Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Wildhorse Co. of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2022, the company's Cash account per its general

image text in transcribed
image text in transcribed
Wildhorse Co. 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 $6,838,90. 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 $60.00 for the printing of additional company checks. 2. Cash sales of $903.15 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $953.15. The bank credited Wildhorse Co, for the correct amount. 3. Outstanding checks at May 31 totaled $276.25, and deposits in transit were $1.900.15. 4. On May 18, the company issued check No. 1181 for $685.00 to H. Moses, on account. The check. which cleared the bank in May, was incorrectly journalized and posted by Wildhorse Co. for $658.00. 5. $2.810.00 was collected from a customer's note receivable by the bank for Wildhorse Co. on May 31 through electronic funds transfer. 6. Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $340.00 that was incorrectly charged to Wildhorse Co. by the bank. 7. On May 31, the bank statement showed an NSF charge of $480.00 for a check issued by Sara Ballard, a customer, to Wildhorse Co, on account. (a) Prepare the bank reconciliation at May 31, 2022. (List items that increase bolance as per bonk \& books first. Round answers to 2 decimal places, eg. 52.75.) Cachbalance per bankstatement Mad v

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions