Solved: Rocky Mountain Interiors deposits all cash receipts

each Wednesd
Rocky Mountain Interiors deposits all cash receipts each Wednesd

Rocky Mountain Interiors deposits all cash receipts each Wednesday and Friday in a night
depository after banking hours. The data required to reconcile the bank statement as of May 31
have been taken from various documents and records and are reproduced as follows. The
sources of the data are printed in capital letters. All checks were written for payments on
account.

Instructions
1. Prepare a bank reconciliation as on May 31. If errors in recording deposits or checks are
discovered, assume that the errors were made by the company. Assume that all deposits are
from cash sales. All checks are written to satisfy accounts payable.
2. Journalize the necessary entries. The accounts have not been closed.
3. What is the amount of cash that should appear on the balance sheet as of May 31?
4. Assume that a canceled check for $1,375 has been incorrectly recorded by the bank as
$1,735.
Briefly explain how the error would be included in a bank reconciliation and how it should
becorrected.

Rocky Mountain Interiors deposits all cash receipts each Wednesd

ANSWER
https://solvedquest.com/rocky-mountain-interiors-deposits-all-cash-receipts-each-wednesd/

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