plz solve the question guven in image Sofia is a cashier at Sanofi international company who has made following bank reconciliation statement in theabsence of expert accountant for month of February 28, 2021.Sofia International CompanyReconciliation Statement of Bank28 February 2021Balance per bank statement, Feb 28Add: Deposit in transitCollection of note from Farms$18,299.40$4,320.603,000.007,320.60$26,620.00Sub totalLess: Outstanding Checks:No. 831$340.30863800.501,186.00$25.434.00888145.20Adjusted cash balance per bank statementBalance per accounting records, Feb 28$29,959.00Add: Credit memoranda from bank3,000.00Subtotal$26,959.00Less: Debit memoranda from bank1,50025.00NSF checkBank Service chargesAdjusted cash balance per accounting records1,525.00$25,434.00Instructions: Looking into bank reconciliation statement above, highlight mistakes if any there. Explain whythat/those should be considered a mistake and then make a corrected reconciliation statement OTHERWISE ifyou think there is no mistake, copy the same on answer sheet and justify that the given above is correct one inall respects. At the end, explain all parts (major) of bank reconciliation statement.

Bank Reconciliation Statement(BRS): The statement in which reconciling of the cash and bank book…

Sofia is a cashier at Sanofi international company who has made following bank reconciliation statement in the absence of expert accountant for month of February 28, 2021. Sofia International Company Reconciliation Statement of Bank 28 February 2021 Balance per bank statement, Feb 28 Add: Deposit in transit Collection of note from Farms $18,299.40 $4,320.60 3,000.00 7,320.60 $26,620.00 Sub total Less: Outstanding Checks: No. 831 $340.30 800.50 145.20 863 1,186.00 $25,434.00 888 Adjusted cash balance per bank statement Balance per accounting records, Feb 28 Add: Credit memoranda from bank Subtotal $29,959.00 3,000.00 $26,959.00 Less: Debit memoranda from bank NSF check 1,500 25.00 Bank Service charges Adjusted cash balance per accounting records 1,525.00 $25,434.00 Instructions: Looking into bank reconciliation statement above, highlight mistakes if any there. Explain why that/those should be considered a mistake and then make a corrected reconciliation statement OTHERWISE if you think there is no mistake, copy the same on answer sheet and justify that the given above is correct one in all respects. At the end, explain all parts (major) of bank reconciliation statement.

Sofia is a cashier at Sanofi international company who has made following bank reconciliation statement in the absence of expert accountant for month of February 28, 2021. Sofia International Company Reconciliation Statement of Bank 28 February 2021 Balance per bank statement, Feb 28 Add: Deposit in transit Collection of note from Farms $18,299.40 $4,320.60 3,000.00 7,320.60 $26,620.00 Sub total Less: Outstanding Checks: No. 831 $340.30 800.50 145.20 863 1,186.00 $25,434.00 888 Adjusted cash balance per bank statement Balance per accounting records, Feb 28 Add: Credit memoranda from bank Subtotal $29,959.00 3,000.00 $26,959.00 Less: Debit memoranda from bank NSF check 1,500 25.00 Bank Service charges Adjusted cash balance per accounting records 1,525.00 $25,434.00 Instructions: Looking into bank reconciliation statement above, highlight mistakes if any there. Explain why that/those should be considered a mistake and then make a corrected reconciliation statement OTHERWISE if you think there is no mistake, copy the same on answer sheet and justify that the given above is correct one in all respects. At the end, explain all parts (major) of bank reconciliation statement.

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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