Bank reconciliation
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Given the following errors:
The bank recorded a deposit of $200 as $2,000.
The company's bookkeeper mistakenly recorded a deposit of $530 as $350.
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.
The bank statement shows a check written by the company for $255 was erroneously paid (cleared the account) as $225.
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.
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Solution Summary
The solution explains how to given errors would be reflected in a bank reconciliation
Solution Preview
The bank recorded a deposit of $200 as $2,000.
This is an error in the bank balance. Due to this the bank balance would be higher by $1,800. In the reconciliation it would be shown as a deduction from bank balance.
The company's bookkeeper mistakenly recorded a deposit of $530 as $350.
The cash ...
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