Homework Help is Here – Start Your Trial Now!
Business
Accounting
PROBLEM The following errors were found when the controller at Mitra Hotel was doing the October 31 bank reconciliation. 1. On October 3, Mitra recorded a payment of an account payable at a different amount than the correct amount recorded by the bank. Required: Provide input into cells shaded in yellow in this template. Input the required mathematical formulas or functions with cell references to the Problem area or work area as indicated. a. For each of these errors, indicate if and how it would be shown on the bank reconciliation, Recorded by Mitra Correct amount recorded by bank $ 360 630 2. On October 16, Mitra recorded a deposit for the collection of an account receivable at a different amount than the correct amount recorded by the bank. Recorded by Mitra Correct amount recorded by bank $ 2,750 7,250 1. Payment of account payable Decrease to book cash balance 2. Collection of account receivable Increase to book cash balance 3. Collection of account receivable Decrease to book cash balance b. For each of these errors, prepare the journal entry for Mitra if required. 3. On October 31, Mitra correctly recorded a deposit for the collection of an account receivable at a different amount than which was recorded by the bank. This error was corrected by the bank on November 1. 1. Oct. 31 Accounts Payable Debit Credit 270 Cash 270 2. Oct. 31 Cash 4,500 Accounts Receivable 4,500

PROBLEM The following errors were found when the controller at Mitra Hotel was doing the October 31 bank reconciliation. 1. On October 3, Mitra recorded a payment of an account payable at a different amount than the correct amount recorded by the bank. Required: Provide input into cells shaded in yellow in this template. Input the required mathematical formulas or functions with cell references to the Problem area or work area as indicated. a. For each of these errors, indicate if and how it would be shown on the bank reconciliation, Recorded by Mitra Correct amount recorded by bank $ 360 630 2. On October 16, Mitra recorded a deposit for the collection of an account receivable at a different amount than the correct amount recorded by the bank. Recorded by Mitra Correct amount recorded by bank $ 2,750 7,250 1. Payment of account payable Decrease to book cash balance 2. Collection of account receivable Increase to book cash balance 3. Collection of account receivable Decrease to book cash balance b. For each of these errors, prepare the journal entry for Mitra if required. 3. On October 31, Mitra correctly recorded a deposit for the collection of an account receivable at a different amount than which was recorded by the bank. This error was corrected by the bank on November 1. 1. Oct. 31 Accounts Payable Debit Credit 270 Cash 270 2. Oct. 31 Cash 4,500 Accounts Receivable 4,500

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter5: Cash Control Systems
Section5.2: Bank Reconciliation
Problem 1WT
See similar textbooks
icon
Related questions
Question
Using Excel to Account For Bank Reconciliation Errors PROBLEM The following errors were found when the controller at Mitra Hotel was doing the October 31 bank reconciliation. Student Work Area Required: Provide input into cells shaded in yellow in this template. Input the required mathematical formulas or functions with cell references to the Problem area or work area as indicated. 1. On October 3, Mitra recorded a payment of an account payable at a different amount than the correct amount recorded by the bank. a. For each of these errors, indicate if and how it would be shown on the bank reconciliation, ▼ 2. 3. Recorded by Mitra $ Correct amount recorded by bank 360 630 On October 16, Mitra recorded a deposit for the collection of an account receivable at a different amount than the correct amount recorded by the bank. Recorded by Mitra 1. Payment of account payable Decrease to book cash balance 2. Collection of account receivable Increase to book cash balance 3. Collection of account receivable Decrease to book cash balance b. For each of these errors, prepare the journal entry for Mitra if required. Correct amount recorded by bank $ 2,750 7,250 1. Oct. 31 Accounts Payable On October 31, Mitra correctly recorded a deposit for the collection of an account receivable at a different amount than which was recorded Cash by the bank. This error was corrected by the bank on November 1. Correct amount recorded by Mitra Recorded by bank on October 31 $ 1,350 3,150 Debit Credit 270 270 2. Oct. 31 Cash 4,500 Accounts Receivable 4,500 3. Oct. 31 No entry No entry
Transcribed Image Text:Using Excel to Account For Bank Reconciliation Errors PROBLEM The following errors were found when the controller at Mitra Hotel was doing the October 31 bank reconciliation. Student Work Area Required: Provide input into cells shaded in yellow in this template. Input the required mathematical formulas or functions with cell references to the Problem area or work area as indicated. 1. On October 3, Mitra recorded a payment of an account payable at a different amount than the correct amount recorded by the bank. a. For each of these errors, indicate if and how it would be shown on the bank reconciliation, ▼ 2. 3. Recorded by Mitra $ Correct amount recorded by bank 360 630 On October 16, Mitra recorded a deposit for the collection of an account receivable at a different amount than the correct amount recorded by the bank. Recorded by Mitra 1. Payment of account payable Decrease to book cash balance 2. Collection of account receivable Increase to book cash balance 3. Collection of account receivable Decrease to book cash balance b. For each of these errors, prepare the journal entry for Mitra if required. Correct amount recorded by bank $ 2,750 7,250 1. Oct. 31 Accounts Payable On October 31, Mitra correctly recorded a deposit for the collection of an account receivable at a different amount than which was recorded Cash by the bank. This error was corrected by the bank on November 1. Correct amount recorded by Mitra Recorded by bank on October 31 $ 1,350 3,150 Debit Credit 270 270 2. Oct. 31 Cash 4,500 Accounts Receivable 4,500 3. Oct. 31 No entry No entry
Expert Solution
steps

Step by step

Solved in 4 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bank reconciliation statement
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Century 21 Accounting General Journal
Century 21 Accounting General Journal
Accounting
ISBN:
9781337680059
Author:
Gilbertson
Publisher:
Cengage
Personal Finance
Personal Finance
Finance
ISBN:
9781337669214
Author:
GARMAN
Publisher:
Cengage
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
SEE MORE TEXTBOOKS