Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help please! Ivanhoe Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31,2025 , the company's Cash account per

help please!
image text in transcribed
image text in transcribed
image text in transcribed
Ivanhoe Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31,2025 , the company's Cash account per its general ledger showed a balance of $6,803.90. The bank statement 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 revealed the following facts. 1. The statement included a debit memo of $53.00 for the printing of additional company checks. 2. Cash sales of $896.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $946.15. The bank credited Ivanhoe Company for the correct amount. 3. Outstanding checks at May 31 totaled $267,25, and deposits in transit were $1,893.15. 4. On May 18, the company issued check No, 1181 for $686,00 to H. Moses, on account. The check, which cleared the bank A comparison of the details on the bank statement with the details in the Cash account revealed the following facts. 1. The statement included a debit memo of $53.00 for the printing of additional company checks. 2. Cash sales of $896.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $946.15. The bank credited Ivanhoe Company for the correct amount. 3. Outstanding checks at May 31 totaled $267.25, and deposits in transit were $1,893.15. 4. 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 Ivanhoe Company for $668.00 5. \$2,768.00 was collected from a customer's note receivable by the bank for Ivanhoe 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 $347.00 that was incorrectly charged to Ivanhoe Company by the bank. 7. On May 31, the bankstatement showed an NSF charge of $445.00 for a check issued by Sara Ballard, a customer, to Ivanhoe Company on account. Prepare the necessary adjusting entries for Ivanhoe Company at May 31, 2025. (Credit account titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts List all debit entries before credit entries. Round answers to 2 decimal places, eg. 5,275.50.)

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

Step: 3

blur-text-image

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

Fundamentals of Cost Accounting

Authors: William Lanen, Shannon Anderson, Michael Maher

4th edition

78025524, 978-0078025525

Students also viewed these Accounting questions