Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer quesiton a and b Crane Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2022, the

please answer quesiton a and b
image text in transcribed
image text in transcribed
image text in transcribed
Crane Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2022, the company's Cash account per its general ledger showed a balance of $7.612.80 The bank statement from Emporia State Bank on that date showed the following balance Emporia State Bank Checks and Debits Deposits and Credits Dally Balance XXX XXX 5-31 8,613.20 1 2. 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 $30 for the printing of additional company checks, Cash sales of $720.24 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $780.24. The bank credited Crane Company for the correct amount 3 Outstanding checks at May 31 totaled $489.80, and deposits in transit were $1,762.40 On May 18, the company issued check No. 1181 for $6 to H. Moses, on account. The check which cleared the bank in May.was incorrectly journalized and posted by Crane Company for $658 $3.500 was collected from a customer's note receivable by the bank for Crane Company on May 31 through electronie funds transfer Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $450 that was incorrectly charged to Crane Company by the bank On May 31, the bank statement showed an NSF charite of $660 for a check issued by Sara Ballard a customer, to Crane Company on account 4. 5 6. 7. Prepare the bank reconciliation at May 31, 2022. (List items that increase cash balance first) CRANE COMPANY Bank Reconciliation > >

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_2

Step: 3

blur-text-image_3

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

Police Auditing Standards And Applications

Authors: Allan Y. Jiao

2nd Edition

0398090750, 978-0398090753

More Books

Students also viewed these Accounting questions

Question

1. Discuss the four components of language.

Answered: 1 week ago

Question

a. How many different groups were represented?

Answered: 1 week ago