Explore BrainMass

Explore BrainMass

    For the following errors, explain how much and where to report on a cash reconciliation

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Given the following errors:

    1. The bank recorded a deposit of $200 as $2,000.

    2. The company's bookkeeper mistakenly recorded a deposit of $530 as $350.

    3. The company's bookkeeper mistakenly recorded a payment of $250 received from a customer as $25 on the bank deposit slip. The bank caught the error and made the deposit for the correct amount.

    4. The bank statement shows a check written by the company for $255 was erroneously paid (cleared the account) as $225.

    5 . The bookkeeper wrote a check for $369 but erroneously wrote down $396 as the cash disbursement on the company's records.

    You are to complete the following task:

    For each error, describe to a recently hired bookkeeper how it would be shown on a cash reconciliation.

    © BrainMass Inc. brainmass.com March 4, 2021, 6:45 pm ad1c9bdddf
    https://brainmass.com/business/accounting/for-the-following-errors-explain-how-much-and-where-to-report-on-a-cash-reconciliation-59836

    Solution Summary

    The solution tells how much and where the amount should be entered on the reconcilation.

    $2.49

    ADVERTISEMENT