During your audit of Miles Company, you prepared the following bank transfer schedule:
MILES COMPANY
Bank Transfer Schedule
December 31, 20X1
Date Date
Check Bank Accounts Disbursed Deposited
Number From To Amount Books Bank Books Bank
2020 1st Natl. Suburban $32,000 1/4 1/5 12/31 1/3
2021 1st Natl. Capital 21,000 12/31 1/4 12/31 1/3
3271 2nd State Suburban 6,700 1/3 1/5 1/3 12/30
0659 Midtown Suburban 5,500 12/30 1/5 12/30 1/3
a. Describe the purpose of a bank transfer schedule.
b. Identify those transfers that should be investigated and explain the reason.