Solution 02 Manahan Corporation received its August 31 bank statement showing total funds on deposit of 288 090 This amount was 149 158 22 in excess of the
Solution Manahan Corporation received its August bank statement showing total funds on deposit of This amount
Solution Manahan Corporation received its August bank statement showing total funds on
its August bank statement showing total funds on deposit of This amount was in excess of the
Solution Manahan Corporation received its August bank statement showing total
funds on deposit of This amount was in excess of the
Solution Manahan Corporation received its August bank statement
Solution Manahan Corporation received
(Solution) 02 Manahan Corporation received its August 31 bank statement showing total funds on deposit of $288,090. This amount was $149,158.22 in excess of the...

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Manahan Corporation received its August 31 bank statement showing total funds on deposit of $288,090.09.  This amount was $149,158.22 in excess of the balance in the general ledger Cash account.  Additional information consists of the following:I-06.02 1 Manahan Corporation received its August 31 bank statement showing total funds on deposit of $288,090.09. This amount was $149,158.22 in excess of the balance in the general ledger Cash account. Additional information consists of the following: The company has a 1-year, $100,000, certiFcate of deposit. This amount is included in the total funds listed on the bank statement. Manahan classiFes this security in a separate investment account in its general ledger. Interest earned on the CD was $475 during the month. This interest is free for withdrawal and is automatically posted to the regular checking account. Manahan's Frst notiFcation of the amount of interest for the month is via the bank statement, and the interest income has not yet been recorded in the general ledger Cash account. Manahan Corporation received a $50,000 draft for an oil and gas lease from XTX Exploration. This draft was presented to the bank in early July. Drafts are not cash until the maker (XTX) honors them (at their option), and this process can take as long as several weeks. The bank statement included notiFcation that XTX had honored and funded the draft in mid August. This is the Frst notiFcation to Manahan of actual funding, and Manahan has not previously recorded this transaction. Manahan made a deposit late in the afternoon of August 31. The amount of the deposit was $3,666.04, but this amount did not appear on the August 31 bank statement. The bank has a sign in its lobby that says "Deposits after 3 pm will be processed on the next business day." Manahan has authorized automatic payments to its utility company for monthly charges. Withdrawals of $1,445.99 appear in the bank statement for such utilities. This is the Frst notiFcation to Manahan, and Manahan has not previously recorded this transaction. Late in August, Manahan did an online authorization for a credit card company payment. Due to a timing issue, the bank statement does not yet re±ect the payment for $4,446.09. Manahan has appropriately recorded the reduction in cash in the general ledger. Manahan prepared a $3,000 payment to Sims via check #12234. Due to a bookkeeping error, Sims reported that it had not received payment. Manahan issued a $3,000 replacement check #12257. Both checks cleared the bank in August, and Sims has admitted its error. Sims will be returning $3,000 to Manahan.

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