Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

how to prepare bank reconciliation at may 31 2020 Checks and Debits Deposits and Credits Daily Balance XXX XXX 5-31 8,520.00 A comparison of the

how to prepare bank reconciliation at may 31 2020

image text in transcribed
Checks and Debits Deposits and Credits Daily Balance XXX XXX 5-31 8,520.00 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 $40 for the printing of additional company checks. Cash sales of $882.16 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $932.16. The bank credited Timmins Company for the correct amount. m Outstanding checks at May 31 totaled $2,020.40. and deposits in transit were $1,860.90. On May 18, the company issued check No. 1181 for $691 to H. Moses, on account. The check, which cleared the bank in May. was incorrectly journalized and posted by Timmins Company for $619. $2,800 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 $340 that was incorrectly charged to Timmins Company by the bank. On May 31, the bank statement showed an NSF charge of $440 for a check issued by Sara Ballard. a customer, to Timmins Company on account

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

Financial Statement Analysis And Security Valuation

Authors: Stephen H Penman

4th Edition

0073379662, 9780073379661

More Books

Students also viewed these Accounting questions

Question

1. Effort is important.

Answered: 1 week ago