70.2K

Verified Solution

Link Copied!

The following errors were found when the controller at Sandhill Camping was doing the July 31 bank reconciliation. the 1. On July 9, Sandhill recorded a deposit as $2,180. The correct amount was $2,250. The deposit was for the collection of an account receivable and the bank recorded it correctly. 2. On July 14, Sandhill recorded a payment on account as $1,080. The correct amount was $810. It was correctly recorded by the bank. 3. On July 16, Sandhill recorded a payment for the purchase of supplies as $560. The correct amount was $650. It was correctly recorded by the bank. 4. On July 22, the bank recorded a deposit as $730. The correct amount was $370. This error was corrected by the bank on July 23. Sandhill had correctly recorded the deposit. 5. On July 25, Sandhill recorded a deposit as $690. The correct amount was $1,190. The deposit was for the collection of an account receivable. This deposit was correctly recorded by the bank on July 28. 6. On July 31, the bank debited Sandhill's account $490 for a cheque written by another company, Country Land, because the account number on the cheque had been damaged. The bank employee who looked up the account number made a mistake. Describe the impact of each of these items on the bank reconciliation. th ni Bank error and it was corrected by the bank on July 23 Added to the bank balance Deducted from the bank balance Deducted from the company cash balance Added to the company cash balance to th w

Answer & Explanation Solved by verified expert

See Answer