Question
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 balance
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