Prepare the bank reconciliation at May 31, 2022. (List items that increase balance as per bank & books first. Round answers to 2 decimal places, e.g. 5,275. 50.) TIMMINS COMPANY Bank Reconciliation %24 %24 %24 %24
Prepare the bank reconciliation at May 31, 2022. (List items that increase balance as per bank & books first. Round answers to 2 decimal places, e.g. 5,275. 50.) TIMMINS COMPANY Bank Reconciliation %24 %24 %24 %24
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Prepare the bank reconciliation at May 31, 2022. (List items that increase balance as per bank & books first. Round answers to 2
decimal places, e.g. 5,275. 50.)
TIMMINS COMPANY
Bank Reconciliation
24
%24
%24
%24

Transcribed Image Text:Timmins Company 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 $6,738.90.
The bank statement from Emporia State Bank on that date showed the following balance.
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 $40.00 for the printing of additional company checks.
Cash sales of $883.15 on May 12 were deposited in the bank. The cash receipts journal entry and the deposit slip were
incorrectly made for $933.15. The bank credited Timmins Company for the correct amount.
2.
3.
Outstanding checks at May 31 totaled $276.25, and deposits in transit were $1,880.15.
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 Timmins Company for $658.00.
4.
5.
$2,690.00 was collected from a customer note receivable by the bank for Timmins Company on May 31 through electronic
funds transfer.
Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $360.00 that was incorrectly
charged to Timmins Company by the bank.
On May 31, the bank statement showed an NSF charge of $380.00 for a check issued by Sara Ballard, a customer, to
Timmins Company on account.
7.
6.
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