18) Using the following, prepare a bank reconciliation for...

50.1K

Verified Solution

Question

Accounting

image
18) Using the following, prepare a bank reconciliation for Samtani Co. for August 31, 2018 a) The bank statement balance is $4,010 b) The cash account balance is $4,207 c) Outstanding checks amounted to $517 d) Deposits in transit are $633 e) The bank service charge is $45 f1 A check for $84 for supplies was recorded as $48 in the ledger (an error in recording) 19) Please identify four (4) weaknesses in the following scenario (there are more than 41) Phil Goss has worked for Dr. Mary Hilton for several years. Phil demonstrates a loyalty rare among employees; in fact, he hasn't taken a vacation or a day off in the last five years. One of Phil's primary duties at the medical office is to open the mail and list the checks received. He also takes cash from patients at the cashier window as patients leave. At times, it is so hectic that Phil doesn't bother with giving each patient a receipt for the cash paid on their accounts. He assures them he will see to it that they receive the proper credit. When the traffic is slow in the office, Phil offers to help Pam post the payments to the patients' accounts receivable. She is always happy to receive his help, because he is a very conscientious worker Dr. Mary Hilton is very frugal and is always looking to reduce costs. She saves hundreds of dollars each year by not hiring an outside audit firm to review the financial records. She also saves money by not bothering to bond any of her employees

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students