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cash payment with Mae. ystems would bill Paragon Tech for the service and then split...

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Accounting

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cash payment with Mae. ystems would bill Paragon Tech for the service and then split the Explain what changes should be made to Paragon and paying for services in order to prevent such occurre Tech's procedures for ordering nces in the future. EX 7-16 Bank reconciliation Identify each of the following reconciling items as: (a according to the bank s OBJ. 5 ) an addition to the cash balance tatement, (b) a deduction from the cash balance according to the ank statement, (c) an addition to the cash balance according to the company's records, or (a) a deduction from the cash balance according to the company's records. (None of the transactions reported by bank debit and credit memos have been recorded by the company) 1. Bank service charges, $75. 2. Check of a customer returned by bank to company because of insufficient funds, $880. 3. Check for $275 incorrectly recorded by the company as $725. 4. Check for $100 incorrectly charged by bank as $1,000. 5. Deposit in transit, $5,550. 6. Outstanding checks, $10,350. 7. Note collected by bank, $12,720

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