Business Administration 2257 Study Guide - Midterm Guide: List Of The Shield Episodes, Book Value, The Royal And Ancient Golf Club Of St Andrews

• School: Western University
• Department: Business Administration
• Course: Business Administration 2257
• Professor: Jeremiah De Sousa

Document Summary

Ensure late deposits and outstanding cheques are listed on bank statement. Ending balance of previous is o/b of this month: go to cash disbursement list (cheques register). Circle (on list) errors and cheques that do not appear on bank statement: go to cash receipt list (bank deposits). Check off each deposit as it appears in bank statement. Circle any errors (on receipt list) and any statement that doesn"t match: go to bank statement. Circle items that are not checked off (same cheque as on receipt and disbursement list) For all subtractions credit cash, for all additions debit cash. Most other subtractions will be debited to an expense, credited to cash. Add: interest earned => dr cash, cr interest revenue. Must split up to: dr interest expense, dr loan payable, cr cash. **outstanding cheques are recognized by company as payment, but not acknowledged by bank. Therefore bank is overstated and we must less outstanding cheques.