Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

NEED ASAP PLEASE HELP Crane Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2025, the company's Cash

NEED ASAP PLEASE HELP
Crane 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 $6,848.90. The bank statement from Emporia State Bank on that date showed the following balance. Checks and Debits 1 2. 3. 4. A comparison of the details on the bank statement with the details in the Cash account revealed the following facts. 5. 6. 7. XXX - EMPORIA STATE BANK Deposits and Credits XXX Daily Balance 5-31 $7,078.00 The statement included a debit memo of $62.00 for the printing of additional company checks. Cash sales of $905.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $955.15. The bank credited Crane Company for the correct amount. Outstanding checks at May 31 totaled $285.25, and deposits in transit were $1,902.15. On May 18, the company issued check No. 1181 for $684.00 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Crane Company for $648.00. $2,822.00 was collected from a customer's note receivable by the bank for Crane Company on May 31 through electronic funds transfer. Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $338.00 that was incorrectly charged to Crane Company by the bank. On May 31, the bank statement showed an NSF charge of $490.00 for a check issued by Sara Ballard, a customer, to Crane Company on account Your answer is partially correct. Prepare the bank reconciliation at May 31, 2025. (List items that increase balance as per bank & books first. Round answers to 2 decimal places, eg. 5,275.50.) CRANE CAMPANIV
image text in transcribed
image text in transcribed
image text in transcribed
Crane Compary of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31,2025, the company? Cash account per its general ledger showed a balance of $6,848.90. The bank statement from Emporia State Bank on that date showed the following balance. A comparison of the details on the bankstatement with the details in the Cash account revealed the following facts. 1. The statement included a debit memo of $6200 for the printing of additional company checks. 2. Cash sales of $90515 on May 12 were deposited in the bank. The cash receipts journal entry 1 and the depositslip were incorrectly made for $955,15. The bankcredited Crane Company for the correct amount 3. Outstanding checks at May 31 totaled $285.25, and deposits in transit were $1,902.15, 4. On May 18, the company issued check No, 1181 for $684.00 to H. Moses, on account The check which cleared the bank in May, was incorrectlyjoumalized and posted by Crane Company for $648,00. 5. \$2.822.00 was collected from a customer's note receivable by the bank for Crane Company on Miy 31 through electronic funds transfer. 6. Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $33800 that was incorrectly charged to Crane Company by the bank. 7. OnMay 31, the bankstatement showed an NSF charge of $490.00 for a checkissued by Sara Ballard a custorner to Crarie Comparryon account - Your answer is partially correct Prepare the bank reconciliation at May 31, 2025. (Ust itens that increose balance os per bonk E bocis first Round answers to 2 decimal places, es 5.275.50.) Prepare the necessary adjusting entries for Crane Company at May 31, 2025. (Credit occount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry' for the occount titles and enter O for the amounts, List

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

Principles Of Auditing And Other Assurance Services

Authors: Ray Whittington, Kurt Pany

21st Edition

978-1259916984

More Books

Students also viewed these Accounting questions

Question

Understand how people development is used to retain talent.

Answered: 1 week ago