Reference no: EM13178884
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
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