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    Disbursing Bank (Month/Day) Receiving Bank (Month/Day) Per Bank Per Books Per Bank Per Books Amount

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    Maurice Agbayani
    The document summarizes eight interbank cash transfers made by Steven Smith Co. between late December 20X1 and early January 20X2. It lists the disbursing bank, receiving bank, and amount for each transfer (a through h). The task is to indicate for each transfer whether the cash is understated, overstated, or correct based on the transaction dates for the bank and accounting records, and provide an example of what could cause the discrepancy.

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    Disbursing Bank (Month/Day) Receiving Bank (Month/Day) Per Bank Per Books Per Bank Per Books Amount

    Uploaded by

    Maurice Agbayani
    2K views4 pages
    The document summarizes eight interbank cash transfers made by Steven Smith Co. between late December 20X1 and early January 20X2. It lists the disbursing bank, receiving bank, and amount for each transfer (a through h). The task is to indicate for each transfer whether the cash is understated, overstated, or correct based on the transaction dates for the bank and accounting records, and provide an example of what could cause the discrepancy.

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    The document summarizes eight interbank cash transfers made by Steven Smith Co. between late December 20X1 and early January 20X2. It lists the disbursing bank, receiving bank, and amount for each transfer (a through h). The task is to indicate for each transfer whether the cash is understated, overstated, or correct based on the transaction dates for the bank and accounting records, and provide an example of what could cause the discrepancy.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    2K views4 pages

    Disbursing Bank (Month/Day) Receiving Bank (Month/Day) Per Bank Per Books Per Bank Per Books Amount

    Uploaded by

    Maurice Agbayani
    The document summarizes eight interbank cash transfers made by Steven Smith Co. between late December 20X1 and early January 20X2. It lists the disbursing bank, receiving bank, and amount for each transfer (a through h). The task is to indicate for each transfer whether the cash is understated, overstated, or correct based on the transaction dates for the bank and accounting records, and provide an example of what could cause the discrepancy.

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    © All Rights Reserved
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    Listed below are eight interbank cash transfers for Steven Smith Co.

    , indicated by the letters a


    through h, for late December 20X1 and early January 20X2.

      Disbursing Bank Receiving Bank  

    (Month/Day) (Month/Day)
      Per Bank Per Books Per Bank Per Books Amount
    a. 12/29 12/29 12/29 12/29 $52,000
    b. 1/02 12/30 12/31 12/30 16,000
    c. 1/04 12/31 1/02 1/02 24,000
    d. 1/04 12/31 1/02 12/31 44,000
    e. 1/04 1/01 1/03 1/01 15,600
    f. 1/02 1/01 12/31 12/31 76,000
    g. 1/03 1/02 12/31 1/02 42,000
    h. 12/31 1/03 12/30 1/03 10,000

    For each of the transfers a through h, (1) indicate whether cash is understated, overstated, or
    correct as a result of the transfer; and (2) provide a brief example of what could cause the
    situation. Answer in a form such as the one illustrated here.

    Transfe Understated, Example


    r Overstated, or
    Correct
    a. Correct Book entries: The transfer was recorded in the accounting records
    as a check written on the disbursing bank on December 29 and a
    corresponding cash receipt recorded to receiving bank on that date.

    Bank entries: The check was taken to the receiving bank on


    December 29 and deposited. The accounts are both in the same
    bank, and accordingly the transaction was recorded in both
    accounts as of that date.
    b.    
    ⋮    
    h.    
    Work in the following groups:
    Read

    What you need to do:

    1. Read the problem


    2. Read the solution The pictures down this page
    3. Answer the question in your way don’t copy anything from solution. I’m giving the solution to
    show you how to do it not to copy it.

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