Access over 20 million homework & study documents

Auditing bank reconciliation assignment

Content type
User Generated
Rating
Showing Page:
1/4

Sign up to view the full document!

lock_open Sign Up
Showing Page:
2/4

Sign up to view the full document!

lock_open Sign Up
Showing Page:
3/4

Sign up to view the full document!

lock_open Sign Up
End of Preview - Want to read all 4 pages?
Access Now
Unformatted Attachment Preview
The bank statement for the checking of Cisco Systems, Inc. showed a Dec 31, 2019 balance of P1,463,212. Information that might be useful in preparing a bank reconciliation is as follows: - Outstanding check were P140,000 - The Dec 31. 2019 cash receipts of P59,500 were not deposited in the bank until Jan 2, 2020 - One check written in payment of rent for P24,600 was correctly recoded by the bank but was recorded by the company as P26,400 disbursement - In accordance with prior authorization, the bank withdrew P45,000 directly from the checking account as payment on a mortgage note payable. The interest portion of that payment was P5,000. Company has made no entry to record the automatic payment - Bank service charges of P1,400 were listed on the bank statement - A deposit of P87,500 was recorded by the bank on Dec 13, but it did not belong to the company. Further verification with the bank indicates that the deposit should have been credited to the checking account of another company - The bank statement included a charge of P12,500 for a customer's DAIF check. The check was returned with the bank statement and the company will seek payment from the customer - The company maintains ...
Purchase document to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Anonymous
Great! Studypool always delivers quality work.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4