50.1K

Verified Solution

Link Copied!

Listed below are items that may be useful in preparing the March bank reco company for Ron Aspen, owner of the company. Using the Letters below, match to each item the Letter stating whe otherwise treated in the bank reconciliation process. to each item the Letter stating where the amount would be located or dowi Located or Treated Add to the cash balance per books Deduct from the cash balance per books Add to the cash balance per bank Deduct from the cash balance per bank Does not affect the bank reconciliation 35. Included with the bank statement was a NSF check from Joe Terrell, a customer for $40 stamped "account closed". 36. A personal deposit made by Ron Aspen, the owner, to his personal account in the amount of $300 for dividends on his General Electric common stock was incorrectly deposited and credited to the Aspen company account by the bank. 37. The daily deposits of March 30th and March 31st for $3,362 and $3,125, respectively, were deposits in transit at March 31st and not included in the bank statement postings. Four checks, #8712, #8716, #8718, #8719, totaling $5,369.65 were outstanding at March 31st. 39. A note collected by the bank was for $1,000, 3-months, 12% interest. The bank collected the $1,000 principle and $360 interest revenue. 40. The bank statement indicated that check #8703 had cleared the bank for $587. Aspen company had incorrectly recorded the amount of the check as $578. 38

Answer & Explanation Solved by verified expert

See Answer