Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

The following is a listing of all of the transactions in Sunlyte Corporation's Cash ledger for the month of October: Bank Statement Account 100-1040 Account

image text in transcribedimage text in transcribed

The following is a listing of all of the transactions in Sunlyte Corporation's Cash ledger for the month of October: Bank Statement Account 100-1040 Account Name: Sunlyte Corp. Date Description 01-Oct Open Balance 10-Oct Chq # 0011 305.00 10-Oct Chq #0012 400.00 14-Oct Deposit 15-Oct Returned Item 810.00 31-Oct Deposit 31-Oct Interest 31-Oct Service Charge 15.00 810.00 Balance 1,510.00 1,205.00 805.00 1,615.00 805.00 1,605.00 1,610.00 1,595.00 800.00 5.00 Sunlyte downloaded the following information from its bank on the morning of November 1st: Debit Credit Sunlyte Corp. Cash Ledger Description 01-Oct Open Balance 14-Oct Chq # 0012 14-Oct Chq #0011 15-Oct Deposit 31-Oct Chq #0013 31-Oct Chq #0014 31-Oct Deposit 31-Oct Service Charge 305.00 400.00 810.00 Balance 1,510.00 1,205.00 805.00 1,615.00 810.00 20.00 820.00 840.00 805.00 790.00 800.00 20.00 31-Oct Service Charge 15.00 1,595.00 Sunlyte downloaded the following information from its bank on the morning of November 1st: Debit Sunlyte Corp. Cash Ledger Description 01-Oct Open Balance 14-Oct Chq #0012 14-Oct Chq # 0011 15-Oct Deposit 31-Oct Chq #0013 31-Oct Chq # 0014 31-Oct Deposit 31-Oct Service Charge 810.00 Credit Balance 1,510.00 305.00 1,205.00 400.00 805.00 1,615.00 805.00 810.00 790.00 20.00 820.00 840.00 800.00 20.00 At October 31, Sunlyte's Income Statement showed Net Income as $600. All of Sunlyte's customers are long-time repeat customers and they have little concern about being able to collect from customers. A. How much cash did Sunlyte actually have on hand at October 31? B. Reconcile the bank account and Cash GL at October 31. C. What is the revised Net Income based on the information based on the Bank Reconciliation (show your work)

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

Financial ACCT2

Authors: Norman H. Godwin, C. Wayne Alderman

2nd edition

9781285632544, 1111530769, 1285632540, 978-1111530761

More Books

Students explore these related Accounting questions