Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Cullumber Company of Emporla, Kansas, spreads herbicides and applies liquid fertilizer for local tarmers. On May 31, 2022, the company's Cash account per its general

image text in transcribed
Cullumber Company of Emporla, Kansas, spreads herbicides and applies liquid fertilizer for local tarmers. On May 31, 2022, the company's Cash account per its general ledger showed a balance of 56,853.90 The bank statement from Emporia State Bank on that date showed the following balance Emporia State Bank Checks and Debits Deposits and Credits Dally Balance XXX 5.317,083.00 1 2 3. A comparison of the details on the bank statement with the details in the Cash account revealed the following facts The statement included a debit memo of $63.00 for the printing of additional company checks Cash sales of 5906.15 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $956.15. The bank credited Cullumber Company for the correct amount Outstanding checks at May 31 totaled $267 25, and deposits in transit were $1.903.35. On May 18, the company issued check No. 1181 for $686.00 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly Journalized and posted by Cullumber Company for $668.00 $2828.00 was collected from a customer's note receivable by the bank for Cullumber Company on May 31 through electronic funds transfer 6 Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $337.00 that was incorrectly charged to Cullumber Company by the bank On May 31, the bank statement showed an NSF charge of $495.00 for a check issued by Sara Ballard, a customer to Cullumber Company on account. 4 5 7. (a) Prepare the bankreconciliation at May 31, 2022. (List items that increase balance as per bank books first. Reconcile canh balance per bank first Round answers to 2 decimal places, s 52.75) CULLUMBER COMPANY Bank Reconciliation

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

Internal Audit Of The Future The Impact Of Technology Innovation

Authors: An Anthology Compiled And Contributed To By A. Michael Smith

1st Edition

1634540638, 978-1634540636

More Books

Students also viewed these Accounting questions

Question

=+1. How are the spinal nerves organized once they exit the cord?

Answered: 1 week ago

Question

5. Structure your speech to make it easy to listen to

Answered: 1 week ago

Question

1. Describe the goals of informative speaking

Answered: 1 week ago