Problem 5-5 (Part Level Submission) Timmins Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2017, the company's Cash account showed a belance of $6,738.90 The benk statement from Emporie State Bank an thet dste shamed the following belsnce EMPORIA STATE BANK Deposits and Credits Checks and Debits Daily Balance 5-31 6,96.00 A comparison of the detalis on the bank statement with the details in the Cash account revealed the following facts 1. The statement induded a debit memo of $40.00 for the printing of additional company checks 2. Cash sales of $883.15 on May 12 were deposited in the bank. The cash receipts record and the deposk sip were incorrectly made for $933.15. The bank credited Timmins Company for the correct amount Outstanding checks at May 31 totaled $276.25, and deposits in transit were $1,880.15 3. 4. On May 18, the company issued chack No. 1181 for $685.00 to H. Moses, en account. The check, which cleared the bank in May, was incorectily recorded by Timmins Company for $658.00. S. $2,690.00 was collected by the bank for Timmins Company an May 31 through electranic funds transfer 6. Included with the canceled checks was a check issued by Tomins Company to C. Pemod for $360.00 that was incorrectly charged to Timmins Company by the bank 7. On May 31, the bank statement showed an NSF charge of $380.00 for a check issued by Sara Ballard, a customer, to Timmins Company on account. (a) Your answer is correct Prepare the bank reconciliation at May 31, 2017. (List items that increase bafance as per bank & books first. Round answers to 2 decimal places, e.g. 52.75.) TIMMINS COMPANY Bank Reconciliation May 31, 2017 6968 Cash balance per bank stetement Add 1880.15 Deposits in transt 360 Bank error 2240.15 9208.15 Outstanding checks 276.25 Less 8931.9 Adjusted cash balance per bank 6738.9 Cash balance per books Electronic funds transfer received 2690 Add 9428.9 Less 380 NSF check Check printing charge 40 50 Error in deposit Error in recording check 497 8931.9 Adjusted cash belance per books SHOW LIST Oe ACCOUNTS SHOW SOLUTION SHOW ANSWER (b) Prepare a tabular analysis for the necessary adjustments for Timmins Company at May 31, 2017. Include margin explanations for the changes in revenues and expenses. (If a transa ction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Round answers to 2 decimal places, e.g. 52.75.) Liabilities Stockholders Equity Assets Notes Rec. Accts Pay Accts Rec. Cash Rev. x. + May 31 31 31 31 31 uNK TO TEX SAVE FOR LATER Attempts: 0 of 5 used SUBHIT