Emporia State Bank Checks and Debits Deposits and Credits Daily Balance XXX XXX 5-31 6,968.00 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 $40 for the printing of additional company checks. • 2. Cash sales of $883.15 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $933.15. The bank credited Timmins Company for the correct amount. • 3. Outstanding checks at May 31 totaled $276.25, and deposits in transit were $1,880.15. • 4. On May 18, the company issued check No. 1181 for $685 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Timmins Company for $658. • 5. $2,690 was collected by the bank for Timmins Company on May 31 through electronic funds transfer. • 6. Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $360 that was incorrectly charged to Timmins Company by the bank. • 7. On May 31, the bank statement showed an NSF charge of $380 for a check issued by Sara Ballard, a customer, to Timmins Company on account. Instructions a. Prepare the bank reconciliation at May 31, 2020. Adjusted cash bal. $8,931.90 b. Prepare the necessary adjusting entries for Timmins Company at May 31, 2020.
Emporia State Bank Checks and Debits Deposits and Credits Daily Balance XXX XXX 5-31 6,968.00 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 $40 for the printing of additional company checks. • 2. Cash sales of $883.15 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $933.15. The bank credited Timmins Company for the correct amount. • 3. Outstanding checks at May 31 totaled $276.25, and deposits in transit were $1,880.15. • 4. On May 18, the company issued check No. 1181 for $685 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Timmins Company for $658. • 5. $2,690 was collected by the bank for Timmins Company on May 31 through electronic funds transfer. • 6. Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $360 that was incorrectly charged to Timmins Company by the bank. • 7. On May 31, the bank statement showed an NSF charge of $380 for a check issued by Sara Ballard, a customer, to Timmins Company on account. Instructions a. Prepare the bank reconciliation at May 31, 2020. Adjusted cash bal. $8,931.90 b. Prepare the necessary adjusting entries for Timmins Company at May 31, 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Emporia State Bank
Checks and Debits Deposits and Credits Daily Balance
XXX
XXX
5-31 6,968.00
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 $40 for the printing of additional
company checks.
• 2. Cash sales of $883.15 on May 12 were deposited in the bank. The cash
receipts entry and the deposit slip were incorrectly made for $933.15. The
bank credited Timmins Company for the correct amount.
• 3. Outstanding checks at May 31 totaled $276.25, and deposits in transit were
$1,880.15.
• 4. On May 18, the company issued check No. 1181 for $685 to H. Moses, on
account. The check, which cleared the bank in May, was incorrectly
journalized and posted by Timmins Company for $658.
• 5. $2,690 was collected by the bank for Timmins Company on May 31 through
electronic funds transfer.
• 6. Included with the canceled checks was a check issued by Jomins.
Company to C. Pernod for $360 that was incorrectly charged to Timmins
Company by the bank.
• 7. On May 31, the bank statement showed an NSF charge of $380 for a check
issued by Sara Ballard, a customer, to Timmins Company on account.
Instructions
a. Prepare the bank reconciliation at May 31, 2020.
Adjusted cash bal. $8,931.90
b. Prepare the necessary adjusting entries for Timmins Company at May 31, 2020.
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