Your uncle just started a business, and he knew that you were studying Accounting for Business Decisions. On the last day of June 2022, he called you and asked for your help since he could not reconcile his month-end bank account balance. In particular, he asked you to prepare a bank reconciliation statement. For this purpose, he has provided you with the following information: a) The month-end balance, as appeared on the bank statement, is $13 186.50. This balance is different from the bank balance in your uncle's record. The balance in your uncle's record is $11 056.50. b) The cheques of $2 815.50 are outstanding. In other words, these cheques are not processed by the bank yet. c) The deposits of $375 are outstanding. In other words, these deposits are not processed by the bank yet. d) Your uncle is unaware of the bank charges of $64.50. e) A cheque of $277.50 was erroneously debited from your uncle's bank account by the bank. f) The bank has credited an amount of $31.50 to your uncle's bank account. However, your uncle is unaware of this credit. Required: a) Prepare a bank reconciliation for your uncle on 30th June 2022 b) Suggest the corrections that your uncle should make in his record

Your uncle just started a business, and he knew that you were studying Accounting for Business Decisions. On the last day of June 2022, he called you and asked for your help since he could not reconcile his month-end bank account balance. In particular, he asked you to prepare a bank reconciliation statement. For this purpose, he has provided you with the following information: a) The month-end balance, as appeared on the bank statement, is $13 186.50. This balance is different from the bank balance in your uncle's record. The balance in your uncle's record is $11 056.50. b) The cheques of $2 815.50 are outstanding. In other words, these cheques are not processed by the bank yet. c) The deposits of $375 are outstanding. In other words, these deposits are not processed by the bank yet. d) Your uncle is unaware of the bank charges of $64.50. e) A cheque of $277.50 was erroneously debited from your uncle's bank account by the bank. f) The bank has credited an amount of $31.50 to your uncle's bank account. However, your uncle is unaware of this credit. Required: a) Prepare a bank reconciliation for your uncle on 30th June 2022 b) Suggest the corrections that your uncle should make in his record

Name: please answer within 30 minutes. Your uncle just started a business, a
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Description: please answer within 30 minutes. Your uncle just started a business, and he knew that you were studying Accounting for Business Decisions. On thelast day of June 2022, he called you and asked for your help since he could not reconcile his month-end b

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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