When the accountant of Blossom Company prepared the bank reconciliation on May 31, 2021, there were three outstanding cheques: #690 for $301,#693 for $171, and #694 for $261. There were no deposits in transit as at May 31, 2021. The bank balance at May 31 was $17,644. The balance in the Cash account on the May 31, 2021, adjusted trial balance was $16,911. The following is selected information from the June bank statement: Date June 1 5 6 13 20 Cheques Cleared Cheque No. Amount 690 $301 709 3,251 693 171 710 1,481 712 4,677 119 461 711 1,781 23 24 Other Bank Account Transactions Date Amount Transaction June 3 $3,311 Deposit 10 5,371 Deposit 17 5,490 Deposit 24 2,132 Deposit 25 - 172 NSF cheque 27 -491 EFT insurance payment 25 -172 27 30 -491 -17 NSF cheque EFT insurance payment Service charge Interest 30 36 The NSF cheque was originally received from a customer, Massif Co., in payment of its account of $156. The bank included a $16 service charge for a total of $172. Information from the company's accounting records follows: Cash Receipts Date Amount June 2 $3,311 9 5,371 16 5,940 23 2,132 30 3,111 Date June 5 5 Cash Payments Cheque No. Amount 708 $2,901 709 3,251 711 1,781 712 4 767 19 19 Investigation reveals that cheque #712 was issued to purchase equipment and cheque #710 was issued to pay an account payable. All deposits are for collections of accounts receivable. The bank made one error: cheque #119 for Blossom Co. Ltd. was charged to Blossom's bank account. The company's policy is to pass on all NSF service charges to the customer. X Your answer is incorrect. Calculate the balance per bank statement at June 30 and the unadjusted Cash balance per company records at June 30. Unadjusted bank balance, June 30, 2021 $ Unadjusted cash balance, June 30, 2021 $ e Textbook and Media BLOSSOM COMPANY Bank Reconciliation June 30, 2021 Unadjusted bank balance 17644 Add Deposits in transit $ 3111 Error Blossom Co. cheque #119 36 3147 14497 Less Outstanding cheques No. 694 $ No. 708 No. 713 .714 v Question 2 of 3 1.35/5 MUUSUBUHI didnt Unadjusted cash balance Add Interest $ Error in cheque #712 for Equipment Less Cheque # 710 for Accounts Payable not recorded Error in June 17 deposit of Accounts Payable Loan payment EFT for insurance payment Bank service charges Adjusted cash balance Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation June Cash 30 Interest Revenue Equipment (To record interest earned & to correct error in cheque payment) June Accounts Receivable 30 Accounts Payable Accounts Receivable Bank Charges Expense Insurance Expense Cash (To record correction of deposit error, NSF cheque and other cash receipts and payments) X Your answer is incorrect. What balance would Blossom Company report as cash in the current assets section of its balance sheet on June 30, 2021? Cash balance on the June 30, 2021 e Textbook and Media
