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Title : Week 3 Excel Assignment: Internal Control and Accounting for Cash
China Imports' bank statement, as of July 31, 20xx shows a balance of $14,460. The July 31st unadjusted balance in the company’s cash account is $16,250.Using Excel, construct an accounts receivable aging schedule using this information. Please include the payment history in the schedule. The Excel template contains the estimated bad debt percentage for each receivables category.
China Imports' bank statement, as of July 31, 20xx shows a balance of $14,460. The July 31st unadjusted balance in the company’s cash account is $16,250. a. The bank statement indicated that China Imports earned $60 of interest revenue. b. China Import's accountant mistakenly recorded a $430 check that was written to purchase supplies as $350. c. Bank service charges for the month were $45. d. The bank reconciliation disclosed that $800 had been stolen from China Imports' business. e. Outstanding checks amounted to $2,600. f. The bank collected $4,000 of China Imports' accounts receivable. China Imports has instructed its customers to send their payments directly to the bank. g. The bank mistakenly gave Imports Inc. credit for a $800 deposit made by China Imports. h. Deposits in transit were $6,200. i. China Import's bank statement contained a $525 NSF check. China Imports had received the check from a customer and had included it in one of its bank deposits. Prepare a bank reconciliation for July. Use the following Excel template: Reconciliation TemplatePreview the document