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During the preparation of the bank reconciliation for New Concepts Co., Peter Fikes, the assistant controller, discovered that City National Bank incorrectly recorded a $710 check written by New...

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During the preparation of the bank reconciliation for New Concepts Co., Peter Fikes, the assistant controller, discovered that City National Bank incorrectly recorded a $710 check written by New Concepts Co. as $170. Peter has decided not to notify the bank but wait for the bank to detect the error. Peter plans to record the $540 error as Other Income if the bank fails to detect the error within the next three months. Discuss whether Peter is behaving in a professional manner.

Answered Same Day Dec 22, 2021

Solution

Robert answered on Dec 22 2021
115 Votes
Solution-
After analysis we found that peter behaviour is unprofessional because peter known about the e
or is made by him. Peter also mess the next month bank reconciliation also he is not notify the bank about the mistake he was made and want to take advantage of the e
or done by him which is...
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