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I'm having trouble figuring out the correct amount for the bank error. On May 31, 2022, Wildhorse Company had a cash balance per books of
I'm having trouble figuring out the correct amount for the bank error. On May 31, 2022, Wildhorse Company had a cash balance per books of $6,740.60. The bank statement from New York State Bank on that date showed a balance of $6,420.35. A comparison of the statement with the Cash account revealed the following facts. 1. The statement included a debit merno of $47.00 for the printing of additional company checks. 2. Cash sales of $836.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $886.15. The bank credited Wildhorse Company for the correct amount. 3. Outstanding checks at May 31 totaled $595.05. Deposits in transit were $3,376.30. 4. On May 18, the company issued check No. 1181 for $696 to Lynda Carsen on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Wildhorse Company for $669. 5. A $4,100 note receivable was collected by the bank for Wildhorse Company on May 31 plus $80 interest. The bank charged a collection fee of $25. No interest has been previously recorded on the note. 6. Included with the canceled checks was a check issued by Stiner Company to Ted Cress for $700.00 that was incorrectly charged to Wildhorse Company by the bank. 7. On May 31, the bank statement showed an NSF charge of $870.00 for a check issued by Sue Allison, a customer, to Wildhorse Company on account. F Your answer is partially correct
I'm having trouble figuring out the correct amount for the bank error.
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