The Following Information Is Available for the Tierney Company for the Month

question 29

Essay

The following information is available for the Tierney Company for the month of November.
On November 30,after all transactions have been recorded,the balance in the company's Cash account has a balance of $27,202.
The company's bank statement shows a balance on November 30 of $29,279.
Outstanding checks at November 30 include check #3030 in the amount of $1,525 and check #3556 in the amount of $1,459.
Included with the bank statement was a credit memo in the amount of $770 for an EFT in payment of a customer's account.
The bank deducted $67 for an NSF check from a customer deposited on November 22.
A deposit placed in the bank's night depository on November 30 totaled $1,675 and did not appear on the bank statement.
Examination of the checks on the bank statement with the entries in the accounting records reveals that check #3445 for the payment of an account payable was correctly written for $2,450,but was recorded in the accounting records as $2,540.
Included with the bank statement was a debit memorandum in the amount of $25 for bank service charges.
Required:
Prepare a bank reconciliation for Tierney Company as of November 30.

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Definitions:

Dispersion

The spread of values around a central tendency, such as the variance or range within a set of data.

Human Errors

Mistakes made by individuals, often attributed to factors such as misjudgment, lack of attention, or misunderstanding.

Representative Data

Data that accurately reflects the characteristics or behavior of the entire population or phenomenon being studied.

Conventional System

A standard and widely accepted system or method followed in a specific field or environment.