Why can't I get a very good answer to my question on the errors in the bank conciliation question?I need an answer before Wednesday.

5 Answers | Add Yours

brettd's profile pic

brettd | High School Teacher | (Level 2) Educator Emeritus

Posted on

You will also probably have better success if you limit the number of questions or issues to one or two.  As a rule, editors at eNotes are not allowed to complete student assignments or essays for them, so you may have better luck going at this issue in pieces, or asking for references on how to do bank reconciliations.  Sometimes math students need help with just one particular problem, and they tend to have more and better responses.  In this case I am not qualified in this subject to help, but as a general guideline, the above suggestions should help you in the future.

epollock's profile pic

epollock | (Level 3) Valedictorian

Posted on

I don't think I even understood the question. If you had one question to ask and waited for a response, I think it might have been better to do that. But with too many questions and figures, it was too confusing to answer.

linnie4352's profile pic

linnie4352 | Student, Undergraduate | (Level 1) Salutatorian

Posted on

I don't understand where they got the answer in the corner of the page. So I need some help to explain what the errors are in the problem. I would really appreciate it if someone could please possibilly help me out with this problem.

Thank-you,
Linnie4352

linnie4352's profile pic

linnie4352 | Student, Undergraduate | (Level 1) Salutatorian

Posted on

The answer in the book shows that the Corrected adjusted balance is $11,960.
The book wants me to identify the errors in the following bank reconciliation:

Cash balance according to bank statement $11,320.
Add: outstanding checks which adds up to: 2,690.
Deduct: deposit of April 30, not recorded by bank: $3,330.
Adjusted balance: $10,680.
Cash balance according to company's records: $7,003.
Add: Proceeds of note collected by bank: Principal $4,000.
Interest: $120.
Service charges: $18.
Deduct: check returned because of insufficient funds: $945.
Error in recording April 20 deposit of $5,300 as $3,500: $1,800.
Adjusted balance: $8,396.



 

 

krishna-agrawala's profile pic

krishna-agrawala | College Teacher | (Level 3) Valedictorian

Posted on

Yes I have seen your question twice and wanted to answer it also. However, I find that the question does not distinguish clearly between what has happened in reality, and what are the accounting entries made to reflect the reality. Also the sequence of events and entries is not clear. Without this clarity on the actual transactions, and the account entries made, it is not possible to check the bank reconciliation statement entries against reality. And without such cross checking it is to possible to ascertain if any accounting entry is correct or not.

We’ve answered 318,916 questions. We can answer yours, too.

Ask a question