1. On May 31, 2024, the Cash account of Cullumber Supply Company (CSC) had a balance of $41,674. On that date, the bank statement indicated a balance of $50,900. 2. After reviewing the April 30, 2024, bank reconcillation, cheque #568 for $4,500 written to Gary's Catering had still not cleared the bankin May. 3. In checking the disbursements journal, cheques #575 for $5,350 and #588 for $5.750 did not appear on the May bank statement. 4. The bank reported an EFT credit memorandum for the collection of a receivable of $6,400. A second credit memoranda was identified for $200 representing interest earned on the bank account. 5. A $1,800 cheque of a customer was returned by the bank because of non-sufficient funds. The bank charged CSC a $100 NSF fee. 6. The bank has not credited the company's account for a $7,500 deposit made on May 30 and a $5,100 depdyst made on May 31. 7. The Accounts Payable clerk recorded an insurance expense payment of $170 as $1,700. Cheque \#572 was correctly written for $170. 8. There was a $4 service charge on the bankstatement. Preare the necessaryiournai entries to zjust CSEs records baged on the bank reconoliation (Ornfit account ficies are dull arrin I 1. On May 31, 2024, the Cash account of Cullumber Supply Company (CSC) had a balance of $41,674. On that date, the bank statement indicated a balance of $50,900. 2. After reviewing the April 30,2024 , bank reconciliation, cheque $568 for $4,500 written to Gary's Catering had still not cleared the bank in May. 3. In checking the disbursements journal, cheques #575 for $5,350 and $588 for $5,750 did not appear on the May bank statement. 4. The bank reported an EFT credit memorandum for the collection of a receivable of $6.400. A second credit memoranda was identified for $200 representing interest earned on the bank account. 5. A $1.800 cheque of a customer was returned by the bank because of non-sufficient funds. The bank charged CSC a $100 NSF fee. 6. The bank has not credited the company's account for a $7,500 deposit made on May 30 and a $5,100 deposit made on May 31. 7. The Accounts Payable clerk recorded an insurance expense payment of $170 as $1,700. Cheque $572 was correctly written for $170 8. There was a $4 service charge on the bank statement. Date Account Titles and Explanation Debit Credit May 31 (To correct the error made to record cheque.) May. 31 (To record interest earned on bank account.) May 31 (To record ET collection of accounts receivable by the bank.) May 31 (To record bank service charge for the month of May.) May 31 (To record NSF cheque assuming recovery of fee.)
