You Have Recently Started a Part Time Job in the Accounting

question 98

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 20X3. After completing the reconciliation, he made the following journal entry:
$$\begin{array} { | l | l | r | r | } \hline \text { June } 30 & \text { Cash } & 2,390 & \\\hline & \text { Bank Charges Expense } & 124 & \\\hline & \text { Accounts Receivable } ( \$ 3,000 \text { collection less } \$ 500 & & 2,500 \\& \text { NSF) } & & \\\hline & \text { Interest Earned } & & 14 \\\hline\end{array}$$ 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.

Recognize various observational techniques used in research.

Identify the characteristics and applications of naturalistic observation.

Understand the principles of systematic observation and its applications.

Identify the ethical considerations and challenges associated with participant and naturalistic observation.

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Definitions:

Check Amount

The total sum of money written on a check that is payable to the recipient.

Book Balance

The balance in a company's accounting records for a particular account, which may differ from the actual cash balance until reconciled.

Purchasing Department

A division within a company responsible for acquiring goods and services needed for its operations.

Purchase Order

A document issued by a buyer to a seller, indicating the types, quantities, and agreed prices for products or services.