ACC 305 Week 3 P7-14 El Gato Painting Company

Feb 3rd, 2012
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ACC 305 Week 3 P7-14 El Gato Painting Company

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Student Name: InstructorClass: McGraw-Hill/IrwinProblem 07-14Requirement 1:EL GATO PAINTING COMPANYReconciliationStep 1: Bank Balance to Corrected BalanceBalance per bank statementAdd: Deposits outstanding (1)Deduct:Bank error - deposit incorrectly creditedto company accountOutstanding checks (2)Corrected cash balance$3,8512,150(1,300)$(831)3,870Balance per booksDeduct:Error in recording check #411.Service chargesNSF checksCorrected book balance$4,422$(90)(22)(440)3,870(1) ReceiptsLess: December receipts deposited:Bank depositsLess: Deposit errorsLess: Prior monthsdeposits outstandingDeposits outstanding, December 31$42,650$40,5002,150- Correct!Step 2: Book Balance to Corrected Balance(2) December disbursementsError in recording check #411.Less: December checks cleared:Total checks clearedPrior months checks:#363#38

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