During the preparation of the bank reconciliation for The Image Co., Chris Renees, the assistant controller,discovered that Empire National Bank incorrectly recorded a $936 check written by The Image Co. as $396. Chris has decided not to notify the bank but wait for the bank to detect the error. Chris plans to record the $540 error as Other Income if the bank fails to detect the error within the next three months. Determine whether Chris is behaving in a professional manner.

Oscar Myer receives the March bank statement for Jam Enterprises on April 11, 2018. The March 31 bank statement shows an ending cash balance of $67,566. A comparison of the bank statement with the general ledger Cash account, No. 101, reveals the following.   O. Myer notices that the bank erroneously cleared a $500 check against his account in March that he did not issue. The check documentation included with the bank statement shows that this check was actually issued by a company named Jam Systems. On March 25, the bank lists a $50 charge for the safety deposit box expense that Jam Enterprises agreed to rent from the bank beginning March 25. On March 26, the bank lists a $102 charge for printed checks that Jam Enterprises ordered from the bank. On March 31, the bank lists $33 interest earned on Jam Enterprises' checking account for the month of March. O. Myer notices that the check he issued for $128 on March 31, 2018, has not yet cleared the bank. O. Myer verifies that all deposits…

Using the reconciling items below, prepare a bank reconciliation for the September 30, 2021 year end.  For every item on the bank reconciliation, explain what supporting evidence you would obtain to test the item (be specific, do not just say “look at supporting documentation”).  Also, provide your conclusion – based on your bank reconciliation, is the cash balance in the client’s books correct?  If not – quantify the error. 1.     Cash balance per client                                                           $100,000 2.     Cash balance per the bank statement                                      $100,000 3.     The company wrote mailed the following cheques on September 30, 2021, which did not get cashed until October 2, 2021.          a.      Cheque 1234                                                               $2,000          b.     Cheque 2345                                                               $4,000          c.      Cheque 3456…

Braun issued a $35 check to Rice. Rice took the check to Braun’s bank and had it certified. Rice then raised the amount to $350 and negotiated it to Turner. Turner presented the check for payment and received $350. When Braun received her canceled checks, she noticed the alteration and notified the bank. Who will suffer the loss?