At the end of the month you are reconciling your checking account and you cannot get the reconciliation difference to come to $0. Below is a screen shot of the reconciliation and the bank statement. What is the reason for the error? QBO Test Drive Company Bank StatementStatement Date: June 30, 20x1CreditsChargesBalanceBeginning Balance, June 15-May Check -10 - Robertson & Associates11-May Deposit27-May Check 12 - Robertson & Associates16-Jun Check 4 - Chin's Gas and Oil23-Jun Sales Tax Payment$5,000.00$ 300.00 $ 4,700.00$ 4,875.00$250.00 $4,625.00$ 54.55 $ 4,570.45$ 38.50 $ 4,531.95$ 4,531.95$175.00Ending Balances, June 30Figure 4 – Bank StatementReconcile CheckingEdit infoSave for laterStatement ending date:$4,231.95$4,531.95$-300.00STATEMENT ENDING BALANCECLEARED BALANCEDIFFERENCE$5,000.00$643.05$175.00+BEGINNING BALANCE4 PAYMENTS1 DEPOSITShow me aroundX Statement ending date Clear filter / View allPaymentsDepositsAllDATECLEARED DATEΤΥΡΕREF NO.ACCOUNTPAYEEМЕМОPAYMENT (US DEPOSIT (USI5/3/20x1Bill Paym...10Accounts Payabl...Robertson & ...300.005/11/20x1Receive P...1053Accounts Receiv...Bill's Windsur...175.005/3/20x1ExpenseLegal & Professi...Robertson & ...12250.006/17/20x1Check4Automobile:FuelChin's Gas a...54.556/23/20x1Sales Tax ...- Split -Q1 Payment38.506/23/20x1Sales Tax ...- Split -Q1 Payment38.406/26/20x1ExpenseJob Expenses:J...Tania's Nursery89.096/26/20x1Check12Legal & Professi...Books by Bes...55.00O O O O O O O

Bank balance as per books: $4,531.95 Deductions: 1. Sales tax payment of $38.40 2. Nursery expenses…

At the end of the month you are reconciling your checking account and you cannot get the reconciliation difference to come to $0. Below is a screen shot of the reconciliation and the bank statement. What is the reason for the error?

At the end of the month you are reconciling your checking account and you cannot get the reconciliation difference to come to $0. Below is a screen shot of the reconciliation and the bank statement. What is the reason for the error?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

QBO Test Drive Company Bank Statement
Statement Date: June 30, 20x1
Credits
Charges
Balance
Beginning Balance, June 1
5-May Check -10 - Robertson & Associates
11-May Deposit
27-May Check 12 - Robertson & Associates
16-Jun Check 4 - Chin's Gas and Oil
23-Jun Sales Tax Payment
$5,000.00
$ 300.00 $ 4,700.00
$ 4,875.00
$250.00 $4,625.00
$ 54.55 $ 4,570.45
$ 38.50 $ 4,531.95
$ 4,531.95
$175.00
Ending Balances, June 30
Figure 4 – Bank Statement
Reconcile Checking
Edit info
Save for later
Statement ending date:
$4,231.95
$4,531.95
$-300.00
STATEMENT ENDING BALANCE
CLEARED BALANCE
DIFFERENCE
$5,000.00
$643.05
$175.00
+
BEGINNING BALANCE
4 PAYMENTS
1 DEPOSIT
Show me around
X Statement ending date Clear filter / View all
Payments
Deposits
All
DATE
CLEARED DATE
ΤΥΡΕ
REF NO.
ACCOUNT
PAYEE
МЕМО
PAYMENT (US DEPOSIT (USI
5/3/20x1
Bill Paym...
10
Accounts Payabl...
Robertson & ...
300.00
5/11/20x1
Receive P...
1053
Accounts Receiv...
Bill's Windsur...
175.00
5/3/20x1
Expense
Legal & Professi...
Robertson & ...
12
250.00
6/17/20x1
Check
4
Automobile:Fuel
Chin's Gas a...
54.55
6/23/20x1
Sales Tax ...
- Split -
Q1 Payment
38.50
6/23/20x1
Sales Tax ...
- Split -
Q1 Payment
38.40
6/26/20x1
Expense
Job Expenses:J...
Tania's Nursery
89.09
6/26/20x1
Check
12
Legal & Professi...
Books by Bes...
55.00
O O O O O O O

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