Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4. The following information was available for Wild Oat Company for them 2020. (a) The book balance at May 31, 2020 was $6,890.22 (b) The

4. The following information was available for Wild Oat Company for them 2020. (a) The book balance at May 31, 2020 was $6,890.22 (b) The bank balance at May 31, 2020 was $8,660.22. (c) Outstanding cheques amounted to $6,310. (d) The May 31st cash receipts of $5,600 were deposited but have not yet app the bank statement. (e) A $50 debit memorandum for cheques printed by the bank was included w cancelled cheques. (f) A customer's note for $1,000 was collected by the bank. In addition interes note was $110. 4 Bank statement balance, May 31 Add: Deposits in transit Wild Oat Company Bank Reconciliation May 31, 2020 Book balance, May 31 Add: Note Collection balance, May 31 Add: May 31 Add: Deposits in transit Note Collection Deduct: Outstanding Cheques Adjusted bank balance Deduct Bank service charges Adjusted book balanceimage text in transcribedimage text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Financial Accounting

Authors: Anne Marie Ward, Andrew Thomas

9th Edition

1526803003, 978-1526803009

More Books

Students also viewed these Accounting questions

Question

What is the financial outlook of the organization?

Answered: 1 week ago

Question

( 4 . Also us as well as SNOSIN ( 4 . Also us as well as SNOSIN

Answered: 1 week ago

Question

1. What does this mean for me?

Answered: 1 week ago