How comparing the bank statement and accompanying canceled

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The bank statement for Urethane Company for June 30 indicates a balance of $9,293.11. all cash receipts are deposited in a night depository each evening after banking hours. the accounting records indicate the following summary data for receipts and payments for June

Cash balance as of June 1

Total cash receipts for June

Total amount of checks issued in June

Question 1: Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items.

1) The bank had collected for urethane company $1,030 on a note left for collection. the face amount of the note was $1,000

Reference no: EM132588284

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