html HW Help Save & Exit Submit Check my work During the bank reconciliation pro
ID: 2581969 • Letter: H
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html HW Help Save & Exit Submit Check my work During the bank reconciliation process at A. Fontes Consultancy on May 2, 2019, the following two errors were discovered in the firm's a. The checkbook and the general journal indicated that Check 2206 dated April 17 was issued for $711 to make a cash purchase of b. The checkbook and the general journal indicated that Check 2247 dated April 20 was issued for $130 to pay a utility bill. However records supplies. However, examination of the canceled check and the listing on the bank statement showed that the actual amount of the check was $22 examination of the canceled check and the listing on the bank statement showed that the actual amount of the check was $180 ok Required 1. Prepare the adjusted book balance section of the firm's bank reconcillation statement The 2. Prepare general journal entries to correct t book balance as of April 30 was $20,315. The errors listed above are the only two items that affect the book balance. was debited to Utilities Expense on April 20 the errors. Check 2206 was correctly debited to Supplies on April 17, and Check 2247 Analyze: If the errors described had not been corrected, would net income for the period be overstated or understated? By what amount? Complete this question by entering your answers in the tabs below.Explanation / Answer
Bank Reconciliation Statement April 30, 2019 Balance in books 20315 Additions: Check 2206 689 21004 Deductions: Check 2247 50 Adjusted book balance 20954 Apr 30, 2016 Cash 689 Supplies 689 Apr 30, 2016 Utilities expense 50 Cash 50 Net income would have been overstated by $50
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