The bank statement rex eats that sonic of the prenumbered checks in the sequence are missing… 1 answer below »

Analysis Component 3. The bank statement rex eats that sonic of the prenumbered checks in the sequence are missing, Describe three possible situations to explain this.
111 (1111..‘ serial problem befmn ill Chapter I and continues through most of the book. lf previous chapter seg mews were not completed, the serial problem can begin at this point.) SP 8 Santana Rey receives the March bank statement for Business Solutions on April 11, 2018. The March 31 bank statement shows an ending cash balance of $67,566. A comparison of the hank statement v‘ ith the general ledger Cash account. No. 101, reveals the followintz. a. S. Rey notices that the hank erroneously cleared a $500 check against her account in March that she did not issue. The check documentation included with the bank statement shows that this check was actually issued by a company named Business Systems. b. On March 25. the hank lists a $50 charge for the safety deposit box expense that Business Solutions agreed to rent from the hank beginning March 25. C. On March 26. the hank lists a $102 charge for printed checks that Business Solutions ordered from the ) hank. d. On March 31, the hank lists $33 interest earned on Business Solutions's checking account for the month of March. e. S. Rey notices that the check she issued for $128 on March 31, 2018, has not yet cleared the hank. f. S. Rey verifies that all deposits made in March do appear on the March bank statement. g. The general ledger Cash account, No. 101. shows an ending cash balance per books of $68,057 as of March 31 (prior to any reconciliation).
Required 1. Prepare a hank reconciliation for Business Solutions for the month ended March 31, /018. 2. Prepare any necessary adjusting entries. Use Miscellaneous Expenses, No. 677, for any bank charges. Use Interest Revenue, No. 404, for any interest earned on the checking account for the month of March.
The General Ledger tool in Connect automates several of the procedural steps in the accountinL, cycle so that the financial professional can focus on the impacts of each transaction on the various financial reports. GL 8-1 General Ledger assignment GI, 8-1, based on Problem 8-2A, tbeuses On transactions related to the petty cash fund and highlights the impact each transaction has on net income, if any Prepare the journal entries related to the petty cash fund and assess the impact of each transaction on the core) net income, it any.

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