Current Attempt in Progress Timmins Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2020, the company's Cash account per its general ledger showed a balance of $7.402.00. The bank statement from Emporia State Bank on that date showed the following balance. Emporia State Bank Checks and Debits Deposits and Credits Daily Balance xx 5-31 8.403.20 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 $30 for the printing of additional company checks. Cash sales of $993.48 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $1,043.48. The bank credited Timmins Company for the correct amount. Outstanding checks at May 31 totaled $941.35, and deposits in transit were $2,013.15. On May 18, the company issued check No. 1181 for $663 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Timmins Company for $636. $3,000 was collected by the bank for Timmins Company on May 31 through electronic funds transfer. Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $460 that was incorrectly charged to Timmins Company by the bank. On May 31, the bank statement showed an NSF charge of $360 for a check issued by Sara Ballard, a customer, to Timmins Company on account. 5. 6. 7. Prepare the bank reconciliation at May 31, 2020. (List items that increase cash balance first.) SUNLAND COMPANY Bank Reconciliation May 31, 2020 Cash Balance Per Bank Statement $ 8403.20 Add Deposits in Transit 2013.15 Bank Error-Tomins 460 1071.8 9475 Less Outstanding Checks -941.35 Adjusted Cash Balance Per Bank $ 9935 $ 7402 Cash Balance Per Books Add : Electronic Funds Transfer Received 3000 10402 Less Check Printing Charge 30 50 Error in May 12 Deposit Error in Recording Check No.1181 27 NSF Check 360 467 Adjusted Cash Balance Per Books $ 9935 (b) Prepare the necessary adjusting entries for Timmins Company at May 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account 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) List of Accounts Save for Later Attempts: 0 of 1 used Submit