Virtual Lab Week 2 (1)

Using Excel to Account For Bank Reconciliation Errors PROBLEM The following errors were found when the controller at Mitra Hotel was doing the October 31 bank reconciliation. Student Work Area Required: Provide input into cells shaded in yellow in this template. Input the required mathematical formulas or functions with cell references to the Problem area or work area as indicated. 1. On October 3, Mitra recorded a payment of an account payable at a different amount than the correct amount recorded by the bank. a. For each of these errors, indicate if and how it would be shown on the bank reconciliation, ▼ 2. 3. Recorded by Mitra $ Correct amount recorded by bank 360 630 On October 16, Mitra recorded a deposit for the collection of an account receivable at a different amount than the correct amount recorded by the bank. Recorded by Mitra 1. Payment of account payable Decrease to book cash balance 2. Collection of account receivable Increase to book cash balance 3. Collection of account…

Please prepare the bank reconciliation for CSA

Knowledge Check 01 The company's bank reconciliation at June 30 included interest earned in the amount of $150. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus. View transaction list Journal entry worksheet > W +

Required information Knowledge Check 01 The company's bank reconciliation at June 30 included interest earned in the amount of $150. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus. View transaction list Journal entry worksheet < 1 The company's bank reconciliation at June 30 included interest earned in the amount of $150. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus. Note: Enter debits before credits. Date June 01 FRAN FA O General Journal < Prev 144 19 ► 11 Debit of 19 H Credit Next + prt sc ← delete backspac

BANK RECONCILIATION AND JOURNAL ENTRIES - In the Bank Reconciliation Template, prepare a bank reconciliation and complete the adjusting entries required. Then upload the completed template to the Lab 17 Upload Link. Use the following data that were accumulated for use in reconciling the bank account of Star Battles Restaurant for-October 2020: a. The bank service charge is $70. b. The book balance is $6,100 at October 31, 2020. c. Outstanding checks total $1,300. d. An automatic EFT withdrawal was taken from the account to pay utilities in the amount of $2,700. A check from LukeCo for $3,500 was returned for nonsufficient funds. f The bank received an EFT from Leah Corp and deposited S14,300 in the account. The EFT was from Leah Corp to pay rent. | The bank balance at October 31, 2020 was $9,730. e. h The bank collected a note in the amount of $1,500 deposited the cash in Vader's account at the bank but Vader has not yet entered the amount in the books. The total of $1,500 consists of…

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complete the bank reconciliation and journal entries

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Prepare a bank reconsilition statment for June using the bank statment and t-account above and the information below.

Which account is the main focus of a bank reconciliation? Why? Explain the importance of monthly bank reconciliations. Provide 2 examples in which a business must make journal entries during a bank reconciliation

please answer in details within 30 minutes as to why the option is correct and why other options are wrong.

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Journals for bank reconciliation: Will journal entries be necessary based on the book or bank adjustments you discovered in the bank reconciliation? Type Book or Bank How many journals are needed? You do not need to write the actual journals on your PDF.

Indicate what effect each situation will have on the bank reconciliation process. Place the number of your choice beside the items listed. 1. Add to bank balance 2. Deduct from bank balance 3. Add to checkbook balance 4. Deduct from checkbook balance a. deposit in transit b. bank service charge c. NSF check d. Check written for $95 recorded on the company's ledger as $59 e. Outstanding checks f. Check written for $80 recorded as $800 g. Check printing charges h. Interest earned on checking account

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