Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bramble Compary of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2022, the company's Cesh account per its general

image text in transcribed
image text in transcribed
image text in transcribed
Bramble Compary of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2022, the company's Cesh account per its general ledper showed a balance of $8,814,00. The bankstatement from Emporia State Bank on that date showed the following balance. A comparison of the details on the bank statement with the details in the Cash account revealsd the following facts. 1. The statement included a debit memo of $30 for the printing of additional company checks. 2. Cash sales of $87204 on Muy 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrecty made for $91204. The bank credited Bramble Company for the correct amount. 3. Outstanding checks at May 31 totaled $339.75, and deposits in transit were $2.094.35. 4. On May 18, the company issued check Na. 1181 for $663 to H. Moses, on account. The check which cleared the bankin May, was incorrectly journalized and posted by Bramble Company for $636. 5. $3,000 was collected from a customer's note recelvable by the bank for Bramble Company on May 31 through electronic funds transfer. 6. Included with the canceled checks was a checkissued by Tomins Compary to C. Pernod for $460 that was incorrectly charged to Bramble Company by the bank. 7. On Msy 31. the bank statement showed an NSF charge of $680 for a checkissued by 5ara Ballard, a customer, to Bramble Compary on account. (a) 5 5 II F. (b) Prepare the necessary adjusting entries for Bramble Compary at May 31, 2022, (List all debit entries beforz credit entrie Crefit occount titles are automatically indented when amount ks entered Do not indent manually) Date Acoount Titles and Explanation Debit Credit May 31 (To record receipt of electronic funds transfer) May 31 (To record NSF check) May 31 (To correct error in deposit check) May 31 (To correct error in recording check) May 31 (To record bank service charge)

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

Managerial Accounting

Authors: Harold M. Sollenberger, Arnold Schneider, Lane K. Anderson

9th Edition

0538842822, 978-0538842822

More Books

Students also viewed these Accounting questions