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
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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
863
800.50
1,186.00
$25.434.00
888
145.20
Adjusted cash balance per bank statement
Balance per accounting records, Feb 28
$29,959.00
Add: Credit memoranda from bank
3,000.00
Subtotal
$26,959.00
Less: Debit memoranda from bank
1,500
25.00
NSF check
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.
Transcribed Image Text: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 $340.30 863 800.50 1,186.00 $25.434.00 888 145.20 Adjusted cash balance per bank statement Balance per accounting records, Feb 28 $29,959.00 Add: Credit memoranda from bank 3,000.00 Subtotal $26,959.00 Less: Debit memoranda from bank 1,500 25.00 NSF check 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.
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