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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9. When preparing a check and you commit an error, what should you do? a. Get a pencil eraser and erase the error. b. Get a white ink pen and erase the error. 6. c. Cancel the check and prepare a new one. d. Call an ambulance. 10. It is a report issued by a bank (on a monthly basis) which shows the deposits and withdrawals during the period and the cumulative balance of a depositor's bank account. a. Credit card billing statement b. ATM card c. Bank statement d. T- account
Review and study the following journal entries and determine which entries have errors. All transactions are regular daily transactions (no adjusting entries). When looking for errors ask yourself does that transaction make sense? Once you discover an error, state how you would correct it.
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6. After comparing your bank statement, canceled checks, and checkbook register, complete the reconciliation statement shown below. What are the new and adjusted balances? Reconciliation Statement Check Register Balance Service Charge NEW BALANCE> 285.14 -8.10 Reconciliation statement Provided for your convenience Statement Balance Outstanding Checks # 202 # 203 $35.92 $28.75 Total Checks > (-) Outstanding Deposits 4/8 4/16 $129.08 $30.00 Total Deposits> (+) ADJUSTED BALANCE 182.63
Assume you are a new hire in the accounting department of an organization. One of your responsibilities is the reconciliation of the operating account. After the end of the month you are given a copy of the bank statement and the cancelled checks, and are instructed to perform your reconciliation. You notice that there are some faint markings on a portion of the bank statement that could be alterations. What steps would you take in performing the reconciliation?
Which option below correctly indicates how an unfavourable balance of the bank account in the general ledger at 31 May 2021 should be dealt with when doing a bank reconciliation? Select one: a. By debiting the bank reconciliation statement as at 31 May 2021 b. By crediting the bank statement for May 2021 c. By crediting the bank reconciliation statement as at 31 May 2021 d. By debiting the bank statement for Please don't provide solution image based thnku
Given the following information for Teal Mountain Restaurant Supply Company, prepare the adjusting entries needed for its April bank reconciliation: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Cash balance per books, 4/30 Deposits in transit Notes receivable collected by bank (including interest of $280) Outstanding checks NSF check from Sandhill Company Date Account Titles and Explanation April 30 April 30 $20,000 (To record NSF check) 2,250 9,400 6,100 2,200 (To record collection of note receivable and interest by the bank) Debit Credit
do i add the opening balance after the difference of opening balance of bank statement and cash book gives me zero when i update the cash book?
A Moving to another question will save this response. Question 11 On a bank reconciliation, the amount of NSF checks not yet recorded by the company should be: A. Added to the bank balance of cash. В. Deducted from the bank balance of cash. C. Deducted from the book balance of cash. D. Added to the book balance of cash. Moving to another question will save this response.
A deposit of 500 was credited by the ban for 5000 What is the influence of the bank error? What we should do? a. Add 4500 on the bank balance b. Decrease 4500 on the bank balance
If a check correctly written and paid by the bank for $512 is incorrectly recorded in the company's books for $443, how should this error be treated on the bank reconciliation?
Prepare the bank reconciliation of Donald Insurance at Dec 31, 2018. Fill in the blanks on the reconciliation in the picture. All information that has been provided to me for this problem is also in the picture. Please actually cite the image this time. Last time I got the following: "Hi and thanks for your question! Unfortunately it looks incomplete. Please resubmit the question with complete adjustments. We've credited a question back to your account. Apologies for the inconvenience." This is a constant issue. Utilize the information given, especially when it is stated that all of it is provided to you.