For each of the following errors describe to a recently

Assignment Help Financial Accounting

Reference no: EM13378573

For each of the following errors, describe to a recently hired bookkeeper how it would be shown on a cash reconciliation:

• 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.

Objective:

• Assess financial accounting standards as they relate to presentation and disclosure in general purpose financial statements

• Evaluate, measure, value and present financial statements in conformity with GAAP relating to assets

Reference no: EM13378573

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