Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please answer problem #15 part B, SHOWING ALL WORK ACCORDINGLY. Thank you! Oriole Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local
Please answer problem #15 part B, SHOWING ALL WORK ACCORDINGLY. Thank you!
Oriole Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2022, the compari's Cash account per its general ledger showed a balance of $ 6,808.90. 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 XXX XXX 5-31 7.038.00 A comparison of the details on the bank statement with the details in the Cash account revealed the following facts. 1. 2 3 4 The statement included a debit memo of $ 54.00 for the printing of additional company checks. Cash sales of $ 897.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were incorrectly made for $ 947.15. The bank credited Oriole Company for the correct amount Outstanding checks at May 31 totaled $294.25, and deposits in transit were $ 1.894.15. On May 18, the company issued check No. 1181 for $ 683.00 to H. Moses, on account. The check, which cleared the bankin May, was incorrectly journalized and posted by Oriole Company for $ 638.00. $ 2.774.00 was collected from a customer note receivable by the bank for Oriole Company on May 31 through electronic funds transfer Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $ 346.00 that was incorrectly charged to Oriole Company by the bank, On May 31, the bank statement showed an NSF charge of $ 450.00 for a check issued by Sara Ballard, a customer to Oriole Company on account 5. 6. 7 (a) Your answer is correct Prepare the bank reconciliation at May 31 2022 (List items that increase balance as per bank & books first. Round answers to 2 decimal places, eg. 5,275.50.) ORIOLE COMPANY Bank Reconciliation May 31, 2022 Cash balance per bank statement $ 7,038.00 Add Deposits in transit s 1.89415 Bankerror 346.00 2.240.15 9.278.15 Less V Outstanding checks Step 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