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A company's cash account shows a $4,342 debit balance and its bank statement shows $4,470 cash on deposit at the close of business on May 31. Prepare its bank reconciliation using the following information. a. Outstanding checks as of May 31 total $73. b. The bank statement shows a $57 NSF check from a customer; the company has not yet recorded this NSF check, c. May 31 cash receipts of $285 were placed in the bank's night depository after banking hours and were not recorded on the May 31 bank statement. d. The May 31 bank statement lists $55 in bank check printing charges; the company has not yet recorded the cost of these services. e. A note receivable for $452 is collected by the bank for the company, but it is not yet recorded by the company. Prepare the May 31 bank reconciliation for the company. Bank statement balance Add: NSF check Check printing charges $ 57 55 Bank Reconciliation May 31 4,470 Book balance Add: S $ 4,342

A company's cash account shows a $4,342 debit balance and its bank statement shows $4,470 cash on deposit at the close of business on May 31. Prepare its bank reconciliation using the following information. a. Outstanding checks as of May 31 total $73. b. The bank statement shows a $57 NSF check from a customer; the company has not yet recorded this NSF check, c. May 31 cash receipts of $285 were placed in the bank's night depository after banking hours and were not recorded on the May 31 bank statement. d. The May 31 bank statement lists $55 in bank check printing charges; the company has not yet recorded the cost of these services. e. A note receivable for $452 is collected by the bank for the company, but it is not yet recorded by the company. Prepare the May 31 bank reconciliation for the company. Bank statement balance Add: NSF check Check printing charges $ 57 55 Bank Reconciliation May 31 4,470 Book balance Add: S $ 4,342

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A company's cash account shows a $4,342 debit balance and its bank statement shows $4,470 cash on deposit at the close of business on May 31. Prepare its bank reconciliation using the following information. a. Outstanding checks as of May 31 total $73. b. The bank statement shows a $57 NSF check from a customer, the company has not yet recorded this NSF check. c. May 31 cash receipts of $285 were placed in the bank's night depository after banking hours and were not recorded on the May 31 bank statement. d. The May 31 bank statement lists $55 in bank check printing charges; the company has not yet recorded the cost of these services. e. A note receivable for $452 is collected by the bank for the company, but it is not yet recorded by the company. Prepare the May 31 bank reconciliation for the company. Bank statement balance Add: NSF check Check printing charges $ 57 55 Bank Reconciliation May 31 4,470 Book balance Add: $ cam $ 4,342
Transcribed Image Text:A company's cash account shows a $4,342 debit balance and its bank statement shows $4,470 cash on deposit at the close of business on May 31. Prepare its bank reconciliation using the following information. a. Outstanding checks as of May 31 total $73. b. The bank statement shows a $57 NSF check from a customer, the company has not yet recorded this NSF check. c. May 31 cash receipts of $285 were placed in the bank's night depository after banking hours and were not recorded on the May 31 bank statement. d. The May 31 bank statement lists $55 in bank check printing charges; the company has not yet recorded the cost of these services. e. A note receivable for $452 is collected by the bank for the company, but it is not yet recorded by the company. Prepare the May 31 bank reconciliation for the company. Bank statement balance Add: NSF check Check printing charges $ 57 55 Bank Reconciliation May 31 4,470 Book balance Add: $ cam $ 4,342
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