Dovetail Company Is Preparing Its Bank Reconciliation for July 31,Year

question 59

Essay

Dovetail Company is preparing its bank reconciliation for July 31,Year 1.Its bank statement and general ledger T-account for its chequing account are presented below:


A) Prepare a bank reconcilation in proper form for July. Note that the begnning balance was correctly reconciled at the end of the previous month and that all outstanding cheques (numbered 744, 745, and 746) and deposits in transit from last month cleared the bank this month.

B) How much cash would the company report an its July 31 balance sheet?

C) What adjusting entries will the company record as a result of this bank reconciliation process? Assume that the bank correctly reported all transactions, and that any errors noted in the reconciliation process involve transactions on credit.

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Definitions:

Treatments

Specific conditions applied to groups in an experiment to determine their effect on an outcome.

Mean Square

In analysis of variance (ANOVA), the average of squared differences from the mean, used to assess within-group and between-group variability.

Error

The difference between the observed value and the true value in statistics and scientific measurements.

Null Hypothesis

A statement used in hypothesis testing that indicates no significant difference or effect.