Part A: Use the following information to complete the June bank ...

[lracut11]

Part A: Use the following information to complete the June bank reconciliation for ArcCo:
 
  From the June bank statement: From the company's records:
  June 30 cash balance 9,292.18 June 30 cash balance 9,332.92
  NSF check from G. Murphy 543.22 Outstanding checks 2,100.12
   Deposits in transit 1,597.64
   ArcCo
   Bank Reconciliation
   May 31, 2012
 
  Balance per bank statement, Balance per books,
  June 30, June 30,
  Add: Add:
 
  Deduct: Deduct:
 
  Adjusted balance, Adjusted balance,
  June 30 June 30
 
  Part B: What amount will ArcCo show for cash on its June 30 balance sheet?
 
  Part C: For which item(s) must ArcCo prepare an adjusting entry?

Question 2

The information process control goal which relates to preventing fictitious events from being recorded is termed:
 a. ensure input validity
  b. ensure input accuracy
  c. ensure input completeness
  d. ensure effectiveness of operations

[katkat_flores]

Answer to Question 1

Part A:
AceCo
Bank Reconciliation
May 31, 2012

Balance per bank statement, Balance per books,
June 30 9,292.18 June 30 9,332.92
Add: Add:
Deposits in transit 1,597.64
Deduct: Deduct:
Outstanding checks (2,100.12) NSF check (543.22)
Adjusted balance, Adjusted balance,
June 30 8,789.70 June 30 8,789.70

Part B: 8,789.70
Part C: NSF check from G. Murphy

Answer to Question 2

A