The cash account for Deaver Consulting at October 31

20Y6 #8857
The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $15,750.
The bank statement indicated a balance of $31,095 on October 31, 20Y6. Comparing the bank
statement and the accompanying canceled checks and memos with the records revealed the
following reconciling items:a. Checks outstanding totaled $10,125.b. A deposit of $4,120,
representing receipts from October 31, had been made too late to appear on the bank
statement.c. The bank had collected $10,400 on a note left for collection. The face of the note
was $10,000.d. A check for $1,200 returned with the statement had been incorrectly recorded
by Deaver Consulting as $120. The check was for the payment of an obligation to Oxford Office
Supplies Co. for the purchase of office supplies on account.e. A check drawn for $320 had been
incorrectly charged by the bank as $230.f. Bank service charges for October amounted to
$70.Instructions1. Prepare a bank reconciliation.2. Illustrate the effects on the accounts and
financial statements of the bank reconciliation.View Solution:
The cash account for Deaver Consulting at October 31 20Y6

ANSWER
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