Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hi! Can someone please help me with this question!! Thank you so much! Problem 7-5A Cullumber Company of Emporia, Kansas, spreads herbicides and applies liquid
Hi! Can someone please help me with this question!! Thank you so much!
Problem 7-5A Cullumber Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2017, the company's Cash account per its general ledger showed a balance of $6,908.90 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 5-31 7,138.00 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 $58.00 for the printing of additional company checks. 2. Cash sales of $901.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $951.15. The bank credited Cullumber Company for the correct amount 3. Outstanding checks at May 31 totaled $267.25, and deposits in transit were $1,898.15 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 Cullumber Company for $668.00. 5. A $2,878.00 note receivable was collected 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 $342.00 that was incorrectly charged to Cullumber Company by the bank 7. On May 31, the bank statement showed an NSF charge of $550.00 for a check issued by Sara Ballard, a customer, to Cullumber Company on accountStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started