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    tfandrich's Avatar
    tfandrich Posts: 1, Reputation: 1
    New Member
     
    #1

    Nov 12, 2014, 05:17 PM
    The records of Reunion Company indicate a January 31 cash balance of $9,400, which in
    The records of Reunion Company indicate a January 31 cash balance of $9,400, which includes undeposited receipts for January 30 and 31. The cash balance on the bank statement as of January 31 is $6,575. This balance includes a note of $4,000 plus $160 interest collected by the bank but not recorded in the journal. Checks outstanding on January 31 were as follows:

    No. 370 $580
    No. 379 $615
    No. 390 $900
    No. 1148 $225
    No. 1149 $300
    No. 1151 $750

    On January 3, the cashier resigned, effective at the end of the month. Before leaving on January 31, the cashier prepared the following bank reconciliation:

    Cash balance per books, January 31... $9,400
    Add outstanding checks:
    No. 1148... $225
    No. 1149... $300
    No. 1151... $750... 1,175

    Total... $10,575
    Less undeposited receipts... 4,000
    Cash balance per bank, January 31... $6,575
    Deduct unrecorded note with interest... 4,160
    True cash, January 31... $2,415

    Subsequently, the owner of Reunion Company discovered that the cashier had stolen an unknown amount of undeposited receipts, leaving only $1,000 to be deposited on January 31. The owner, a close family friend, has asked your help in determining the amount that the former cashier has stolen.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Nov 20, 2014, 05:13 AM
    Interesting way to present a Bank reconciliation problem, you need to attempt your assignment yourself or state your problem

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