify the following discrepancies: · The bank charged $200 in bank charges. · Checks for $200 were not yet paid. · Deposits not yet credited were $300. · The bank credited $450 to John’s account. What will be the reconciled amount of John’s bank account?Carol Stokke receives her April 6 bank statement showing a balance of $1,154.75; her checkbook balance is $972.75. The bank statement shows an ATM charge of $29.00, NSF fee of $36.40, earned interest of $2.95, and Carol's $823.05 refund check, which was processed by the IRS and deposited to her account. Carol has two checks that have not cleared-Number 115 for $610.25 and Number 116 for $315.20. There is also a deposit in transit for $1,504.05. Prepare Carol's bank reconciliation. Note: Input all amounts as positive values. Round your answers to 2 decimal places. Carol's checkbook balance Add: Subtotal Deduct: Subtotal Reconciled balance BANK RECONCILIATION Bank balance Add: Deposit in transit Interest Subtotal Deduct ATM card fee NSF fee Reconciled balance"The current month's bank statement for your account arrives in the mail. In reviewing the statement, you notice a deposit listed for $400 that you did not make. It has been credited in error to your account. Discuss whether you have an ethical or legal obligation to inform the bank of the error. What action should you take?" Thoroughly discuss the pros and cons of what the results would be if you reported it versus not reporting it. Be sure to tell what option you would choose and explain why."
- Natalie decides that she cannot afford to hire John to do her accounting. One way that she can ensure that her cash account does not have any errors and is accurate and up-to-date is to prepare a bank reconciliation at the end of each month. Natalie would like you to help her. She asks you to prepare a bank reconciliation for June 2020 using the information below.Please refer to the image attached Additionally, take the following information into account. On June 30th, there were two outstanding checks: #595 for $238 and #604 for $297. Premier Bank made a posting error to the bank statement: Check #603 was issued for $425, not $452. The deposit made on June 20 was for $125, which Natalie received for teaching a class. Natalie made an error in recording this transaction. The electronic funds transfer (EFT) was for Natalie’s cell phone use. Remember that she uses this phone only for business. The NSF check was from Ron Black. Natalie received this check for teaching a class to Ron’s…On 30 June 20X0, Cook's cash book showed that he had an overdraft of $300 on his current account at the bank. A bank statement as at the end of June 20X0 showed that Cook was in credit with the bank by $65. On checking the cash book with the bank statement you find the following. (a) Cheques drawn, amounting to $500, had been entered in the cash book but had not been presented. (b) Cheques received, amounting to $400, had been entered in the cash book, but had not been credited by the bank. (c) On instructions from Cook the bank had transferred interest received on his deposit account amounting to $60 to his current account, recording the transfer on 5 July 20X0. However, this amount had been credited in the cash book as on 30 June 20X0. (d) Bank charges of $35 shown in the bank statement had not been entered in the cash book. (e) The payments side of the cash book had been undercast by $10. (f) Dividends received amounting to $200 had been paid direct to the bank and not entered in…On 30 June 20x0, Cook's cash book showed that he had an overdraft of $300 on his current account at the bank. A bank statement as at the end of June 20X0 showed that Cook was in credit with the bank by $65. On checking the cash book with the bank statement you find the following. (a) Cheques drawn, amounting to $500, had been entered in the cash book but had not been presented. (b) Cheques received, amounting to $400, had been entered in the cash book, but had not been credited by the bank. (c) On instructions from Cook the bank had transferred interest received on his deposit account amounting to $60 to his current account, recording the transfer on 5 July 20X0. However, this amount had been credited in the cash book as on 30 June 20x0. (d) Bank charges of $35 shown in the bank statement had not been entered in the cash book. (e) The payments side of the cash book had been undercast by $10. (f) Dividends received amounting to $200 had been paid direct to the bank and not entered in…