Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please solve Concord Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31,2022 , the company's Cash account per

Please solve

image text in transcribed

image text in transcribed

image text in transcribed

Concord 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 $7,206.00. The bank statement from Emporia State Bank on that date showed the following balance. A comparison of the details on the bank statement with the details in the Cash account revealed the following facts. 1. The statement included a debit memo of $30 for the printing of additional company checks. 2. Cash sales of $760.72 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $810.72. The bank credited Concord Company for the correct amount. 3. Outstanding checks at May 31 totaled $331.00, and deposits in transit were $2,100.00. 4. On May 18, the company issued check No. 1181 for $696 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Concord Company for $669. 5. $4,200 was collected from a customer's note receivable by the bank for Concord Company on May 31 through electronic funds transfer. 6. Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $510 that was incorrectly charged to Concord Company by the bank. 7. On May 31, the bank statement showed an NSF charge of $500 for a check issued by Sara Ballard, a customer, to Concord Company on account. Prepare the necessary adjusting entries for Concord Company at May 31, 2022. (List all debit entries before credit entries. Credit

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

Eco Management The Elmwood Guide To Ecological Auditing And Sustainable Business

Authors: Ernest Callenbach, Fritjof Capra, Lenore Goldman, Rudiger Lutz

1st Edition

1881052273, 978-1881052272

More Books

Students also viewed these Accounting questions