The following information is available for Ace Electronics for ...

[s.tung]

The following information is available for Ace Electronics for November:
 
  Balance per Bank statement at November 30 12,879.76
  Outstanding checks 1,045.97
  NSF check from customer 255.34
  Deposits in transit 2,987.12
  Bank service charge 50.00
  Cash balance per Ace's books at November 30 15,126.25
 
  Part A: Prepare a bank reconciliation:
   Ace Electronics
   Bank Reconciliation
   November 30, 2012
 
  Balance per bank statement, Balance per books,
  Nov. 30 Nov. 30,
  Add: Add:
 
  Deduct: Deduct:
 
  Adjusted balance, Adjusted balance,
  Nov. 30 Nov. 30
 
  Part B: What amount will Ace Electronics show for cash on its November 30 balance sheet?
 
  Part C: For which item(s) must Ace Electronics prepare an adjusting entry?

Question 2

A business event which is not properly authorized violates the control goal of:
 a. input validity
  b. input completeness
  c. input accuracy
  d. update validity

[vickyvicksss]

Answer to Question 1

Part A:
Ace Electronics
Bank Reconciliation
November 30, 2012

Balance per bank statement, Balance per books,
Nov. 30 12,879.76 Nov. 30, 15,126.25
Add: Add:
Deposits in transit 2,987.12
Deduct: Deduct:
Outstanding checks (1,045.97) NSF check (255.34)
Bank service charge (50.00)
Adjusted balance, Adjusted balance,
Nov. 30 14,820.91 Nov. 30 14,820.91
Part B: 14,820.91
Part C: The NSF check and the bank service charge

Answer to Question 2

A