Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4. The following information was available for Wild Oat Company for the month ended May 31, 2020. (a) The book balance at May 31, 2020

image text in transcribed
4. The following information was available for Wild Oat Company for the month ended May 31, 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 S6,310. (d) The May 31st cash receipts of $5,600 were deposited but have not yet appeared on the bank statement (e) A $50 debit memorandum for cheques printed by the bank was included with the cancelled cheques. (1) A customer's note for $1,000 was collected by the bank. In addition interest on the note was $110. 10 Wild Oat Company Bank Reconciliation May 31, 2020 Book balance, May 31 Add: Bank statement balance, May 31 Add: Deposits in transit Note Collection Deduct: Deduct: Bank service harges Outstanding Cheques Adjusted bank balance Adjusted book balance

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_2

Step: 3

blur-text-image_3

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

Financial Management For Public Health And Not For Profit Organizations

Authors: Steven A. Finkler

3rd Edition

0136070736, 978-0136070733

More Books

Students also viewed these Accounting questions

Question

=+What is the expected value of purchasing a Thursday ticket?

Answered: 1 week ago