You Have Recently Started a Part Time Job in the Accounting

question 140

Essay

You have recently started a part time job in the accounting department of Burris Limited. The accountant, Ted Landry, had prepared the company's bank reconciliation for June 2013. After completing the reconciliation he made the following journal entry:
Ted was reviewing the bank reconciliation with you when unfortunately you spilled your coffee on it. He asks you to rewrite the reconciliation, in good form. He remembers that the only outstanding deposit was the last deposit for the month You check the general ledger and the bank balance at June 30 was $24,527 (credit). You also check the bank statement and the balance was $22,314 (credit,
i.e. overdrawn). You look up the last deposit for the month-it was for $21,789.
Required: Using the above information prepare, in good form, the bank reconciliation for Burris Limited for June.

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Definitions:

Timely And Accurate

Describes information or processes that are delivered or completed within an expected time frame and with precision or correctness.

Accounting Information System

A system consisting of people, processes, and technology that manages financial data and supports business decisions.

Cost Effectiveness

An evaluation measure to determine how effectively a party is achieving its objectives relative to the costs incurred.

Human Involvement

Human involvement indicates the participation or role of individuals in a process or system, often highlighting the importance of human input and decision-making.